I’d take a look at their historical combined ratio and judge on their ability to assign rate to risk. They are one of the best in the auto industry looking at their combined ratio the last 5 years. Success in telematics has served them well.

Take a look at the discussion around pgr in the Berkshire annual meetings as well.

Insurance companies are looking worse right now because of inflation and lag due to state filings. I.e. If I needed to take rate in 2020, filed, got approved in 2021, then rate flowed through my books throughout the next year because of a 6 month policy period (only increase rate at renewal), then inflation increases and my loss cost goes up significantly - I’m going to have a down year or two while rates get right with refilling a etc.

I imagine analysts are looking at more of the core components of the business and how it should perform once inflation slows.