Five -Year Financial Highlights

Nine Months Ended
September 30,
Years Ended December 31,
  2018   2017   2017   2016   2015   2014

(billions — except per share amounts)

                       
Net premiums written $ 24.7 $ 20.4 $ 27.1 $ 23.4 $ 20.6 $ 18.7
Growth over prior period   21%   14%   16%   14%   10%   8%
Net premiums earned $ 22.7 $ 18.9 $ 25.7 $ 22.5 $ 19.9 $ 18.4
Growth over prior period   20%   14%   14%   13%   8%   8%
Total revenues $ 23.9 $ 19.7 $ 26.8 $ 23.4 $ 20.9 $ 19.4
Net income attributable to Progressive $ 2.35 $ 1.02 $ 1.59 $ 1.03 $ 1.27 $ 1.28
Per common share $ 3.98 $ 1.73 $ 2.72 $ 1.76 $ 2.15 $ 2.15
Underwriting margin   10.1%   5.8%   6.6%   4.9%   7.5%   7.7%
                     
At Period-End

(billions — except shares outstanding, per share amounts, and policies in force)

                       
Common shares outstanding (millions)   583.1   581.6   581.7   579.9   583.6   587.8
Book value per common share $ 19.49 $ 15.97 $ 15.96 $ 13.72 $ 12.49 $ 11.79
Consolidated shareholders’ equity $ 11.9 $ 9.3 $ 9.3 $ 8.0 $ 7.3 $ 6.9
Market capitalization $ 41.4 $ 28.2 $ 32.8 $ 20.6 $ 18.6 $ 15.9
Return on average common shareholders’ equity                    
Net income attributable to Progressive   28.9%   16.3%   17.8%   13.2%   17.2%   19.1%
Comprehensive income attributable to Progressive   27.1%   18.4%   21.7%   14.9%   14.2%   20.1%
                     
Policies in force (thousands)                    
Vehicle businesses:                    
Personal Lines                    
Agency — auto   6,249.3   5,515.3   5,670.7   5,045.4   4,737.1   4,725.5
Direct — auto   6,875.8   5,889.6   6,039.1   5,348.3   4,916.2   4,505.5
Special lines   4,418.9   4,396.1   4,365.7   4,263.1   4,111.4   4,030.9
Total Personal Lines   17,544.0   15,801.0   16,075.5   14,656.8   13,764.7   13,261.9
Growth over prior year   11%   8%   10%   6%   4%   2%
Commercial Lines   691.9   638.6   646.8   607.9   555.8   514.7
Growth over prior year   8%   4%   6%   9%   8%   0%
Property   1,867.0   1,375.6   1,461.7   1,201.9   1,076.5   |||||||
Growth over prior year   36%   16%   22%   12%   NM   |||||||
                         
Private passenger auto insurance market1 NA NA $ 222.2 $ 206.6 $ 192.8 $ 183.5
Market share2   NA   NA   10.1%   9.4%   9.0%   8.9%
                     
Stock Price Appreciation3                        
Progressive   28.8%   38.8%   61.6%   14.7%   20.9%   5.3%
S&P 500   10.6%   14.2%   21.9%   11.9%   1.4%   13.7%

NM = Not meaningful; Property business written by Progressive prior to April 2015 was negligible.

NA = Not Available.

1Represents net premiums written as reported by A.M. Best Company, Inc.

2Represents Progressive’s private passenger auto business, including motorcycle insurance, as a percent of the private passenger auto insurance market.

3Represents average annual compounded rate of increase and assumes dividend reinvestment.