Progressive reports Jan. net income $1.12B, EPS $1.90; combined ratio 84.1%

PROGRESSIVE CORP/OH/

2024-FY EPS reported $14.40 revenue$75,372,000,000

Net premiums earned $6.59B (+22% YoY); net premiums written $6.48B (+18% YoY).
Net income $1.12B (+59%); diluted EPS $1.90 vs $1.18 in Jan 2024.
Combined ratio improved to 84.1% from 87.3%; catastrophe losses of $43M from California wildfires.
Companywide policies in force grew 18% to 35.3M; personal lines agency auto up 18%, direct auto up 25%.
Pretax annualized investment income book yield 4.1% vs 3.6% a year ago.

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