The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how Assurant (NYSE: AIZ) and the rest of the property & casualty insurance stocks fared in Q3.

Property & Casualty (P&C) insurers protect individuals and businesses against financial loss from damage to property or from legal liability. This is a cyclical industry, and the sector benefits when there is 'hard market', characterized by strong premium rate increases that outpace loss and cost inflation, resulting in robust underwriting margins. The opposite is true in a 'soft market'. Interest rates also matter, as they determine the yields earned on fixed-income portfolios. On the other hand, P&C insurers face a major secular headwind from the increasing frequency and severity of catastrophe losses due to climate change. Furthermore, the liability side of the business is pressured by 'social inflation'—the trend of rising litigation costs and larger jury awards.

The 33 property & casualty insurance stocks we track reported a strong Q3. As a group, revenues beat analysts’ consensus estimates by 14.9%.

In light of this news, share prices of the companies have held steady. On average, they are relatively unchanged since the latest earnings results.

Assurant (NYSE: AIZ)

With roots dating back to 1892 when it was founded by a Civil War veteran, Assurant (NYSE: AIZ) provides specialized insurance products and services that protect major consumer purchases like mobile devices, vehicles, homes, and appliances.

Assurant reported revenues of $3.23 billion, up 8.9% year on year. This print exceeded analysts’ expectations by 1.5%. Overall, it was a stunning quarter for the company with a beat of analysts’ EPS and net premiums earned estimates.

Interestingly, the stock is up 10.7% since reporting and currently trades at $237.54.

Is now the time to buy Assurant? Access our full analysis of the earnings results here, it’s free.

Best Q3: Root (NASDAQ: ROOT)

Pioneering a data-driven approach that rewards good driving habits, Root (NASDAQ: ROOT) is a technology-driven auto insurance company that uses mobile apps to acquire customers and data science to price policies based on individual driving behavior.

Root reported revenues of $387.8 million, up 26.9% year on year, outperforming analysts’ expectations by 4.5%. The business had an incredible quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ net premiums earned estimates.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 19.5% since reporting. It currently trades at $72.09.

Is now the time to buy Root? Access our full analysis of the earnings results here, it’s free.

Weakest Q3: Progressive (NYSE: PGR)

Starting as a small auto insurance company in 1937 with a pioneering focus on high-risk drivers, Progressive (NYSE: PGR) is a major auto, property, and commercial insurance provider that offers policies through independent agents, online platforms, and over the phone.

Progressive reported revenues of $22.51 billion, up 14.2% year on year, in line with analysts’ expectations. It was a softer quarter as it posted a significant miss of analysts’ EPS estimates and a miss of analysts’ book value per share estimates.

As expected, the stock is down 15.1% since the results and currently trades at $203.99.

Read our full analysis of Progressive’s results here.

Erie Indemnity (NASDAQ: ERIE)

Operating under a unique business model dating back to 1925, Erie Indemnity (NASDAQ: ERIE) serves as the attorney-in-fact for Erie Insurance Exchange, managing policy issuance, claims handling, and investment services for this reciprocal insurer.

Erie Indemnity reported revenues of $1.07 billion, up 6.7% year on year. This result lagged analysts' expectations by 1.6%. Overall, it was a slower quarter as it also produced a miss of analysts’ revenue estimates and a narrow beat of analysts’ EPS estimates.

The stock is down 8.6% since reporting and currently trades at $283.12.

Read our full, actionable report on Erie Indemnity here, it’s free.

Allstate (NYSE: ALL)

Born from a Sears, Roebuck & Co. initiative during the Great Depression with its famous "You're in good hands" slogan, Allstate (NYSE: ALL) is one of America's largest personal property and casualty insurers, offering protection for autos, homes, and personal property.

Allstate reported revenues of $17 billion, up 3.8% year on year. This print surpassed analysts’ expectations by 1.5%. Overall, it was an exceptional quarter as it also recorded a beat of analysts’ EPS estimates and an impressive beat of analysts’ net premiums earned estimates.

The stock is flat since reporting and currently trades at $196.12.

Read our full, actionable report on Allstate here, it’s free.

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