Progressive August 2023: Net premiums written up 16% to $4.74B; combined ratio worsens to 97.2

PROGRESSIVE CORP/OH/

Net premiums written $4.74B (+16% YoY); net premiums earned $4.60B (+20%).
Combined ratio 97.2, up 3.6 pts from 93.6, driven by catastrophe losses including Hurricane Idalia.
Net income $147.6M ($0.25 diluted EPS), up 23% from $119.7M; YTD net income $1.55B, +167%.
Companywide policies in force 29.57M, up 11% YoY; personal auto policies up 13%.
YTD combined ratio 98.1; book value per share $28.93; trailing ROE 10.4%.

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