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Progressive's Q2 net income falls 47% YOY, combined ratio rises

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Progressive's Q2 net income falls 47% YOY, combined ratio rises

reported netincome attributable to the company of $190.9 million, or 33 cents per share,for the second quarter, down 47% from $363.3 million, or 62 cents per share, inthe year-ago quarter.

TheS&P Capital IQ consensus GAAP EPS estimate for the quarter was 37 cents.

Netpremiums written in the quarter climbed 13% year over year to $5.93 billionfrom $5.25 billion. Net premiums earned increased 11% year over year to $5.56billion from $5.00 billion.

Total pretax net realized gains onsecurities, including net impairment losses, decreased to $32.3 million from$76.0 million in the year-ago quarter.

The company's combined ratio inthe second quarter deteriorated to 96.8% from 92.5% in the second quarter of2015.

For June, Progressive reported netincome attributable to the company of $60.5 million, or 10 cents per share,down 36% from $94.6 million, or 16 cents per share, in June 2015.

Net premiums written in June rose16% year over year to $1.86 billion from $1.60 billion. Net premiums earnedincreased 12% year over year to $1.74 billion from $1.55 billion.

Total pretax net realized losseson securities, including net impairment losses, were $400,000 in June, comparedto total pretax net realized gains of $43.7 million in June 2015.

The company's combined ratio inJune was 96.0%, versus 95.2% in June 2015.

Personal auto policies in forcetotaled 10.2 million in June, up 8% from 9.5 million in June 2015. Speciallines policies in force grew 3% year over year to 4.3 million from 4.1 million.Total personal lines policies in force grew 6% year over year to 14.5 millionfrom 13.6 million. Total commercial lines policies increased 11% year over yearto 600,300 from 538,400. Property business policies in force grew 12% year overyear to 1.2 million from 1.1 million.