Five-Year Financial Highlights
(billions — except per share amounts)
| Six Months Ended June 30, |
Years Ended December 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2017 | 2016 | 2016 | 2015 | 2014 | 2013 | |||||||
| Net premiums written | $ | 13.2 | $ | 11.8 | $ | 23.4 | $ | 20.6 | $ | 18.7 | $ | 17.3 |
| Growth over prior period | 13% | 14% | 14% | 10% | 8% | 6% | ||||||
| Net premiums earned | $ | 12.3 | $ | 10.9 | $ | 22.5 | $ | 19.9 | $ | 18.4 | $ | 17.1 |
| Growth over prior period | 13% | 13% | 13% | 8% | 8% | 7% | ||||||
| Total revenues | $ | 12.9 | $ | 11.4 | $ | 23.4 | $ | 20.9 | $ | 19.4 | $ | 18.2 |
| Net income attributable to Progressive | $ | 0.79 | $ | 0.45 | $ | 1.03 | $ | 1.27 | $ | 1.28 | $ | 1.17 |
| Per share | $ | 1.36 | $ | 0.77 | $ | 1.76 | $ | 2.15 | $ | 2.15 | $ | 1.93 |
| Underwriting margin | 7.5% | 4.3% | 4.9% | 7.5% | 7.7% | 6.5% | ||||||
(billions — except shares outstanding, per share amounts, and policies in force)
| Six Months Ended June 30, |
Years Ended December 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2017 | 2016 | 2016 | 2015 | 2014 | 2013 | |||||||
| At Period-End | ||||||||||||
| Common shares outstanding (millions) | 581.0 | 581.9 | 579.9 | 583.6 | 587.8 | 595.8 | ||||||
| Book value per share | $ | 15.48 | $ | 13.47 | $ | 13.72 | $ | 12.49 | $ | 11.79 | $ | 10.39 |
| Consolidated shareholders’ equity | $ | 9.0 | $ | 7.8 | $ | 8.0 | $ | 7.3 | $ | 6.9 | $ | 6.2 |
| Market capitalization | $ | 25.6 | $ | 19.5 | $ | 20.6 | $ | 18.6 | $ | 15.9 | $ | 16.2 |
| Return on average shareholders’ equity | ||||||||||||
| Net income attributable to Progressive | 16.6% | 14.1% | 13.2% | 17.2% | 19.1% | 17.7% | ||||||
| Comprehensive income attributable to Progressive | 18.9% | 14.8% | 14.9% | 14.2% | 20.1% | 19.0% | ||||||
| Policies in force (thousands) | ||||||||||||
| Vehicle businesses: | ||||||||||||
| Personal Lines | ||||||||||||
| Agency – auto | 5,350.3 | 4,937.6 | 5,045.4 | 4,737.1 | 4,725.5 | 4,841.9 | ||||||
| Direct – auto | 5,692.6 | 5,284.4 | 5,348.3 | 4,916.2 | 4,505.5 | 4,224.2 | ||||||
| Special lines | 4,356.3 | 4,257.3 | 4,263.1 | 4,111.4 | 4,030.9 | 3,990.3 | ||||||
| Total Personal Lines | 15,399.2 | 14,479.3 | 14,656.8 | 13,764.7 | 13,261.9 | 13,056.4 | ||||||
| Growth over prior year | 6% | 6% | 6% | 4% | 2% | 3% | ||||||
| Commercial Lines | 625.7 | 600.3 | 607.9 | 555.8 | 514.7 | 514.6 | ||||||
| Growth over prior year | 4% | 11% | 9% | 8% | 0% | (1)% | ||||||
| Property1 | 1,311.1 | 1,177.0 | 1,201.9 | 1,076.5 | ||||||| | ||||||| | ||||||
| Growth over prior year1 | 11% | 12% | 12% | NM | ||||||| | ||||||| | ||||||
| Private passenger auto insurance market2 | NA | NA | NA | $ | 192.5 | $ | 183.5 | $ | 174.9 | |||
| Market share3 | NA | NA | NA | 9.0% | 8.9% | 8.7% | ||||||
| Six Months Ended June 30, |
Years Ended December 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2017 | 2016 | 2016 | 2015 | 2014 | 2013 | |||||||
| Stock Price Appreciation4 | ||||||||||||
| Progressive | 26.4% | 8.3% | 14.7% | 20.9% | 5.3% | 30.9% | ||||||
| S&P 500 | 9.3% | 3.8% | 11.9% | 1.4% | 13.7% | 32.4% | ||||||
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.
12016 growth primarily reflects the net addition of approximately 96,000 policies, as a result of an exchange transaction entered into during the second quarter of 2016.
2Represents net premiums written as reported by A.M. Best Company, Inc.
3Represents Progressive’s private passenger auto business, including motorcycle insurance, as a percent of the private passenger auto insurance market.
4Represents average annual compounded rate of increase and assumes dividend reinvestment.