Progressive Sept net income $369M vs year-ago loss; combined ratio improves 26.5 pts to 89.7

PROGRESSIVE CORP/OH/

2023-Q3 EPS reported $3.21 revenue$45,217,300,000

September net premiums written $4.9B (+22% YoY); net income $369.3M vs loss $684.4M.
Combined ratio 89.7, down from 116.2, on lower loss/LAE ratio; net catastrophe loss ratio 1.8 pts.
Q3 net premiums written $15.6B (+20% YoY); net income $1.12B vs $124.1M; combined ratio 92.4 vs 99.2.
Companywide policies in force 29.6M, up 10% YoY; Direct auto policies up 14% to 11.2M.
Series B preferred dividend declared $20.753157/share (~$10.4M aggregate), payable Dec 15 to Dec 1 record holders.

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