The Progressive Corporation 2013 Annual Report

Five-Year Financial Highlights

(billions — except per share amounts)

2013 2012 2011 2010 2009
For the Year
Net premiums written $ 17.3 $ 16.4 $ 15.1 $ 14.5 $ 14.0
Growth over prior year 6% 8% 5% 3% 3%
Net premiums earned $ 17.1 $ 16.0 $ 14.9 $ 14.3 $ 14.0
Growth over prior year 7% 7% 4% 2% 3%
Total revenues $ 18.2 $ 17.1 $ 15.8 $ 15.2 $ 14.8
Net income $ 1.17 $ .90 $ 1.02 $ 1.07 $ 1.06
Per share $ 1.93 $ 1.48 $ 1.59 $ 1.61 $ 1.57
Underwriting margin   6.5%   4.4%   7.0%   7.6%   8.4%

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

2013 2012 2011 2010 2009
At Year-End
Common shares outstanding (millions)   595.8   604.6   613.0   662.4   672.6
Book value per share $ 10.39 $ 9.94 $ 9.47 $ 9.13 $ 8.55
Consolidated shareholders’ equity $ 6.2 $ 6.0 $ 5.8 $ 6.0 $ 5.7
Market capitalization $ 16.2 $ 12.8 $ 12.0 $ 13.2 $ 12.1
Return on average shareholders’ equity                    
Net income   17.7%   14.5%   16.5%   17.1%   21.4%
Comprehensive income   19.0%   17.4%   15.0%   22.3%   35.5%
                     
Policies in force (thousands)                    
Personal Lines                    
Agency — auto   4,841.9   4,790.4   4,648.5   4,480.1   4,299.2
Direct — auto   4,224.2   4,000.1   3,844.5   3,610.4   3,201.1
Special lines   3,990.3   3,944.8   3,790.8   3,612.2   3,440.3
Total Personal Lines   13,056.4   12,735.3   12,283.8   11,702.7   10,940.6
Growth over prior year   3%   4%   5%   7%   5%
Commercial Lines   514.6   519.6   509.1   510.4   512.8
Growth over prior year   (1)%   2%   0%   0%   (5)%
                     
Industry net premiums written1   NA $ 167.9 $ 163.3 $ 160.1 $ 157.2
Market share2   NA   8.5%   8.1%   7.9%   7.7%
1-Year 3-Year 5-Year
Stock Price Appreciation3            
Progressive 30.9% 14.8% 16.6%
S&P 500   32.4%   16.1%   17.9%

1 Represents private passenger auto insurance market net premiums written as reported by A.M. Best Company, Inc.

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

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

NA = Final comparable industry data will not be available until our third quarter report.

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