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Progressive posts higher net income, lower combined ratio in January YOY

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Progressive posts higher net income, lower combined ratio in January YOY

Progressive Corp. reported January net income attributable to the company of $448.3 million, or 77 cents per share, up from $182.1 million, or 31 cents per share, in January 2017.

Net premiums written rose 22% year over year to $2.73 billion in January from $2.24 billion. Net premiums earned 18% year over year to $2.69 billion from $2.28 billion.

Total pretax net realized gains on securities, including net impairment losses, were $181.1 million, compared to $9.4 million in January 2017.

The company's combined ratio for January was 87.4% versus 89.7% in January 2017.

Progressive's personal auto policies grew 13% year over year in January to 11.9 million from 10.5 million. Special lines policies in force increased 1% year over year to 4.3 million from 4.2 million.

Total personal lines in force in January were 16.1 million, up 10% from 14.7 million in January 2017. Total commercial lines policies in force rose 7% year over year to 649,800 from 605,400.

Property business policies in force grew 27% year over year to 1.6 million from 1.2 million.