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The Progressive Corporation and Subsidiaries
Ten Year Summary – Financial Highlights
(unaudited)
| ·2005-2001 2000-1996 | 2005 | 2004 | 2003 | 2002 | 2001 | Insurance Companies Selected Financial Information and Operating Statistics – Statutory Basis |
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|---|---|---|---|---|---|---|---|---|---|---|
| Net premiums written | $ | 14,007.6 | $ | 13,378.1 | $ | 11,913.4 | $ | 9,452.0 | $ | 7,260.1 |
| Growth | 5% | 12% | 26% | 30% | 17% | |||||
| Policyholders’ surplus | $ | 4,663.3 | $ | 4,671.8 | $ | 4,538.3 | $ | 3,370.2 | $ | 2,647.7 |
| Net premiums written to policyholders’ surplus ratio | 3.0 | 2.9 | 2.6 | 2.8 | 2.7 | |||||
| Loss and loss adjustment expense ratio | 68.1 | 65.0 | 67.4 | 70.9 | 73.6 | |||||
| Underwriting expense ratio | 19.3 | 19.6 | 18.8 | 20.4 | 21.1 | |||||
| Statutory combined ratio | 87.4 | 84.6 | 86.2 | 91.3 | 94.7 | |||||
Selected Consolidated Financial Information – GAAP Basis |
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| Total assets | $ | 18,898.6 | $ | 17,184.3 | $ | 16,281.5 | $ | 13,564.4 | $ | 11,122.4 |
| Total shareholders’ equity | 6,107.5 | 5,155.4 | 5,030.6 | 3,768.0 | 3,250.7 | |||||
| Common Shares outstanding | 197.3 | 200.4 | 216.4 | 218.0 | 220.3 | |||||
| Common Share price: | ||||||||||
| High | $ | 124.90 | $ | 97.29 | $ | 84.68 | $ | 60.49 | $ | 50.60 |
| Low | 81.38 | 73.10 | 46.25 | 44.75 | 27.38 | |||||
| Close (at December 31) | 116.78 | 84.84 | 83.59 | 49.63 | 49.77 | |||||
| Market capitalization | $ | 23,040.7 | $ | 17,001.9 | $ | 18,088.9 | $ | 10,819.3 | $ | 10,958.6 |
| Book value per Common Share | 30.96 | 25.73 | 23.25 | 17.28 | 14.76 | |||||
| Return on average common shareholders’ equity | 25.0% | 30.0% | 29.1% | 19.3% | 13.5% | |||||
| Debt outstanding | $ | 1,284.9 | $ | 1,284.3 | $ | 1,489.8 | $ | 1,489.0 | $ | 1,095.7 |
| Ratios: | ||||||||||
| Debt to total capital | 17.4% | 19.9% | 22.8% | 28.3% | 25.2% | |||||
| Price to earnings | 16.7 | 11.1 | 14.7 | 16.6 | 27.2 | |||||
| Price to book | 3.8 | 3.3 | 3.6 | 2.9 | 3.4 | |||||
| Earnings to fixed charges | 21.3x | 27.1x | 18.8x | 13.2x | 10.7x | |||||
| Net premiums earned | $ | 13,764.4 | $ | 13,169.9 | $ | 11,341.0 | $ | 8,883.5 | $ | 7,161.8 |
| Total revenues | 14,303.4 | 13,782.1 | 11,892.0 | 9,294.4 | 7,488.2 | |||||
| Underwriting margins:1 | ||||||||||
| Personal Lines | 11.0% | 14.1% | 12.1% | 7.5% | 4.5% | |||||
| Commercial Auto | 17.9% | 21.1% | 17.5% | 9.1% | 8.3% | |||||
| Other–indemnity2 | NM | NM | NM | 7.2% | 7.0% | |||||
| Total underwriting operations | 11.9% | 14.9% | 12.7% | 7.6% | 4.8% | |||||
| Net income | $ | 1,393.9 | $ | 1,648.7 | $ | 1,255.4 | $ | 667.3 | $ | 411.4 |
| Per share3 | 6.98 | 7.63 | 5.69 | 2.99 | 1.83 | |||||
| Dividends per share | .120 | .110 | .100 | .096 | .093 | |||||
| Number of people employed | 28,336 | 27,085 | 25,834 | 22,974 | 20,442 |
All share and per share amounts were adjusted for the April 22, 2002, 3-for-1 stock split.
1) Underwriting margins are calculated as underwriting profit (loss), as defined in Note 9–Segment Information, as a percent of net premiums earned.
2) In 2003, the Company ceased writing business for its lender’s collateral protection program. As a result, underwriting margin is not meaningful (NM) for the Company’s other-indemnity businesses due to the insignificant amount of premiums earned by such businesses after that date.
3) Presented on a diluted basis. In 1997, the Company adopted SFAS 128, “Earnings Per Share,” and, as a result, restated prior periods per share amounts, if applicable
CONTINUE TO Quantitative Market Risk Disclosures
