Progressive reports February net income $943M, combined ratio 85.7, NPW up 5%

PROGRESSIVE CORP/OH/

Net premiums written $6.995B, up 5% YoY; net premiums earned $6.528B, up 8%.
Net income $943M ($1.61 diluted EPS), up 2% from $928M ($1.58) in Feb 2025.
Combined ratio of 85.7 vs 82.6 a year ago, driven by higher loss/LAE ratio (65.0 vs 62.7).
Total policies in force 39.22M, up 10% YoY; Personal Lines +10%, Commercial +3%.
February closing nuance reduced NPW growth by ~2-3 pts; Q1 growth expected unaffected.

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