MANULIFE FINANCIAL CORPORATION vs PROGRESSIVE CORP/OH/, two Insurance stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Manulife runs a Canadian life book, earning the spread on long-duration float. Progressive writes auto and property insurance, where the combined ratio and pricing speed set the result. Progressive is the standout on returns: a 36.08% return on equity against Manulife's 11.55%, one of the highest in the sector. The market pays for it, valuing Progressive at 4.11 times book against Manulife's 1.78, though on earnings they sit closer, 11.41 times for Progressive versus 17.79. Manulife's 20.98% net margin reads above Progressive's 12.92%, a quirk of life accounting. Progressive pays a 6.2% dividend and is nearly twice the size at $131.6B; Manulife's yield is not shown here.
Comparison updated 2026-07-11.
| Metric | MFC | PGR |
|---|---|---|
| Price | $41.31 | $230.67 |
| Market cap | $70.4B | $135.4B |
| Sector | Financial Services | Financial Services |
| Stage | Mature | Mature |
| P/E | 18.2 | 11.7 |
| P/B | 1.82 | 4.23 |
| P/S | 3.31 | 1.51 |
| EV/EBITDA | — | 1802.9 |
| Revenue growth | -9.8% | +14.1% |
| Net margin | 21.0% | 12.9% |
| Return on equity | 11.6% | 36.1% |
| Return on assets | 0.6% | 9.5% |
| Dividend yield | — | 6.0% |
| Debt / equity | 0.00 | 0.00 |
| Piotroski F (quality) | 8 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.