Progressive Feb 2024 combined ratio 86.8% (vs 95.1% YoY); net income $737M, EPS $1.24

PROGRESSIVE CORP/OH/

Net income $737.1M ($1.24 diluted EPS); net premiums written $5,720.5M.
Current-year combined ratio 86.8% improved from 95.1% in Feb 2023, driven by lower loss/LAE ratio.
Companywide policies in force 30.28M, up 7% YoY; Personal Lines up 7%, Property up 10%.
Pretax net realized gains on securities $80.7M; total portfolio FTE return -0.5% for Feb.
Calendar conversion may affect YoY comparisons through Sep 2024; policies in force recommended as growth measure.

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