One blue chip stock that has crushed the market for decades is (NYSE: PGR). The insurer has a long track record of success in profitable underwriting, which is evident when you consider a $1,000 investment in the company four decades ago would be worth $1.5 million today.

Following the company's fourth-quarter earnings report, the stock jumped nearly 5%, as investor concerns from the insurer's first two quarterly earnings reports in 2023 waned. Over the last year, Progressive has gained 32%. Here's why it's not too late to buy.

Last July, Progressive stock plummeted 13% following its second-quarter earnings announcement, its largest decline in two decades. On the surface, things weren't too bad. Net premiums were up 18%, while it turned a net profit of $345 million. However, the profitability of its insurance policies was a point of concern.

Continue reading

Source Fool.com