Progressive 2012 Annual Report Download - page 79

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(millions – except ratios, policies in force, per share
amounts, and number of people employed) 2007 2006 2005 2004 2003
Net premiums written $13,772.5 $14,132.0 $14,007.6 $13,378.1 $11,913.4
Growth (3)% 1% 5% 12% 26%
Net premiums earned $13,877.4 $14,117.9 $13,764.4 $13,169.9 $11,341.0
Growth (2)% 3% 5% 16% 28%
Policies in force (thousands):
Personal Lines 10,115.6 9,741.1 9,494.0 8,680.3 7,807.9
Growth 4% 3% 9% 11% 19%
Commercial Auto 539.2 503.2 468.2 420.2 365.1
Growth 7% 7% 11% 15% 26%
Total revenues1$14,902.9 $15,008.5 $14,529.8 $14,003.6 $12,104.3
Underwriting margins:2
Personal Lines 7.0% 12.3% 11.0% 14.1% 12.1%
Commercial Auto 10.1% 19.8% 17.9% 21.1% 17.5%
Total underwriting operations 7.4% 13.3% 11.9% 14.9% 12.7%
Net income (loss) $ 1,182.5 $ 1,647.5 $ 1,393.9 $ 1,648.7 $ 1,255.4
Per share31.65 2.10 1.74 1.91 1.42
Average equivalent shares3718.5 783.8 799.3 864.8 882.1
Comprehensive income (loss) $ 1,071.0 $ 1,853.1 $ 1,347.8 $ 1,668.5 $ 1,511.1
Total assets $18,843.1 $19,482.1 $18,898.6 $17,184.3 $16,281.5
Debt outstanding 2,173.9 1,185.5 1,284.9 1,284.3 1,489.8
Total shareholders’ equity 4,935.5 6,846.6 6,107.5 5,155.4 5,030.6
Statutory surplus 4,587.3 4,963.7 4,674.1 4,671.0 4,538.3
Common shares outstanding 680.2 748.0 789.3 801.6 865.8
Common share price:
High $ 25.16 $ 30.09 $ 31.23 $ 24.32 $ 21.17
Low 17.26 22.18 20.35 18.28 11.56
Close (at December 31) 19.16 24.22 29.20 21.21 20.90
Market capitalization $13,032.6 $18,116.6 $23,040.7 $17,001.9 $18,088.9
Book value per common share 7.26 9.15 7.74 6.43 5.81
Ratios:
Return on average shareholders’ equity
Net income 19.5% 25.3% 25.0% 30.0% 29.1%
Comprehensive income 17.7% 28.4% 24.1% 30.4% 35.0%
Debt to total capital 30.6% 14.8% 17.4% 19.9% 22.8%
Price to earnings411.6 11.5 16.7 11.1 14.7
Price to book 2.6 2.6 3.8 3.3 3.6
Earnings to fixed charges413.5 x 24.7 x 21.3 x 27.1 x 18.8 x
Net premiums written to statutory surplus 3.0 2.8 3.0 2.9 2.6
Statutory combined ratio 92.7 86.5 87.4 84.6 86.2
Dividends declared per share5$ 2.1450 $ .0325 $ .0300 $ .0275 $ .0250
Number of people employed 26,851 27,778 28,336 27,085 25,834
4Ratios are not applicable (NA) for 2008 since we reported a net loss for the year.
5Progressive transitioned to an annual variable dividend policy beginning in 2007. In accordance with this policy, no dividend was declared in 2008
since our comprehensive income was less than after-tax underwriting income. In addition to the annual variable dividend, Progressive’s Board
declared special cash dividends of $1.00 per common share in both 2012 and 2010, and $2.00 per common share in 2007. Progressive paid
quarterly dividends prior to 2007.
App.-A-79