Progressive 2004 Annual Report Download - page 44

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APP.-B-44
(millions–except ratios, per share amounts
and number of people employed) 2004 2003 2002 2001 2000
Insurance Companies Selected Financial Information
and Operating Statistics— Statutory Basis
Net premiums written $13,378.1 $ 11,913.4 $ 9,452.0 $ 7,260.1 $ 6,196.1
Growth 12% 26% 30% 17% 1%
Policyholders’ surplus $4,671.8 $ 4,538.3 $ 3,370.2 $ 2,647.7 $ 2,177.0
Net premiums written to policyholders’ surplus ratio 2.9 2.6 2.8 2.7 2.8
Loss and loss adjustment expense ratio 65.0 67.4 70.9 73.6 83.2
Underwriting expense ratio 19. 6 18.8 20.4 21.1 21.0
Statutory combined ratio 84.6 86.2 91.3 94.7 104.2
Selected Consolidated Financial Information—GAAP Basis
Total assets $17,184.3 $ 16,281.5 $ 13,564.4 $ 11,122.4 $ 10,051.6
Total shareholders’ equity 5,155.4 5,030.6 3,768.0 3,250.7 2,869.8
Common Shares outstanding 200.4 216.4 218.0 220.3 220.6
Common Share price:
High $97.29 $ 84.68 $ 60.49 $ 50.60 $ 37.00
Low 73.10 46.25 44.75 27.38 15.00
Close184.84 83.59 49.63 49.77 34.54
Market capitalization $17,001.9 $ 18,088.9 $ 10,819.3 $ 10,958.6 $ 7,616.8
Book value per Common Share 25.73 23.25 17.28 14.76 13.01
Return on average common shareholders’ equity230.0% 29.1% 19.3% 13.5% 1.7%
Debt outstanding $ 1,284.3 $ 1,489.8 $ 1,489.0 $ 1,095.7 $ 748.8
Ratios:
Debt to total capital 20% 23% 28% 25% 21%
Earnings to fixed charges327.1x 18.8x 13.2x 10.7x 1.3x
Price to earnings411 15 17 27 164
Price to book 3.3 3.6 2.9 3.4 2.7
Net premiums earned $13,169.9 $ 11,341.0 $ 8,883.5 $ 7,161.8 $ 6,348.4
Total revenues 13,782.1 11,892.0 9,294.4 7,488.2 6,771.0
Underwriting margins5
Personal Lines 14.1% 12.1% 7.5% 4.5% (5.2)%
Commercial Auto 21.1% 17.5% 9.1% 8.3% 3.3%
Other businesses — indemnity 9.2% 13.0% 7.2% 7.0% 13.6%
Total underwriting operations 14.9% 12.7% 7.6% 4.8% (4.4)%
Net income $ 1,648.7 $ 1,255.4 $ 667.3 $ 411.4 $ 46.1
Per share67.63 5.69 2.99 1.83 .21
Dividends per share .110 .100 .096 .093 .090
Number of people employed 27,085 25,834 22,974 20,442 19,490
All share and per share amounts were adjusted for the April 22, 2002, 3-for-1 stock split.
1Represents the closing price at December 31.
2For 1995, represents net income minus preferred share dividends ÷ average common shareholders’ equity.
3For 1995, represents the ratio of earnings to combined fixed charges and preferred share dividends.
THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
TEN YEAR SUMMARY — FINANCIAL HIGHLIGHTS
(unaudited)