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Progressive combined ratio improves YOY in May

Progressive Corp. reported net income attributable to the company of $268.6 million, or 45 cents per share, in May, up from $81.4 million, or 14 cents per share, in May 2017.

Net premiums written increased 20% year over year to $2.41 billion in May from $2.01 billion in May 2017. Net premiums earned grew 21% year over year to $2.36 billion from $1.95 billion.

Progressive's combined ratio in the month was 90.3%, compared to 96.4% in May 2017.

Total pretax net realized gains on securities were $55.7 million, compared to $17.2 million in May 2017.

Progressive's personal auto policies in force grew 15% year over year to 12.6 million from 11.0 million. Personal lines policies in force totaled 17.0 million, up 11% from 15.3 million in May 2017. Property business policies in force grew 34% year over year in May to about 1.7 million from about 1.3 million.