• Progressive average return on tangible equity for 2023 was 13.52, a 101.49% increase from 2022.
• Progressive average return on tangible equity for 2022 was 6.71, a 76.06% increase from 2021.
• Progressive average return on tangible equity for 2021 was 28.03, a 11.94% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.