Progressive 2003 Annual Report Download - page 42

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- APP.-B-42 -
(millions–except ratios, per share amounts
and number of people employed) 2003 2002 2001 2000 1999
INSURANCE COMPANIES SELECTED FINANCIAL
INFORMATION AND OPERATING STATISTICS
—STATUTORY BASIS
Policyholders’ surplus $ 4,538.3 $ 3,370.2 $ 2,647.7 $ 2,177.0 $ 2,258.9
Net premiums written to
policyholders’ surplus ratio 2.6 2.8 2.7 2.8 2.7
Loss and loss adjustment expense 67.4 70.9 73.6 83.2 75.0
Underwriting expense 18.8 20.4 21.1 21.0 22.1
Statutory combined ratio 86.2 91.3 94.7 104.2 97.1
SELECTED CONSOLIDATED FINANCIAL INFORMATION
—GAAP BASIS
To t a l reve n u e s $ 11,892.0 $ 9,294.4 $ 7,488.2 $ 6,771.0 $ 6,124.2
To t a l a s s e t s 16,281.5 13,564.4 11,122.4 10,051.6 9,704.7
To t a l shareholders’ equity15,030.6 3,768.0 3,250.7 2,869.8 2,752.8
Common Shares outstanding 216.4 218.0 220.3 220.6 219.3
Common Share price:
High $ 84.68 $ 60.49 $ 50.60 $ 37.0 0 $ 58.08
Low 46.25 44.75 27.38 15.00 22.83
Close283.59 49.63 49.77 34.54 24.38
Market capitalization $ 18,088.9 $ 10,819.3 $ 10,958.6 $ 7,616.8 $ 5,345.4
Book value per Common Share1$23.25 $17.28 $ 14.76 $ 13.01 $ 12.55
Return on average common
shareholders’ equity329.1% 19.3% 13.5% 1.7% 10.9%
Debt outstanding $ 1,489.8 $ 1,489.0 $ 1,095.7 $ 748.8 $ 1,048.6
Ratios:
Debt to total capital 23% 28% 25% 21% 28%
Earnings to fixed charges418.8 x 13.2 x 10.7 x 1.3x 5.7x
Price to earnings515 17 27 164 18
Price to book 3.6 2.9 3.4 2.7 1.9
Net premiums written growth 26% 30% 17 % 1 % 16 %
GAAP underwriting margin112.7% 7.6% 4.8%(4.4)% 1.7%
Number of people employed 25,834 22,974 20,442 19,490 18,753
All share and per share amounts were adjusted for the April 22, 2002,3-for-1stock split.
1In 1994, the $71.0 million “supplemental reserve”was eliminated,increasing book value per share $.21,
underwriting profit margin 3.2% and shareholders’equity $46.1million.
2Represents the closing price at December 31.
THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
TEN YEAR SUMMARY — FINANCIAL HIGHLIGHTS
(unaudited — not covered by report of independent auditors)