10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROGRESSIVE CORP/OH/ | |||
Ticker: PGR Fiscal Year: 2011 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 28, 2012) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Revenues | |||
| Net premiums earned | $ 14,902,800 | 14,314,800 | 14,012,800 |
| Investment income | 480,000 | 520,100 | 507,000 |
| Net realized gains (losses) on securities: | |||
| Other-than-temporary impairment (OTTI) losses: | |||
| Total OTTI losses | (6,000) | (19,100) | (80,900) |
| Non-credit losses, net of credit losses recognized on previously recorded non-credit OTTI losses | 500 | 5,200 | 40,100 |
| Net impairment losses recognized in earnings | (5,500) | (13,900) | (40,800) |
| Net realized gains (losses) on securities | 108,100 | 110,000 | 67,900 |
| Total net realized gains (losses) on securities | 102,600 | 96,100 | 27,100 |
| Service revenues | 22,800 | 25,900 | 16,700 |
| Net gains (losses) on extinguishment of debt | (100) | 6,400 | 0 |
| Total revenues | 15,508,100 | 14,963,300 | 14,563,600 |
| Expenses | |||
| Losses and loss adjustment expenses | 10,634,800 | 10,131,300 | 9,904,900 |
| Policy acquisition costs | 1,399,200 | 1,359,900 | 1,364,600 |
| Other underwriting expenses | 1,821,500 | 1,740,100 | 1,567,700 |
| Investment expenses | 13,500 | 11,900 | 11,100 |
| Service expenses | 19,400 | 21,400 | 19,400 |
| Interest expense | 132,700 | 133,500 | 139,000 |
| Total expenses | 14,021,100 | 13,398,100 | 13,006,700 |
| Net Income | |||
| Income before income taxes | 1,487,000 | 1,565,200 | 1,556,900 |
| Provision for income taxes | 471,500 | 496,900 | 499,400 |
| Net income | 1,015,500 | 1,068,300 | 1,057,500 |
| Other Comprehensive Income (Loss), Net of Tax | |||
| Net unrealized gains (losses) on securities: | |||
| Net non-credit related OTTI losses, adjusted for valuation changes, after tax | (3,600) | 13,900 | (15,700) |
| Other net unrealized gains (losses) on securities, after tax | (80,900) | 323,200 | 712,300 |
| Change in net unrealized gains (losses) on securities, after tax | (84,500) [1] | 337,100 | 696,600 |
| Change in net unrealized gains on forecasted transactions, after tax | (6,800) | (6,900) | (3,300) |
| Foreign currency translation adjustment, after tax | 100 | 300 | 1,400 |
| Other comprehensive income (loss), after tax | (91,200) | 330,500 | 694,700 |
| Comprehensive income | 924,300 | 1,398,800 | 1,752,200 |
| Computation of Net Income Per Share | |||
| Average shares outstanding - Basic | 632,300 | 657,900 | 666,800 |
| Net effect of dilutive stock-based compensation | 4,600 | 5,400 | 5,400 |
| Total equivalent shares - Diluted | 636,900 | 663,300 | 672,200 |
| Basic: Net income per share | 1.61 | 1.62 | 1.59 |
| Diluted: Net income per share | 1.59 | 1.61 | 1.57 |
| [1] December 31, 2009 excludes the $189.6 million ($291.8 million pretax) cumulative effect of change in accounting principle we recorded in June 2009 in accordance with the new accounting guidance for other-than-temporary impairments we adopted during the second quarter 2009. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROGRESSIVE CORP/OH/ | |||
Ticker: PGR Fiscal Year: 2011 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 28, 2012) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Cash Flows From Operating Activities | |||
| Net income | $ 1,015,500 | 1,068,300 | 1,057,500 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 88,500 | 83,100 | 87,300 |
| Amortization of fixed-income securities | 233,000 | 229,200 | 230,800 |
| Amortization of stock-based compensation | 50,500 | 45,900 | 40,300 |
| Net realized (gains) losses on securities | (102,600) | (96,100) | (27,100) |
| Net (gains) losses on disposition of property and equipment | 8,700 | 2,300 | 13,300 |
| Net (gains) losses on extinguishment of debt | 100 | (6,400) | 0 |
| Changes in: | |||
| Premiums receivable | (191,400) | (283,600) | (46,200) |
| Reinsurance recoverables | (76,500) | (176,700) | (276,300) |
| Prepaid reinsurance premiums | 18,300 | (18,800) | (6,900) |
| Deferred acquisition costs | (16,400) | (15,000) | 11,800 |
| Income taxes | 28,400 | 48,100 | 29,700 |
| Unearned premiums | 225,600 | 180,800 | (3,000) |
| Loss and loss adjustment expense reserves | 174,800 | 418,000 | 475,600 |
| Accounts payable, accrued expenses, and other liabilities | 35,500 | 210,200 | (71,800) |
| Other, net | 5,900 | (10,000) | (28,200) |
| Net cash provided by operating activities | 1,497,900 | 1,679,300 | 1,486,800 |
| Cash Flows From Investing Activities | |||
| Purchases: | |||
| Fixed maturities | (6,032,400) | (4,491,700) | (10,046,300) |
| Equity securities | (582,000) | (511,400) | (624,200) |
| Sales: | |||
| Fixed maturities | 4,442,600 | 3,055,800 | 7,950,000 |
| Equity securities | 423,500 | 241,900 | 919,400 |
| Maturities, paydowns, calls, and other: | |||
| Fixed maturities | 1,540,900 | 1,341,100 | 842,500 |
| Equity securities | 0 | 0 | 15,700 |
| Net sales (purchases) of short-term investments - other | (461,000) | (11,500) | 75,600 |
| Net unsettled security transactions | (600) | (54,000) | (246,500) |
| Purchases of property and equipment | (78,900) | (64,700) | (66,600) |
| Sales of property and equipment | 3,000 | 8,000 | 1,800 |
| Net cash provided by (used in) investing activities | (744,900) | (486,500) | (1,178,600) |
| Cash Flows From Financing Activities | |||
| Proceeds from exercise of stock options | 22,400 | 27,200 | 18,800 |
| Tax benefit from exercise/vesting of stock-based compensation | 6,400 | 14,000 | 9,700 |
| Proceeds from debt issuance | 491,900 | 0 | 0 |
| Reacquisition of debt | (15,000) | (214,300) | 0 |
| Dividends paid to shareholders | (263,600) | (763,700) | 0 |
| Acquisition of treasury shares | (997,800) | (258,600) | (180,600) |
| Net cash used in financing activities | (755,700) | (1,195,400) | (152,100) |
| Effect of exchange rate changes on cash | (500) | 800 | 1,700 |
| Increase (decrease) in cash | (3,200) | (1,800) | 157,800 |
| Cash, beginning of year | 158,900 | 160,700 | |
| Cash, End of year | 155,700 | 158,900 | 160,700 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROGRESSIVE CORP/OH/ | ||
Ticker: PGR Fiscal Year: 2011 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2011 10-K (Filed: Feb 28, 2012) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2011 | Dec 31, 2010 | |
| Assets | ||
| Investments - Available-for-sale, at fair value: | ||
| Fixed maturities (amortized cost: $11,455.7 and $11,630.8) | $ 11,759,300 | 11,850,000 |
| Equity securities: | ||
| Nonredeemable preferred stocks (cost: $473.7 and $601.3) | 806,300 | 1,157,600 |
| Common equities (cost: $1,431.0 and $1,021.7) | 1,845,600 | 1,425,000 |
| Short-term investments (amortized cost: $1,551.8 and $1,090.8) | 1,551,800 | 1,090,800 |
| Total investments at fair value | 15,963,000 [1] | 15,523,400 |
| Cash | 155,700 | 158,900 |
| Accrued investment income | 105,700 | 109,300 |
| Premiums receivable, net of allowance for doubtful accounts of $124.2 and $114.9 | 2,929,800 | 2,738,400 |
| Reinsurance recoverables, including $32.3 and $37.4 on paid losses and loss adjustment expenses | 818,000 | 741,500 |
| Prepaid Reinsurance Premiums | 69,800 | 88,100 |
| Deferred acquisition costs | 433,600 | 417,200 |
| Income taxes | 208,000 | 189,000 |
| Property and equipment, net of accumulated depreciation of $573.8 and $564.3 | 911,300 | 932,600 |
| Other assets | 249,900 | 251,900 |
| Total assets | 21,844,800 | 21,150,300 |
| Liabilities and Shareholders' Equity | ||
| Unearned premiums | 4,579,400 | 4,353,800 |
| Loss and loss adjustment expense reserves | 7,245,800 | 7,071,000 |
| Accounts payable, accrued expenses, and other liabilities | 1,770,800 [2] | 1,718,400 |
| Debt | 2,442,100 [3] | 1,958,200 |
| Total liabilities | 16,038,100 | 15,101,400 |
| Common Shares, $1.00 par value (authorized 900.0; issued 797.7, including treasury shares of 184.7 and 135.3) | 613,000 | 662,400 |
| Paid-in capital | 1,006,200 | 1,007,100 |
| Retained earnings | 3,495,000 | 3,595,700 |
| Accumulated other comprehensive income, net of tax: | ||
| Net non-credit related OTTI losses, adjusted for valuation changes | (5,400) | (1,800) |
| Other net unrealized gains (losses) on securities | 688,200 | 769,100 |
| Total net unrealized gains (losses) on securities | 682,800 | 767,300 |
| Net unrealized gains on forecasted transactions | 7,900 | 14,700 |
| Foreign currency translation adjustment | 1,800 | 1,700 |
| Total accumulated other comprehensive income | 692,500 | 783,700 |
| Total shareholders' equity | 5,806,700 | 6,048,900 |
| Total liabilities and shareholders' equity | 21,844,800 | 21,150,300 |
| [3] Consists of both short- and long-term debt. See Note 4 - Debt for further discussion. | ||
| [1] Excludes $46.9 million and $46.3 million at December 31, 2011 and 2010, respectively, of net unsettled security transactions included in other assets. | The total fair value of the portfolio includes $2.0 billion and $2.2 billion at December 31, 2011 and 2010, respectively, of securities held in a consolidated, non-insurance subsidiary of the holding company, net of any unsettled security transactions. | ||
| [2] See Note 12 - Litigation and Note 13 - Commitments and Contingencies for further discussion. | ||
| External Links | |
| PROGRESSIVE CORP/OH/ (PGR) Fiscal Year 2011 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |