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THE
PROGRESSIVE
CORPORATION
2015 Annual Report
to Shareholders

Table of contents

  • Page 1
    THE PRO GR E SSI V E CO R P O R AT I O N 2015 Annual Report to Shareholders

  • Page 2
    THE PROGRESSIVE CORPORATION 2015 ANNUAL REPORT TO SHAREHOLDERS Annual Report App.-A-1

  • Page 3
    The Progressive Corporation and Subsidiaries Consolidated Statements of Comprehensive Income For the years ended December 31, (millions - except per share amounts) 2015 2014 2013 Revenues Net premiums earned Investment income Net realized gains (losses) on securities: Other-than-temporary ...

  • Page 4
    The Progressive Corporation and Subsidiaries Consolidated Balance Sheets December 31, (millions) 2015 2014 Assets Investments - Available-for-sale, at fair value: Fixed maturities (amortized cost: $15,347.9 and $13,374.2) Equity securities: Nonredeemable preferred stocks (cost: $674.2 and $590.4) ...

  • Page 5
    The Progressive Corporation and Subsidiaries Consolidated Statements of Changes in Shareholders' Equity For the years ended December 31, (millions - except per share amounts) 2015 2014 2013 Common Shares, $1.00 Par Value Balance, Beginning of year Treasury shares purchased1 Net restricted equity ...

  • Page 6
    ... acquisition costs Income taxes Unearned premiums Loss and loss adjustment expense reserves Accounts payable, accrued expenses, and other liabilities Other, net Net cash provided by operating activities Cash Flows From Investing Activities Purchases: Fixed maturities Equity securities Sales: Fixed...

  • Page 7
    ... of Insurance Companies) provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. Our Personal Lines segment writes insurance for personal autos and recreational vehicles through both an independent insurance agency channel...

  • Page 8
    ... date (generally 7-49 days) rather than on their contractual maturity date (which is greater than one year at original issuance). In the event that an auction fails, the security may need to be reclassified from short-term. Changes in fair value of these securities, net of deferred income taxes...

  • Page 9
    .... We provide insurance and related services to individuals and small commercial accounts and offer a variety of payment plans. Generally, premiums are collected prior to providing risk coverage, minimizing our exposure to credit risk. For our vehicle businesses, we perform a policy level evaluation...

  • Page 10
    ... made to sell one property originally purchased for a future Service Center site. At December 31, 2015 and 2014, included in other assets in the consolidated balance sheets is $8.7 million of "held for sale" property, which represents the fair value of this property less the estimated costs to sell...

  • Page 11
    ... to certain of the officers and employees of ARX and its subsidiaries. These outstanding stock options are subject to the put/call features contained in the current stockholders' agreement, pursuant to which The Progressive Corporation has the right, and can be required, to purchase a portion or all...

  • Page 12
    ... measured at NAV from the fair value hierarchy. This guidance is effective for annual and interim periods after December 15, 2015 (January 2016 for calendar-year companies). We did not hold any securities at December 31, 2015, that were priced at NAV. To the extent we acquire such securities...

  • Page 13
    ... by major security type, consistent with our internal classification of how we manage, monitor, and measure the portfolio: Net Realized Gains (Losses)1 % of Total Fair Value ($ in millions) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2015 Fixed maturities...

  • Page 14
    ... was open for one day; the average daily balance of reverse repurchase commitments was $135.4 million. Hybrid Securities Included in our fixed-maturity and equity securities are hybrid securities, which are reported at fair value at December 31: (millions) 2015 2014 Fixed maturities: Corporate debt...

  • Page 15
    ...31, 2015 or 2014. At December 31, 2015, we did not have any debt securities that were non-income producing during the preceding 12 months. Fixed Maturities The composition of fixed maturities by maturity at December 31, 2015, was: (millions) Cost Fair Value Less than one year One to five years Five...

  • Page 16
    ... Months or Greater No. of Fair Unrealized Sec. Value Losses ($ in millions) December 31, 2015 Fixed maturities: U.S. government obligations State and local government obligations Corporate debt securities Residential mortgage-backed securities Agency residential passthrough obligations Commercial...

  • Page 17
    ..., 2014, reflected by the majority of the increase in the less than 12 month segment of the table. We had no material decreases in valuation as a result of credit rating downgrades on our fixed-maturity securities during the year. All of the fixed-maturity securities in an unrealized loss position at...

  • Page 18
    ... at December 31, 2015, 2014, and 2013, respectively, recognized in income in excess of the cash flows expected to be collected at the time of the write-downs. reductions of prior credit impairments where the current credit impairment requires writing securities down to fair value (i.e., no remaining...

  • Page 19
    ... the years ended December 31, were: (millions) 2015 2014 2013 Gross realized gains on security sales Fixed maturities: U.S. government obligations State and local government obligations Corporate and other debt securities Residential mortgage-backed securities Commercial mortgage-backed securities...

  • Page 20
    ... the years ended December 31, were: (millions) 2015 2014 2013 Fixed maturities: U.S. government obligations State and local government obligations Foreign government obligations Corporate debt securities Residential mortgage-backed securities Agency residential pass-through obligations Commercial...

  • Page 21
    ...) Fair Value December 31, Purpose Classification 2015 2014 Comprehensive Income Statement Pretax Net Realized Gains (Losses) Years ended December 31, 2015 2014 2013 Notional Value1 December 31, Derivatives designated as: 2015 2014 2013 Hedging instruments Closed: Manage interest 54 rate risk...

  • Page 22
    ... 2013, we closed three interest rate swap positions including a 9-year interest rate swap position (opened in 2009) and two 5-year interest rate swap positions (opened in 2011); in each case, we were paying a fixed rate and receiving a variable rate, effectively shortening the duration of our fixed...

  • Page 23
    ...debt was: Fair Value Level 2 Level 3 (millions) Level 1 Total Cost December 31, 2015 Fixed maturities: U.S. government obligations State and local government obligations Foreign government obligations Corporate debt securities Subtotal Asset-backed securities: Residential mortgage-backed Agency...

  • Page 24
    ... primarily 30 days or less to redemption. These securities are held at their original cost, adjusted for any accretion of discount, since that value very closely approximates what an active market participant would be willing to pay for such securities. The remainder of our short-term securities are...

  • Page 25
    ... securities, we look at acquisition price relative to the coupon or yield. Since our short-term securities are typically 90 days or less to maturity, with the majority listed in Level 2 being seven days or less to redemption, we believe that acquisition price is the best estimate of fair value. App...

  • Page 26
    ...-party prices, support the fair values reported in the financial statements. We did not hold any internally-priced securities at December 31, 2015. At December 31, 2014, we held one internally-priced security, a private preferred equity security (our 5% equity interest in ARX) with a value of $69...

  • Page 27
    ...six months of 2015. Level 3 Fair Value Fair Value Calls/ Net Realized Net Fair Value at Dec. 31, Maturities/ (Gain)/Loss Change in Transfers at Dec. 31, 2013 Paydowns Purchases Sales on Sales Valuation In (Out)1 2014 (millions) Fixed maturities: Asset-backed securities: Residential mortgage-backed...

  • Page 28
    ... measurements for our applicable securities at December 31: Quantitative Information about Level 3 Fair Value Measurements Fair Value Unobservable at Dec. 31, Valuation Unobservable Input 2015 Technique Input Assumption ($ in millions) Fixed maturities: Asset-backed securities: Commercial mortgage...

  • Page 29
    ... was issued by The Progressive Corporation, the ultimate holding company. The holding company debt includes amounts that were borrowed and contributed to the capital of its insurance subsidiaries or used, or made available for use, for other business purposes. Fair values for these debt instruments...

  • Page 30
    ... leverage and fixed charge coverage ratios, as well as maintain a minimum risk-based capital ratio and minimum financial strength and credit ratings, as provided by A.M. Best Company, Inc. As of December 31, 2015, ARX was in compliance with these covenants. The surplus note requires ARX to maintain...

  • Page 31
    ... accounting and not consolidated with ARX. Our ownership interest of $1.3 million in the variable interest entities is reported as a component of "other assets" on our consolidated balance sheets. The Progressive Corporation Line of Credit In March 2015, we renewed the unsecured, discretionary line...

  • Page 32
    ... and events as they occur. The goal of the CAP program is to expedite the exam process and to reduce the level of uncertainty regarding a taxpayer's tax filing positions. All federal income tax years prior to 2012 are closed. The IRS exams for 2012-2014 have been completed. We consider these...

  • Page 33
    ... the remainder split between our Commercial Lines business and Property business. In our personal auto and Commercial Lines businesses, we incurred favorable case loss reserve development primarily in bodily injury and uninsured motorist bodily injury coverages due to lower than anticipated severity...

  • Page 34
    ... costs on case reserves were the primary contributor to the favorable development in our Direct auto business. In our Commercial Lines business, we experienced unfavorable development due to higher frequency and severity on late emerging claims primarily in our bodily injury coverage for our truck...

  • Page 35
    ... currently in effect, the insurance subsidiaries could pay aggregate dividends of $1,325.0 million in 2016 without prior approval from regulatory authorities, provided the dividend payments are not made within 12 months of previous dividends paid by the applicable subsidiary. 9. EMPLOYEE BENEFIT...

  • Page 36
    ... the ultimate settlement of these awards would be in cash, the ARX stock options are treated for accounting purposes as liability awards. The amounts charged to income for Progressive and ARX incentive compensation plans for the years ended December 31, were: (millions) 2015 Pretax After Tax 2014...

  • Page 37
    ...ultimately vest. These estimates can change periodically throughout the measurement period. A summary of all employee restricted equity award activity during the years ended December 31, follows: 2015 Weighted Average Grant Number of Date Fair Shares1 Value 2014 Weighted Average Grant Number of Date...

  • Page 38
    ...faith estimate of the fair market value as of the end of the reporting period and the pro-rata expense is recognized. A summary of all ARX employee stock option activity since acquisition, follows: 2015 Weighted Average Number of Exercise Shares Price Options Outstanding At acquisition Add (deduct...

  • Page 39
    ..., 2015 and 2014, respectively, to be distributed in common shares. is included in other assets on the balance sheet. 10. SEGMENT INFORMATION We write personal and commercial auto and property insurance and other specialty property-casualty insurance and provide related services. Our Personal Lines...

  • Page 40
    ... net premiums earned in 2015, compared to 92% in 2014 and 91% in 2013; insurance for our special lines products (e.g., motorcycles, ATVs, RVs, manufactured homes, watercraft, and snowmobiles) accounted for the balance of the Personal Lines net premiums earned. began reporting our Property business...

  • Page 41
    ... for our underwriting operations for the years ended December 31: 2015 Underwriting Combined Margin Ratio 2014 Underwriting Combined Margin Ratio 2013 Underwriting Combined Margin Ratio Personal Lines Agency Direct Total Personal Lines Commercial Lines Property1 Other indemnity2 Total underwriting...

  • Page 42
    ... transactions adjustment to NCI Balance at December 31, 2013 Other comprehensive income (loss) before reclassifications: Investment securities Net non-credit related OTTI losses, adjusted for valuation changes Forecasted transactions Foreign currency translation adjustment Loss attributable to...

  • Page 43
    ... gain (loss) would need to be recognized as a realized gain (loss) since the cash flow hedge is deemed ineffective. During 2015, 2014, and 2013, we repurchased in the open market a portion of our 6.70% Debentures and reclassified $0.2 million, $0.5 million, and $0.8 million, respectively, on...

  • Page 44
    ... we sell personal injury protection (PIP) coverage and pay-related claims at levels lower than allowed by law. Two patent matters alleging that we infringed on patented technology. Two putative class action lawsuits alleging that we steer customers to Service Centers and network body shops to have...

  • Page 45
    ... class action lawsuit challenging the labor rates our insurance subsidiaries pay to auto body repair shops. This matter was settled on an individual basis and an accrual established. One putative class action lawsuit challenging our policy form with regard to rejecting uninsured motorist coverage...

  • Page 46
    ...place for our employees (our "Gainsharing program"). Although reviewed every year, the structure of the Gainsharing program generally remains the same. For 2015, the Gainshare factor was 1.60, compared to 1.32 in 2014 and 1.21 in 2013. Our annual dividend program will result in a variable payment to...

  • Page 47
    ..., to expand on our bundling strategy in the Agency channel. The goodwill has been allocated equally between the ASI property business and our personal auto Agency business. During 2015, subsequent to the date of acquisition, we completed our analysis related to the fair value of the loss and loss...

  • Page 48
    ... shares to be purchased by Progressive pursuant to these put or call rights will be determined by adding (A) the price per share paid at the closing on April 1, 2015, to (B) the product of the change in the fully diluted net tangible book value per share of ARX between December 31, 2014 and December...

  • Page 49
    ... sheets and the related consolidated statements of comprehensive income, changes in shareholders' equity and cash flows, present fairly, in all material respects, the financial position of The Progressive Corporation and its subsidiaries at December 31, 2015 and December 31, 2014, and the results...

  • Page 50
    ... an acquired business's internal controls over financial reporting from management's assessment during the first year after the acquisition. During the fourth quarter 2015, there were no changes in our internal control over financial reporting identified in the internal control review process that...

  • Page 51
    ... estimated to remain the country's fourth largest private passenger auto insurer based on net premiums written during 2015. Our insurance companies offer personal and commercial auto and property insurance, other specialty property-casualty insurance and related services throughout the United States...

  • Page 52
    ... policies in force and surpassed Agency auto policies in force for the first time. Our special lines products (e.g., motorcycles, ATVs, RVs, manufactured homes, watercraft, and snowmobiles) new applications increased 2%, compared to 2014. New applications for our Commercial Lines business increased...

  • Page 53
    ...last year. The policy life expectancy for our Commercial Lines business increased about 13% and special lines products remained flat, compared to last year. We also review our customer retention for our personal auto products using a trailing 3-month period. Although using a trailing 3-month measure...

  • Page 54
    ... times of low interest rates as a means to limit any decline in portfolio value from an increase in rates, and we expect long-term benefits from any return to more substantial yields. II. FINANCIAL CONDITION A. Holding Company In 2015, The Progressive Corporation received $821 million of dividends...

  • Page 55
    ... months and about 15% are still outstanding after three years. See Claims Payment Patterns, a supplemental disclosure provided in this Annual Report, for further discussion of the timing of personal auto claims payments. For the three years ended December 31, 2015, operations generated positive cash...

  • Page 56
    ... capacity to support our current and anticipated business, scheduled principal and interest payments on our debt, any declared dividends, and other expected capital requirements. The covenants on The Progressive Corporation's existing debt securities do not include any rating or credit triggers that...

  • Page 57
    ...-layer property catastrophe excess of loss reinsurance contracts with various reinsurers with terms ranging from one to two years. 2 During Purchase obligations represent our noncancelable commitments for goods and services (e.g., software licenses, maintenance on information technology equipment...

  • Page 58
    ... in our Personal Lines premiums is due to our increased competitive position, as well as our continued work on several initiatives aimed at providing consumers with distinctive new insurance options (discussed below) and our marketing efforts. The premium increase in our Commercial Lines business is...

  • Page 59
    ...product model, which improved our competitive position in the marketplace, along with an improved bundling option. In the Direct channel, our advertising expenditures and consumer messaging produced quotes in record numbers driving the increase in new applications. Our auto and special lines renewal...

  • Page 60
    ...cards, report claims, view Snapshot progress, and request roadside assistance, among other things. In addition, much of our Agency-dedicated website, which includes quote/ buy, servicing, and reporting capabilities, is accessible to agents through tablet computers. Through our Progressive Commercial...

  • Page 61
    .... The renewal ratio is the percent of policies that came up for renewal during the year that actually renewed. Change Over Prior Year 2015 2014 2013 RETENTION MEASURES Personal Lines - auto Policy life expectancy Trailing 3-months Trailing 12-months Renewal ratio Commercial Lines - policy life...

  • Page 62
    ...to the low level of premiums earned by, and the variability of loss costs in, such businesses. For the years ended December 31, 2015, 2014, and 2013, these businesses generated an underwriting loss of $1.0 million, $11.9 million, and $10.8 million, respectively. accident year ratios include only the...

  • Page 63
    ... assumptions change and information develops. See Critical Accounting Policies for a discussion of the effect of changing estimates. Our total loss and loss adjustment expense ratio decreased 0.2 points and 0.7 points in 2015 and 2014, respectively, compared to the prior year. Our accident year loss...

  • Page 64
    ... the remainder split between our Commercial Lines business and Property businesses. • In our personal auto and Commercial Lines businesses, we incurred favorable case loss reserve development primarily in bodily injury and uninsured motorist bodily injury coverages, due to lower than anticipated...

  • Page 65
    ... in 2015 and 2014, and 91% in 2013. These auto policies are primarily written for 6-month terms. The remaining Personal Lines business is comprised of special lines products (e.g., motorcycles, watercraft, and RVs), which are written for 12-month terms, primarily in our Agency channel. Net premiums...

  • Page 66
    ... for customers who insure more than one product through Progressive. In 2015, we generated new Agency auto application growth in 27 states and the District of Columbia, compared to 18 states in 2014, and 19 states in 2013, including eight of our top 10 Agency auto states in 2015. Rate increases were...

  • Page 67
    ...to spend on advertising as long as we achieve our profitability targets. D. Commercial Lines Growth Over Prior Year 2015 2014 2013 Net premiums written Net premiums earned Policies in force New applications Renewal applications Written premium per policy Policy life expectancy - trailing 12-months...

  • Page 68
    ..., medical payments, uninsured motorist/underinsured motorist (UM/UIM), and bodily injury benefits; rating practices at policy renewal; the utilization, content, or appearance of UM/UIM rejection forms; labor rates paid to auto body repair shops; employment related practices, including federal wage...

  • Page 69
    ... 31, 2015 and 2014, we had net current income taxes payable of $25.1 million and $49.4 million, respectively, which were reported as part of "other liabilities." There were no material changes in our uncertain tax positions during 2015. See Note 5 - Income Taxes for further information. App.-A-68

  • Page 70
    ...) on our derivative positions, for the years ended December 31, follows: 2015 2014 2013 Fixed-income securities: U.S. Treasury Notes Municipal bonds Corporate bonds Commercial mortgage-backed securities Collateralized mortgage obligations Asset-backed securities Agency residential pass-through...

  • Page 71
    ...assign an internal rating of AAA-. portfolio reflects the effect of unsettled security transactions and collateral on open derivative positions; at December 31, 2015, $23.1 million was included in "other assets," compared to $31.3 million in "other liabilities" at December 31, 2014. total fair value...

  • Page 72
    ...as interest rates and credit spreads (additional yield on non-treasury bonds relative to comparable maturity treasury securities) increased, in addition to sales of fixed-income securities with net realized gains of $131.0 million primarily in our U.S. Treasury, corporate, commercial mortgage-backed...

  • Page 73
    ... includes the change in value resulting from movements in the underlying market rates of debt securities held. We manage this risk by maintaining the portfolio's duration (a measure of the portfolio's exposure to changes in interest rates) between 1.5 and 5 years. The duration of the fixed-income...

  • Page 74
    ... preferred stocks. If not called at their call dates, the dividends on these securities will reset from a fixed rate to a lower floating rate, which could cause them to trade at a discount with a negative duration. Another primary exposure related to the fixed-income portfolio is credit risk. This...

  • Page 75
    ...(0.2) The interest rate swap positions had a fair value of $4.4 million at December 31, 2015 as they were in an overall asset position, which is fully collateralized by cash payments received from the counterparty. The liability associated with the cash collateral received is reported in the "other...

  • Page 76
    ...) Fair Value Duration (years) Rating (at period end) 2015 Residential mortgage-backed securities: Prime collateralized mortgage obligations Alt-A collateralized mortgage obligations1 Collateralized mortgage obligations Home equity (sub-prime bonds) Residential mortgage-backed securities Agency...

  • Page 77
    ...classes, which provide extra credit support to our position. We chose how much credit support we felt was necessary to attempt to protect our position from potential credit losses. The substantial increase during the year in securities insured by a GSE resulted from the investments held by ARX. Home...

  • Page 78
    ... credit quality rating and fair value of our CMBS bond and interest only (IO) portfolios: Commercial Mortgage-Backed Securities (at December 31, 2015)1 Non-Investment AAA AA A BBB Grade ($ in millions) Category Total % of Total Multi-borrower Single-borrower Total CMBS bonds IO Total fair value...

  • Page 79
    ... to wider credit spreads, while in other cases they were due to a lower probability of a call on certain securities with low floating rate back-end coupons. We continue to view preferred stocks as an attractive sector. During the year, we added selectively in the new issue market and also added some...

  • Page 80
    ... $100 million from our fixed-income portfolio into our indexed portfolio. The actively managed common stock portfolio is currently managed by one external investment manager. At December 31, 2015, the fair value of the actively managed portfolio was $117.9 million, compared to a cost basis of $101...

  • Page 81
    ... common stock portfolio, which reduced the fair value of our actively managed equities by $161.2 million and the cost basis by $158.4 million based on the September 30, 2015 valuation. Other risk investments include private equity investments and limited partnership interests in private equity...

  • Page 82
    ... rate swap activity: Net Realized Gains (Losses) Years ended December 31, 2015 2014 2013 (millions) Term Date Effective Maturity Coupon Notional Value 2015 2014 2013 Open: 10-year 10-year 10-year Total open positions Closed: 5-year 5-year 9-year Total closed positions Total interest rate...

  • Page 83
    ... measure of loss experience, is equal to the product of frequency times severity divided by the average premium. The average premium for personal and commercial auto businesses is not estimated. The actual frequency experienced will vary depending on the change in mix of class of drivers insured...

  • Page 84
    ... commercial auto physical damage claims and our non-auto lines of business; no change in estimates is presented due to the immaterial level of these reserves. Note: Every percentage point change in our estimate of severity for the 2015, 2014, and 2013 accident years would affect our personal auto...

  • Page 85
    ... through 2014. The last line in the triangle for each year represents the following: Re-estimated reserves = Total amount paid to date + Re-estimated liability for unpaid losses and LAE-net Changes in the estimated severity and the actual number of late reported claims are the cause of the change in...

  • Page 86
    ... market level); or (iii) credit-related losses, where the present value of cash flows expected to be collected is lower than the amortized cost basis of the security. Fixed-income securities and common equities with declines attributable to issuer-specific fundamentals are reviewed to identify...

  • Page 87
    ... of insurance policy provisions and other trends in litigation; changes in health care and auto and property repair costs; and other matters described from time to time in our releases and publications, and in our periodic reports and other documents filed with the United States Securities and...

  • Page 88
    ...reinvestment. 4 Represents 5 Progressive maintains an annual variable dividend policy under which a dividend is typically declared each December and paid early the following year. In addition to the annual variable dividend, in December 2013, Progressive's Board declared a special cash dividend of...

  • Page 89
    ... - Selected Financial Information (unaudited) (millions - except ratios, policies in force, per share amounts, and number of people employed) 2015 2014 2013 2012 2011 Net premiums written Growth Net premiums earned Growth Policies in force (thousands): Personal Lines Growth Commercial Lines Growth...

  • Page 90
    ... to the annual variable dividend, Progressive's Board declared special cash dividends of $1.00 per common share in 2013, 2012, and 2010, and $2.00 per common share in 2007. Progressive paid quarterly dividends prior to 2007. NA = Not applicable due to the net loss reported for 2008. App.-A-89

  • Page 91
    ..., as well as on a total personal auto basis, in each case calculated from the date of loss. Since physical damage claims pay out so quickly, the chart is calibrated on a monthly basis, as compared to a quarterly basis for the bodily injury and total auto payments. Physical Damage 100% 90% Percent...

  • Page 92
    ...% 70% 60% 50% 40% 0 Counts 4 Dollars 8 12 16 Quarters Note: The above graphs are presented for our personal auto products on an accident period basis and are based on three years of actual experience for physical damage and nine years for bodily injury and total personal auto. App.-A-91

  • Page 93
    ... ("S&P Index") and the Value Line Property/Casualty Industry Group ("P/C Group") for the last five years. Cumulative Five-Year Total Return* PGR, S&P Index, P/C Group (Performance Results through 12/31/15) $300 PGR S&P Index P/C Group $200 $100 $0 2010 2011 2012 2013 2014 2015 (Assumes $100 was...

  • Page 94
    ... the impact of the interest rate swap positions, was -0.2. 2 The Exposure to risk is represented in terms of changes in fair value due to selected hypothetical movements in market rates. Bonds and preferred stocks are individually priced to yield to the worst case scenario, which includes any...

  • Page 95
    ...Progressive Corporation and Subsidiaries Net Premiums Written by State (unaudited) ($ in millions) 2015 2014 2013 2012 2011 Florida Texas California New York Ohio New...3.9 623.1 3.2 496.1 45.0 6,896.1 100.0% $15,146.6 11.1% 9.3 6.2 4.7 4.5 3.3 4.9 3.1 4.1 3.3 45.5 100.0% 100.0% $18,654.6 App.-A-94

  • Page 96
    ...440-461-5000 progressive.com 24-Hour Insurance Quotes, Claims Reporting, and Customer Service Personal autos, motorcycles, and recreational vehicles Commercial autos/trucks To receive a quote To report a claim For customer service: If you bought your policy through an independent agent or broker If...

  • Page 97
    ... have questions or changes to your account and your Progressive shares are registered in your name, write to: American Stock Transfer & Trust Company, Attn: Operations Center, 6201 15th Avenue, Brooklyn, NY 11219; phone: 1-866-709-7695; email: [email protected]; or visit their website at: amstock.com...

  • Page 98
    ... ©2016 Other Executive Officers John F. Auer President and Chief Executive Officer ARX Holding Corp. John A. Barbagallo Commercial Lines President Steven A. Broz Chief Information Officer Patrick K. Callahan Personal Lines President M. Jeffrey Charney Chief Marketing Officer William M. Cody Chief...