Progressive
Q1 2022 Earnings Call
May 03, 2022, 9:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome to The Progressive Corporation's first-quarter investor event. The company will not make detailed comments related to quarterly results in addition to those provided in its quarterly report on Form 10-Q and the letter to shareholders, which have been posted on the company's website, although CEO Tricia Griffith will make a brief statement. The company will then use the remainder of the event to respond to questions. Acting as moderator for the event will be Progressive's director of investor relations, Doug Constantine.
At this time, I will turn the event over to Mr. Constantine.
Doug Constantine -- Director of Investor Relations
Thank you, Emily, and good morning. Although our quarterly investor relations events often include a presentation on a specific portion of our business, we will instead use the 60 minutes scheduled for today's event for introductory comments by our CEO and a question-and-answer session with members of our leadership team. [Operator instructions] As always, discussions in this event may include forward-looking statements. These statements are based on management's current expectations and are subject to many risks and uncertainties that could cause actual events and results to differ materially from those discussed during today's event.
Additional information concerning those risks and uncertainties is available in our annual report on Form 10-K for the year ended December 31, 2021, as supplemented by our 10-Q reports for the first quarter of 2022, where you'll find discussions of the risk factors affecting our business, safe harbor statements related to forward-looking statements and other discussions of the challenges we face. Before going to our first question from the conference call line, our CEO, Tricia Griffith, will make some introductory comments. Tricia?
Tricia Griffith -- Chief Executive Officer
Well, thank you, Doug. Good morning, and thank you for joining us today. Anniversaries are a natural time to look back on the past, and since this is the first investor call of Progressive's 85th year, I wanted to do just that. We have grown from a scrappy start-up trying to find a foothold in The Great Depression to the 10th largest homeowners carrier, the third-largest personal auto carrier, and the No.
1 commercial auto carrier. In just the last five years, our total companywide written premium has nearly doubled. Nowhere has growth been more remarkable than in commercial lines, which just passed a major milestone of over $9 billion in written premiums on a trailing 12-month basis. We grew commercial auto premiums over 200% in the last five years, all while generally achieving a better-than-average industry profit margin, and ended March just shy of 1 million commercial lines policies in force.