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Progressive reports higher net income YOY in April

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Progressive reports higher net income YOY in April

Progressive Corp. reported April net income attributable to the company of $260.6 million, or 44 cents per share, up from $196.6 million, or 34 cents per share, in April 2017.

Net premiums written increased 19% year over year to $3.23 billion in April from $2.70 billion in April 2017. Net premiums earned grew 21% year over year to $2.88 billion from $2.39 billion.

Progressive's combined ratio in April was 89.9%, compared to 88.9% in April 2017.

Total pretax net realized losses on securities were $6.6 million in April, compared to pretax net realized gains of $9.5 million in April 2017.

Progressive's personal auto policies in force in April grew 15% year over year to 12.5 million from 10.9 million. Special lines policies in force were nearly flat year over year at 4.3 million. Personal lines policies in force totaled 16.8 million, up 11% from 15.2 million in April 2017. The company's total commercial lines policies in force increased 9% to 667,400 in April from 615,000 in April 2017. Property business policies in force grew 32% year over year in April to about 1.7 million from about 1.3 million.