Progressive 2004 Annual Report Download - page 45

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APP.-B-45
4Represents the closing stock price ÷ earnings per share.
5Underwriting margins are calculated as underwriting profit (loss), as defined in
Note 9 — Segment Information
, as a percent of net premiums earned.
6Presented on a diluted basis. In 1997, the Company adopted SFAS 128, “Earnings Per Share,” and, as a result, restated prior periods per share
amounts, if applicable.
NA = Not available. The revised segment disclosure requirements became effective for the three years ended December 31, 1998; comparative
information is not available for prior periods.
(millions–except ratios, per share amounts
and number of people employed) 19 9 9 19 9 8 19 9 7 19 9 6 19 9 5
Insurance Companies Selected Financial Information
and Operating Statistics— Statutory Basis
Net premiums written $ 6,124.7 $ 5,299.7 $ 4,665.1 $ 3,441.7 $ 2,912.8
Growth 16% 14% 36% 18% 19%
Policyholders’ surplus $ 2,258.9 $ 2,029.9 $ 1,722.9 $ 1,292.4 $ 1,055.1
Net premiums written to policyholders’ surplus ratio 2.7 2.6 2.7 2.7 2.8
Loss and loss adjustment expense ratio 75.0 68.5 71.1 70.2 71.6
Underwriting expense ratio 22.1 22.4 20.7 19.8 21.4
Statutory combined ratio 97.1 90.9 91.8 90.0 93.0
Selected Consolidated Financial Information—GAAP Basis
Total assets $ 9,704.7 $ 8,463.1 $ 7,559.6 $ 6,183.9 $ 5,352.5
Total shareholders’ equity 2,752.8 2,557.1 2,135.9 1,676.9 1,475.8
Common Shares outstanding 219.3 217.6 216.9 214.5 216.3
Common Share price:
High $ 58.08 $ 57.33 $ 40.29 $ 24.08 $ 16.50
Low 22.83 31.33 20.50 13.46 11.58
Close124.38 56.46 39.96 22.46 16.29
Market capitalization $ 5,345.4 $ 12,279.7 $ 8,667.0 $ 4,817.3 $ 3,523.9
Book value per Common Share 12.55 11.75 9.85 7.82 6.44
Return on average common shareholders’ equity210.9% 19.3% 20.9% 20.5% 19.6%
Debt outstanding $ 1,048.6 $ 776.6 $ 775.9 $ 775.7 $ 675.9
Ratios:
Debt to total capital 28% 23% 27% 32% 31%
Earnings to fixed charges35.7x 10.2x 9.2x 7.7x 5.6x
Price to earnings418 28 23 16 15
Price to book 1.9 4.8 4.1 2.9 2.5
Net premiums earned $ 5,683.6 $ 4,948.0 $ 4,189.5 $ 3,199.3 $ 2,727.2
Total revenues 6,124.2 5,292.4 4,608.2 3,478.4 3,011.9
Underwriting margins5
Personal Lines 1.2% 7.9% 6.3% 7.9% NA
Commercial Auto 8.4% 17.6% 10.9% 10.1% NA
Other businesses — indemnity 10.8% 8.6% 7.9% 27.9% NA
Total underwriting operations 1.7% 8.4% 6.6% 8.5% 5.7%
Net income $ 295.2 $ 456.7 $ 400.0 $ 313.7 $ 250.5
Per share61.32 2.04 1.77 1.38 1.09
Dividends per share .087 .083 .080 .077 .073
Number of people employed 18,753 15,735 14,126 9,557 8,025