| 2009–2005 ·2004–2000 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Net premiums written | $ | 13,378.1 | $ | 11,913.4 | $ | 9,452.0 | $ | 7,260.1 | $ | 6,196.1 |
| Growth | 12% | 26% | 30% | 17% | 1% | |||||
| Net premiums earned | $ | 13,169.9 | $ | 11,341.0 | $ | 8,883.5 | $ | 7,161.8 | $ | 6,348.4 |
| Growth | 16% | 28% | 24% | 13% | 12% | |||||
| Policies in force (thousands): | ||||||||||
| Personal Lines | 8,680.3 | 7,807.9 | 6,569.1 | 5,371.4 | 5,046.5 | |||||
| Growth | 11% | 19% | 22% | 6% | 5% | |||||
| Commercial Auto | 420.2 | 365.1 | 288.9 | 208.9 | 170.2 | |||||
| Growth | 15% | 26% | 38% | 23% | 27% | |||||
| Total revenues | $ | 13,782.1 | $ | 11,892.0 | $ | 9,294.4 | $ | 7,488.2 | $ | 6,771.0 |
| Underwriting margins:1 | ||||||||||
| Personal Lines | 14.1% | 12.1% | 7.5% | 4.5% | (5.2)% | |||||
| Commercial Auto | 21.1% | 17.5% | 9.1% | 8.3% | 3.3% | |||||
| Total underwriting operations | 14.9% | 12.7% | 7.6% | 4.8% | (4.4)% | |||||
| Net income (loss) | $ | 1,648.7 | $ | 1,255.4 | $ | 667.3 | $ | 411.4 | $ | 46.1 |
| Per share2 | 1.91 | 1.42 | .75 | .46 | .05 | |||||
| Average equivalent shares2 | 864.8 | 882.1 | 892.8 | 900.7 | 891.8 | |||||
| Comprehensive income (loss) | $ | 1,668.5 | $ | 1,511.1 | $ | 710.7 | $ | 472.6 | $ | 123.2 |
| Total assets | $ | 17,184.3 | $ | 16,281.5 | $ | 13,564.4 | $ | 11,122.4 | $ | 10,051.6 |
| Debt outstanding | 1,284.3 | 1,489.8 | 1,489.0 | 1,095.7 | 748.8 | |||||
| Total shareholders’ equity | 5,155.4 | 5,030.6 | 3,768.0 | 3,250.7 | 2,869.8 | |||||
| Statutory policyholders’ surplus | 4,671.0 | 4,538.3 | 3,370.2 | 2,647.7 | 2,177.0 | |||||
| Common shares outstanding | 801.6 | 865.8 | 871.8 | 881.2 | 882.2 | |||||
| Common share price: | ||||||||||
| High | $ | 24.32 | $ | 21.17 | $ | 15.12 | $ | 12.65 | $ | 9.25 |
| Low | 18.28 | 11.56 | 11.19 | 6.84 | 3.75 | |||||
| Close (at December 31) | 21.21 | 20.90 | 12.41 | 12.44 | 8.64 | |||||
| Market capitalization | $ | 17,001.9 | $ | 18,088.9 | $ | 10,819.3 | $ | 10,958.6 | $ | 7,616.8 |
| Book value per common share | 6.43 | 5.81 | 4.32 | 3.69 | 3.25 | |||||
| Ratios: | ||||||||||
| Return on average common shareholders’ equity | 30.0% | 29.1% | 19.3% | 13.5% | 1.7% | |||||
| Debt to total capital | 19.9% | 22.8% | 28.3% | 25.2% | 20.7% | |||||
| Price to earnings3 | 11.1 | 14.7 | 16.6 | 27.2 | 164.5 | |||||
| Price to book | 3.3 | 3.6 | 2.9 | 3.4 | 2.7 | |||||
| Earnings to fixed charges3 | 27.1x | 18.8x | 13.2x | 10.7x | 1.3x | |||||
| Net premiums written to statutory surplus | 2.9 | 2.6 | 2.8 | 2.7 | 2.8 | |||||
| Statutory combined ratio | 84.6 | 86.2 | 91.3 | 94.7 | 104.2 | |||||
| Dividends declared per share4 | $ | .0275 | $ | .0250 | $ | .0240 | $ | .0233 | $ | .0225 |
| Number of people employed | 27,085 | 25,834 | 22,974 | 20,442 | 19,490 |
All share and per share amounts were adjusted for the May 18, 2006, 4-for-1 stock split and the April 22, 2002, 3-for-1 stock split.
1) Underwriting margins are calculated as pretax underwriting profit (loss), as defined in Note 10 – Segment Information, as a percentage of net premiums earned.
2) Amounts reflect basic earnings per share and basic average equivalent shares for 2008 since we reported a net loss; all other periods are presented on a diluted basis.
3) Ratios are not applicable (NA) for 2008 since we reported a net loss for the year.
4) Progressive transitioned to an annual variable dividend policy beginning in 2007. In accordance with this policy, no dividend was declared in 2008 since our comprehensive income was less than after-tax underwriting income. In addition, in June 2007, Progressive’s Board declared an extraordinary cash dividend of $2.00 per common share that was paid September 14, 2007 to shareholders of record at the close of business on August 31, 2007. Progressive paid quarterly dividends prior to 2007.