The Progressive Corporation 2020
Annual Report
Financial
Highlights
Five-Year Financial Highlights
| 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|
| For the Year (billions – except per share amounts) | |||||
| Net premiums written | $40.6 | $37.6 | $32.6 | $27.1 | $23.4 |
| Growth over prior year | 8% | 15% | 20% | 16% | 14% |
| Net premiums earned | $39.3 | $36.2 | $30.9 | $25.7 | $22.5 |
| Growth over prior year | 8% | 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 margin | 12.3% | 9.1% | 9.4% | 6.6% | 4.9% |
| 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|
| At Year-End (billions – except shares outstanding, per share amounts, and policies in force) | |||||
| Common shares outstanding (millions) | 585.2 | 584.6 | 583.2 | 581.7 | 579.9 |
| 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 Progressive | 35.6% | 31.3% | 24.7% | 17.8% | 13.2% |
| Comprehensive income attributable to Progressive | 39.3% | 35.0% | 23.8% | 21.7% | 14.9% |
| Policies in force (thousands) | |||||
| Personal Lines | |||||
| Agency – auto | 7,617.0 | 6,994.3 | 6,358.3 | 5,670.7 | 5,045.4 |
| Direct – auto | 8,881.4 | 7,866.5 | 7,018.5 | 6,039.1 | 5,348.3 |
| Special lines | 4,915.1 | 4,547.8 | 4,382.2 | 4,365.7 | 4,263.1 |
| Total Personal Lines | 21,413.5 | 19,408.6 | 17,759.0 | 16,075.5 | 14,656.8 |
| Growth over prior year | 10% | 9% | 10% | 10% | 6% |
| Commercial Lines | 822.0 | 751.4 | 696.9 | 646.8 | 607.9 |
| Growth over prior year | 9% | 8% | 8% | 6% | 9% |
| Property | 2,484.4 | 2,202.1 | 1,936.5 | 1,461.7 | 1,201.9 |
| Growth over prior year | 13% | 14% | 32% | 22% | 12% |
| Companywide total | 24,719.9 | 22,362.1 | 20,392.4 | 18,184.0 | 16,466.6 |
| Growth over prior year | 11% | 10% | 12% | 10% | 7% |
| Private passenger auto insurance market1 | NA | $247.4 | $240.9 | $222.3 | $206.6 |
| Market share2 | NA | 12.4% | 11.1% | 10.1% | 9.4% |
| 1-Year | 3-Year | 5-Year | |
|---|---|---|---|
| Stock Price Appreciation3 | |||
| Progressive | 41.4% | 24.5% | 29.1% |
| S&P 500 | 18.3% | 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.
