Five-Year Financial Highlights

For the Year
(billions – except per share amounts)
Net premiums written$40.6$37.6$32.6$27.1$23.4
Growth over prior year8%15%20%16%14%
Net premiums earned$39.3$36.2$30.9$25.7$22.5
Growth over prior year8%17%20%14%13%
Total revenues$42.7$39.0$32.0$26.8$23.4
Net income attributable to Progressive$5.70$3.97$2.62$1.59$1.03
Per common share$9.66$6.72$4.42$2.72$1.76
Underwriting margin12.3%9.1%9.4%6.6%4.9%
At Year-End
(billions – except shares outstanding, per share amounts, and policies in force)
Common shares outstanding (millions)585.2584.6583.2581.7579.9
Book value per common share$28.27$22.54$17.71$15.96$13.72
Consolidated shareholders’ equity$17.0$13.7$10.8$9.3$8.0
Common share close price$98.88$72.39$60.33$56.32$35.50
Market capitalization$57.9$42.3$35.2$32.8$20.6
Return on average common shareholders’ equity
Net income attributable to Progressive35.6%31.3%24.7%17.8%13.2%
Comprehensive income attributable to Progressive39.3%35.0%23.8%21.7%14.9%
Policies in force (thousands)
Personal Lines
Agency – auto7,617.06,994.36,358.35,670.75,045.4
Direct – auto8,881.47,866.57,018.56,039.15,348.3
Special lines4,915.14,547.84,382.24,365.74,263.1
Total Personal Lines21,413.519,408.617,759.016,075.514,656.8
Growth over prior year10%9%10%10%6%
Commercial Lines822.0751.4696.9646.8607.9
Growth over prior year9%8%8%6%9%
Growth over prior year13%14%32%22%12%
Companywide total24,719.922,362.120,392.418,184.016,466.6
Growth over prior year11%10%12%10%7%
Private passenger auto insurance market1NA$247.4$240.9$222.3$206.6
Market share2NA12.4%11.1%10.1%9.4%
Stock Price Appreciation3
S&P 50018.3%14.1%15.2%

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

1 Represents 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.

Nisenbaum’s “Las Talaveritas” with a woman lying on a couch with her feet in a man’s lap, each reading the newspaper