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Progressive February income rises YOY

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Progressive February income rises YOY

Progressive Corp. reported net income attributable to the company of $327.6 million, or 55 cents per share, in February, up from $129.1 million, or 22 cents per share, a year ago.

Net premiums written increased 15% to $3.11 billion from $2.70 billion in February 2018. Net premiums earned rose 18% year over year to $2.60 billion from $2.20 billion.

The company logged pretax net realized gains on securities of $109.9 million, compared to a $139.6 million loss a year earlier.

Total personal lines policies in force went up 10% to approximately 18.1 million from about 16.4 million in February 2018. Personal auto policies in force climbed 13% to about 13.7 million from 12.1 million.

Direct auto policies in force increased 14% year over year to about 7.2 million from approximately 6.3 million. Property business policies in force rose 23% to about 2 million from 1.6 million.

The combined ratio was 90.9% in February, versus 87.8% a year ago.