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Progressive's Q3 income slides YOY as investment income drops; premiums up

Progressive Corp.'s net income attributable to the company declined to $841.7 million in the third quarter from $928.4 million a year earlier.

Net income per share available to common shareholders fell year over year to $1.42 from $1.57.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was $1.30.

The company booked total pretax net realized gains on securities of $65.4 million, much lower than the $182.1 million recorded in the third quarter of 2018. Net premiums written rose to $9.62 billion from $8.60 billion, while net premiums earned increased to $9.01 billion from $7.93 billion.

The combined ratio for the third quarter worsened year over year to 91.9% from 90.3%.

For September, net income attributable to the company increased to $280.9 million from $250.0 million. Net income per share available to common shareholders rose to 47 cents from 42 cents.

The company notched total pretax net realized gains on securities of $50.1 million, as opposed to a $1.3 million loss in September 2018. Net premiums written for the month increased to $3.02 billion from $2.73 billion in the same month last year, while net premiums earned went up to $2.80 billion from $2.48 billion.

Personal lines policies in force increased to 19.2 million from 17.5 million in the prior year. Personal auto policies in force jumped to 14.6 million from 13.1 million. Companywide, policies in force climbed to about 22.1 million from 20.1 million.

Progressive's combined ratio for the month increased to 92.3% from 90.1%.