MEET THE CEO OF THE INSURANCE COMPANY GROWING FASTER THAN APPLE: TRICIA GRIFFITH
Griffith knows: She began her career at Progressive as a claims rep three decades ago. That makes her a rarity on two fronts: a CEO who started as an entry-level employee at the company she now leads, and one of just 24 female Fortune 500 chief executives. But she’s also something else: a CEO pulling off the remarkable evolution of a company in a relatively staid, stable industry. Progressive’s one-year and annualized three-year sales growth (at 20.2% and 11.4%, respectively) tops both Apple’s and Microsoft’s. The insurer’s stock is up nearly 50% over the past 12 months, and profits have more than doubled. In 2017 Progressive vaulted past Allstate to become the nation’s third-largest auto insurer, behind Geico and State Farm. And perhaps most impressively, at the end of the third quarter, the Mayfield, Ohio, company hit $30 billion in net premiums written, after reaching $20 billion just three years earlier—a remarkable growth rate for an enterprise that’s now 81 years old.