• Progressive average price/book ratio for 2023 was 4.69, a 7.32% increase from 2022.
• Progressive average price/book ratio for 2022 was 4.37, a 45.18% increase from 2021.
• Progressive average price/book ratio for 2021 was 3.01, a 5.99% increase from 2020.

Price/book ratio can be defined as