The Progressive Corporation 2021
Shareholders’ Report
Financial
Highlights
Five-Year Financial Highlights
Three Months Ended March 31, | Years Ended December 31, | |||||
---|---|---|---|---|---|---|
2021 | 2020 | 2020 | 2019 | 2018 | 2017 | |
(billions – except per share amounts) | ||||||
Net premiums written | $11.7 | $9.9 | $40.6 | $37.6 | $32.6 | $27.1 |
Growth over prior period | 19% | 7% | 8% | 15% | 20% | 16% |
Net premiums earned | $10.4 | $9.4 | $39.3 | $36.2 | $30.9 | $25.7 |
Growth over prior period | 10% | 11% | 8% | 17% | 20% | 14% |
Total revenues | $11.4 | $9.3 | $42.7 | $39.0 | $32.0 | $26.8 |
Net income | $1.48 | $0.69 | $5.70 | $3.97 | $2.62 | $1.59 |
Per common share | $2.51 | $1.17 | $9.66 | $6.72 | $4.42 | $2.72 |
Underwriting margin | 10.7% | 13.1% | 12.3% | 9.1% | 9.4% | 6.6% |
Three Months Ended March 31, | Years Ended December 31, | |||||
---|---|---|---|---|---|---|
2021 | 2020 | 2020 | 2019 | 2018 | 2017 | |
At Period-End (billions – except shares outstanding, per share amounts, and policies in force) | ||||||
Common shares outstanding (millions) | 585.2 | 585.3 | 585.2 | 584.6 | 583.2 | 581.7 |
Book value per common share | $29.64 | $23.68 | $28.27 | $22.54 | $17.71 | $15.96 |
Consolidated shareholders’ equity | $17.8 | $14.4 | $17.0 | $13.7 | $10.8 | $9.3 |
Common share close price | $95.61 | $73.84 | $98.88 | $72.39 | $60.33 | $56.32 |
Market capitalization | $56.0 | $43.2 | $57.9 | $42.3 | $35.2 | $32.8 |
Return on average common shareholders’ equity | ||||||
Net income | 38.5% | 26.8% | 35.6% | 31.3% | 24.7% | 17.8% |
Comprehensive income | 38.4% | 28.5% | 39.3% | 35.0% | 23.8% | 21.7% |
Policies in force (thousands) | ||||||
Personal Lines | ||||||
Agency – auto | 7,863.5 | 7,164.6 | 7,617.0 | 6,994.3 | 6,358.3 | 5,670.7 |
Direct – auto | 9,338.8 | 8,126.3 | 8,881.4 | 7,866.5 | 7,018.5 | 6,039.1 |
Special lines | 5,026.7 | 4,574.5 | 4,915.1 | 4,547.8 | 4,382.2 | 4,365.7 |
Total Personal Lines | 22,229.0 | 19,865.4 | 21,413.5 | 19,408.6 | 17,759.0 | 16,075.5 |
Growth over prior year | 12% | 8% | 10% | 9% | 10% | 10% |
Commercial Lines | 858.9 | 759.7 | 822.0 | 751.4 | 696.9 | 646.8 |
Growth over prior year | 13% | 7% | 9% | 8% | 8% | 6% |
Property | 2,566.3 | 2,264.1 | 2,484.4 | 2,202.1 | 1,936.5 | 1,461.7 |
Growth over prior year | 13% | 13% | 13% | 14% | 32% | 22% |
Companywide total | 25,654.2 | 22,889.2 | 24,719.9 | 22,362.1 | 20,392.4 | 18,184.0 |
Growth over prior year | 12% | 9% | 11% | 10% | 12% | 10% |
Private passenger auto insurance market1 | ||||||| | ||||||| | NA | $247.4 | $240.9 | $222.3 |
Market share2 | ||||||| | ||||||| | NA | 12.4% | 11.1% | 10.1% |
Three Months Ended March 31, | Years Ended December 31, | |||||
---|---|---|---|---|---|---|
2021 | 2020 | 2020 | 2019 | 2018 | 2017 | |
Stock Price Appreciation (Depreciation)3 | ||||||
Progressive | 1.4% | 5.3% | 41.4% | 25.1% | 9.3% | 61.6% |
S&P 500 | 6.2% | (19.6)% | 18.3% | 31.5% | (4.4)% | 21.9% |
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 compounded rate of increase (decrease) and assumes dividend reinvestment.