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If February is any indicator of future performance, Progressive Corp. may be on its way to achieving a combined ratio well below 96—the number the insurer’s chief executive says is necessary to remain profitable.

The Mayfield Village, Ohio-based auto insurer reported a combined ratio of 91.4 for February, a 0.2-point increase over the same period last year, but well within the target range CEO Glenn M. Renwick declared a few weeks ago to shareholders.

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