Progressive Insurance Financial Performance from Time to Time-Historically, The Progressive Group of Insurance Companies started in insurance business since 1937. the founder of progressive insurance companies was Joseph Lewis and Jack Green. Along with business development, Progressive Insurance has become one of the USA largest auto insurance groups, the largest seller of motorcycle and boat policies, the market leader in commercial auto insurance, and one of the top 15 homeowners’ carriers, based on premiums written.
Along with State Farm, Allstate, GEICO, Nationwide Mutual Insurance Company, Farmers Insurance Group, and USAA, Progressive is one of the largest auto insurers in the United States, with over 13 million policies in force. Furthermore, Progressive insurance has more than 40,000 independent insurance agencies throughout the U.S. Operationally, this company still has main office in Mayfield Village, Ohio, U.S.
Based on insurance products, Progressive primarily offers personal and commercial auto, motorcycle, boat, recreational vehicle, and home insurance. We also offer workers’ compensation insurance primarily for the transportation industry, and business-related general liability and property insurance predominantly for small businesses.
Net Premium Written of Progressive Insurance From 2012 to 2022
| Years | Net Premium Written |
|---|---|
| Billion US Dollar | |
| 2022 | $ 51.1 |
| 2021 | $ 46.4 |
| 2020 | $ 40.6 |
| 2019 | $ 37.6 |
| 2018 | $ 32.6 |
| 2017 | $ 25.72 |
| 2016 | $ 22.47 |
| 2015 | $ 19.89 |
| 2014 | $ 18.39 |
| 2013 | $ 17.1 |
| 2012 | $16.01 |
| Source: Progressive Corporation Annual Report | |
The Performance of Progressive Insurance in insurance industries has in positive progress. This company always showed the growth of the insurance premium. The total of net written premium of Progressive Insurance was $16.01 billion in 2012 and become $ 51.1 billion in 2022. In the last 10 years, the net premium has increased 3 times.
The Assets and Liabilities of Progressive Insurance From 2012 to 2022
| Years | Assets | Liabilities |
|---|---|---|
| US Dollar | US Dollar | |
| 2022 | 75.4 billion | 59.7 billion |
| 2021 | 71.1 billion | 52.9 billion |
| 2020 | 64.1 billion | 47 billion |
| 2019 | 54.9 billion | 41 billion |
| 2018 | 46.5 billion | 36.5 billion |
| 2017 | 38.7 billion | 28.91 billion |
| 2016 | 33.4 billion | 24.98 billion |
| 2015 | 29.8 billion | 22.0 billion |
| 2014 | 25.78 billion | 18.8 billion |
| 2013 | 24.40 billion | 18.2 billion |
| 2012 | 22.60 billion | 16.6 billion |
| Source: Progressive Corporation Annual Report | ||
The assets and Liabilities of Progressive Insurance has increased in the last 10 years. In 2012, the assets of Progressive Insurance were around $ 22.60 billion meanwhile the liabilities were 16.6 billion. In 2022, the assets have grown into $ 75.4 billion and Liabilities around $ 59.7 billion. Overall, the data was obtained from Balance sheet, Annual Report from 2012-2022.
The Revenue and Net Income of Progressive Insurance From 2012 to 2022
| Years | Revenue | Net Income |
|---|---|---|
| US Dollar | US Dollar | |
| 2022 | 49.59 billion | 721 million |
| 2021 | 47.68 billion | 3.35 billion |
| 2020 | 42.64 billion | 5.70 billion |
| 2019 | 39 billion | 3.97 billion |
| 2018 | 31.95 billion | 2.62 billion |
| 2017 | 26.83 billion | 1.59 billion |
| 2016 | 23.44 billion | 1.05 billion |
| 2015 | 20.85 billion | 1.30 billion |
| 2014 | 19.39 billion | 1.28 billion |
| 2013 | 18.17 billion | 1.16 billion |
| 2012 | 17.08 billion | 0.92 billion |
| Source: Progressive Corporation Annual Report | ||
The revenue and Net Income also shown different trends. The revenue of Progressive insurance has increased from the last 10 years. The revenue of Progressive insurance in 2012 was around $ 17.08 billion and became $ 49.5 billion in 2022. It was increased more than 2 times in the last 10 years. Meanwhile, the net income of progressive insurance shown instable trends. in 2012, the net income was around $ 920 million and in 2022 it just $ 721 million. Basically, the net income of company in 2022 was the least value than the rest of the years in the last 10 years.
Bibliography of Progressive Insurance Financial Performance from Time to Time
Progressive Insurance. 2023. Annual Report 2012-2022. Accessed via https://investors.progressive.com/financials/default.aspx on July 16, 2023.
