Five -Year Financial Highlights
The Progressive Corporation 2017 Annual Report
(billions — except per share amounts)
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| For the year | ||||||||||
| Net premiums written | $ | 27.1 | $ | 23.4 | $ | 20.6 | $ | 18.7 | $ | 17.3 |
| Growth over prior year | 16% | 14% | 10% | 8% | 6% | |||||
| Net premiums earned | $ | 25.7 | $ | 22.5 | $ | 19.9 | $ | 18.4 | $ | 17.1 |
| Growth over prior year | 14% | 13% | 8% | 8% | 7% | |||||
| Total revenues | $ | 26.8 | $ | 23.4 | $ | 20.9 | $ | 19.4 | $ | 18.2 |
| Net income attributable to Progressive | $ | 1.59 | $ | 1.03 | $ | 1.27 | $ | 1.28 | $ | 1.17 |
| Per share | $ | 2.72 | $ | 1.76 | $ | 2.15 | $ | 2.15 | $ | 1.93 |
| Underwriting margin | 6.6% | 4.9% | 7.5% | 7.7% | 6.5% |
(billions — except shares outstanding, per share amounts, and policies in force)
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| At Year-End |
||||||||||
| Common shares outstanding (millions) | 581.7 | 579.9 | 583.6 | 587.8 | 595.8 | |||||
| Book value per share | $ | 15.96 | $ | 13.72 | $ | 12.49 | $ | 11.79 | $ | 10.39 |
| Consolidated shareholders’ equity | $ | 9.3 | $ | 8.0 | $ | 7.3 | $ | 6.9 | $ | 6.2 |
| Market capitalization | $ | 32.8 | $ | 20.6 | $ | 18.6 | $ | 15.9 | $ | 16.2 |
| Return on average shareholders’ equity | ||||||||||
| Net income attributable to Progressive | 17.8% | 13.2% | 17.2% | 19.1% | 17.7% | |||||
| Comprehensive income attributable to Progressive | 21.7% | 14.9% | 14.2% | 20.1% | 19.0% | |||||
| Policies in force (thousands) | ||||||||||
| Vehicle businesses: | ||||||||||
| Personal Lines | ||||||||||
| Agency — auto | 5,670.7 | 5,045.4 | 4,737.1 | 4,725.5 | 4,841.9 | |||||
| Direct — auto | 6,039.1 | 5,348.3 | 4,916.2 | 4,505.5 | 4,224.2 | |||||
| Special lines | 4,365.7 | 4,263.1 | 4,111.4 | 4,030.9 | 3,990.3 | |||||
| Total Personal Lines | 16,075.5 | 14,656.8 | 13,764.7 | 13,261.9 | 13,056.4 | |||||
| Growth over prior year | 10% | 6% | 4% | 2% | 3% | |||||
| Commercial Lines | 646.8 | 607.9 | 555.8 | 514.7 | 514.6 | |||||
| Growth over prior year | 6% | 9% | 8% | 0% | (1)% | |||||
| Property | 1,461.7 | 1,201.9 | 1,076.5 | ||||||| | ||||||| | |||||
| Growth over prior year | 22% | 12% | NM | ||||||| | ||||||| | |||||
| Private passenger auto insurance market1 | NA | $ | 206.6 | $ | 192.8 | $ | 183.5 | $ | 174.9 | |
| Market share2 | NA | 9.4% | 9.0% | 8.9% | 8.7% |
| 1-Year | 3-Year | 5-Year | ||||
|---|---|---|---|---|---|---|
| Stock Price Appreciation3 | ||||||
| Progressive | 61.6% | 30.8% | 25.3% | |||
| S&P 500 | 21.9% | 11.4% | 15.8% |
NM = Not meaningful; Property business written by Progressive prior to April 2015 was negligible.
NA = Final comparable industry data will not be available until our third quarter report.
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.
