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Progressive net income drops, premiums written rise YOY in July

Progressive Corp.'s net income attributable to the company decreased 5% to $384.9 million in July from $403.7 million a year ago.

Net income per share available to common shareholders slipped year over year to 65 cents from 68 cents.

Net premiums written, however, climbed 12% year over year to $3.68 billion from $3.29 billion. Net premiums earned rose 14% to $3.43 billion from $3.00 billion in July 2018.

The company recorded pretax net realized gains on securities of $49 million, as opposed to a $107 million gain in the prior-year period.

Personal lines policies in force went up 10% to about 18.9 million from approximately 17.3 million in July 2018. Personal auto policies in force increased 12% to about 14.4 million from approximately 12.9 million a year earlier.

The combined ratio worsened to 90.3% in July from 88.8% a year ago.