Progressive November net income down 5% to $958M; combined ratio 87.1 vs 85.6

PROGRESSIVE CORP/OH/

Net premiums written $6.19B, +11% YoY; net premiums earned $6.89B, +14%.
Diluted EPS $1.63 vs $1.71, -5%; total pretax realized gains fell 82% to $32M.
Combined ratio 87.1, worsened 1.5 pts from 85.6; loss/LAE ratio 66.0.
Policies in force 38.4M, +11% YoY; Personal Lines agency auto +10%, direct auto +14%.
Board declared annual dividend of $13.50/share and quarterly $0.10, payable Jan 8, 2026.

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