Progressive August net income falls 22% to $951M; combined ratio 89.3 vs 83.1

PROGRESSIVE CORP/OH/

August net premiums written $7.605B, up 6% YoY; net premiums earned $7.354B, up 5%.
Net income $951M, down 22% YoY; EPS $1.63 vs $2.07; combined ratio 89.3 vs 83.1.
Catastrophe loss ratio 1.9% in August; favorable prior-year reserve development $131M.
Policies in force 40.492M, up 7% YoY; commercial lines NPW up 13%.
YTD net income $8.041B, virtually flat; diluted EPS $13.75 vs $13.69; book value $60.92.

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