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Progressive's combined ratio improves in February YOY

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Progressive's combined ratio improves in February YOY

Progressive Corp. reported February net income attributable to the company of $129.1 million, or 22 cents per share, down from $134.5 million, or 23 cents per share, in February 2017.

Total pretax net realized losses on securities were $139.6 million in February, compared to pretax net realized gains of $2.4 million in February 2017.

Net premiums written in the month increased 23% year over year to $2.70 billion from $2.20 billion. Net premiums earned jumped 19% to $2.20 billion in February from $1.85 billion in February 2017.

Progressive's combined ratio for February was 87.8%, versus 90.4% in February 2017.

The company's personal auto policies in force in February grew 14% year over year to 12.1 million from 10.7 million. Special lines policies in force were 4.3 million in February, up 1% from 4.2 million in February 2017. Personal lines policies in force totaled 16.4 million in February, up 10% from 14.9 million in February 2017. Total commercial lines in force increased 8% year over year in February to 653,400 from 605,100. Property business policies in force grew 29% year over year in February to 1.6 million from 1.3 million.