Progressive May net income $1.07B vs $235M YoY; combined ratio 86.9 vs 100.4

PROGRESSIVE CORP/OH/

Net premiums written $6.63B (+11% YoY); net premiums earned $6.72B (+15% YoY).
Diluted EPS $1.81 vs $0.40 last year; net income $1.065B up 353%.
Companywide policies in force 37.0M (+16% YoY); Personal Lines auto direct up 22%.
Combined ratio improved 13.5 pts to 86.9; net catastrophe loss ratio 4.1 pts.
YTD net income $4.62B ($7.86 diluted EPS); trailing 12-month ROE 37.6%.

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