Progressive May net income $108M, EPS $0.18; combined ratio 99.0; issues $500M notes

PROGRESSIVE CORP/OH/

Net premiums written $4.32B (+16% YoY); net income $108.2M (+17% YoY); diluted EPS $0.18.
Combined ratio 99.0 vs 96.5 last year; unfavorable prior-year reserve development of 4.6 points, mainly in FL auto.
Total policies in force 29.5M (+11% YoY); personal auto policies up 14% to 19.7M.
Issued $500M 4.95% Senior Notes due 2033; net proceeds $496.3M.
YTD net income $752.4M (+262% YoY); YTD combined ratio 98.7.

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