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Progressive posts higher Q4'16 net income YOY

Progressive Corp. reported fourth-quarter 2016 net income attributable to the company of $383.2 million, or 66 cents per share, up from $330.4 million, or 56 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus GAAP EPS estimate for the quarter was 56 cents.

Net premiums written for the quarter rose 15% year over year to $5.55 billion from $4.84 billion. Net premiums earned increased 14% year over year to $5.87 billion from $5.17 billion.

The company recorded total pretax net realized gains on securities, including net impairment losses, of $22.1 million, up 13% from $19.5 million in the year-ago quarter.

Progressive's combined ratio for the quarter was 92.7%, compared to 92.0% in the prior-year quarter.

For December 2016, net income attributable to the company was $161.9 million, or 28 cents per share, up 13% from $143.7 million, or 24 cents per share, in December 2015.

Net premiums written rose 16% year over year to $1.61 billion in December 2016 from $1.39 billion. Net premiums earned were $1.83 billion in December 2016, up 14% from $1.60 billion in December 2015.

Total pretax net realized losses on securities, including net impairment losses, were $21.8 million in December 2016, compared with net realized gains of $3.5 million in December 2015.

The insurer's combined ratio for December 2016 was 88.9%, versus 88.4% in December 2015.

Progressive's personal auto policies in force in December 2016 grew 8% year over year to 10.4 million from 9.7 million. Special lines policies in force were 4.3 million in December 2016, up 4% from 4.1 million in December 2015. Personal lines policies in force totaled 14.7 million in December 2016, up 6% from 13.8 million in December 2015. The company's total commercial lines policies in force increased 9% to 607,900 in December 2016 from 555,800 in December 2015. Property business policies in force were 1.2 million in December 2016, up 12% from 1.1 million in December 2015.