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Progressive sees higher net income, lower combined ratio in November

Progressive Corp. reported November net income attributable to the company of $150.6 million, or 26 cents per share, up from $94.5 million, or 16 cents per share, in November 2015.

Total pretax net realized gains on securities, including net impairment losses, increased to $38.7 million in November from $12 million in November 2015.

Net premiums written in the month increased 12% year over year to $1.68 billion from $1.50 billion. Net premiums earned also rose 14% year over year to $1.81 billion from $1.60 billion.

Progressive's combined ratio for November was 90.9%, compared to 93.1% in November 2015.

The company's personal auto policies in force in November grew 8% to 10.4 million from 9.7 million. Special lines policies in force were 4.3 million in the month, up 4% from 4.1 million in November 2015. Personal lines policies in force totaled 14.7 million in November, up 7% from 13.8 million in November 2015. Total commercial lines in force increased 10% year over year in November to 610,600 from 555,400. Property business policies in force grew 11% year over year in November to 1.2 million from 1.1 million.