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Progressive's Q3 net income grows YOY

Progressive Corp. reported third-quarter net income attributable to the company of $224 million, or 38 cents per share, up 13% from $198.7 million, or 34 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus GAAP EPS estimate for the quarter was 40 cents.

Net premiums written in the quarter rose 18% year over year to $7.14 billion from $6.05 billion. Net premiums earned increased 14% year over year to $6.54 billion from $5.72 billion.

Total pretax net realized losses on securities, including net impairment losses, were $24.7 million in the third quarter, compared to losses of $20.7 million in the prior-year quarter.

The company's combined ratio was 97.4% in the most recent quarter, compared to 96.6% in the year-ago quarter.

For September, Progressive reported net income attributable to the company of $41.5 million, or 7 cents per share, down from $75.6 million, or 13 cents per share, in September 2016.

Net premiums written in the month rose 19% to $2.22 billion from $1.86 billion in September 2016. Net premiums earned grew 15% to $2.05 billion from $1.78 billion in September 2016.

The company's combined ratio in September was 99.9%, versus 94.3% in September 2016.

Personal auto policies in force totaled 11.4 million in September, up 11% from 10.3 million in September 2016. Special lines policies in force increased 2% year over year to 4.4 million from 4.3 million. Total personal lines policies in force grew 8% year over year to 15.8 million in September from 14.6 million in September 2016. Total commercial lines policies increased 4% to 638,600 in September from 612,700 in September 2016. Property business policies in force grew 16% to 1.4 million in September from 1.2 million in September 2016.