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: 2013 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 26, 2014) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Revenues | |||
| Net premiums earned | $ 17,103,400 | 16,018,000 | 14,902,800 |
| Investment income | 422,000 | 443,000 | 480,000 |
| Net realized gains (losses) on securities: | |||
| Other-than-temporary impairment (OTTI) losses: | |||
| Total OTTI losses | (6,000) | (7,300) | (6,000) |
| Non-credit losses, net of credit losses recognized on previously recorded non-credit OTTI losses | (100) | (700) | 500 |
| Net impairment losses recognized in earnings | (6,100) | (8,000) | (5,500) |
| Net realized gains (losses) on securities | 324,500 | 314,800 | 108,100 |
| Total net realized gains (losses) on securities | 318,400 | 306,800 | 102,600 |
| Fees and other revenues | 291,800 | 281,800 | 266,500 |
| Service revenues | 39,600 | 36,100 | 22,800 |
| Gains (losses) on extinguishment of debt | (4,300) | (1,800) | (100) |
| Total revenues | 18,170,900 | 17,083,900 | 15,774,600 |
| Expenses | |||
| Losses and loss adjustment expenses | 12,472,400 | 11,948,000 | 10,634,800 |
| Policy acquisition costs | 1,451,800 | 1,436,600 | 1,399,200 |
| Other underwriting expenses | 2,350,900 | 2,206,300 | 2,088,000 |
| Investment expenses | 18,800 | 15,400 | 13,500 |
| Service expenses | 38,800 | 36,100 | 19,400 |
| Interest expense | 118,200 | 123,800 | 132,700 |
| Total expenses | 16,450,900 | 15,766,200 | 14,287,600 |
| Net Income | |||
| Income before income taxes | 1,720,000 | 1,317,700 | 1,487,000 |
| Provision for income taxes | 554,600 | 415,400 | 471,500 |
| Net income | 1,165,400 | 902,300 | 1,015,500 |
| Other Comprehensive Income (Loss), Net of Tax: | |||
| Net unrealized gains (losses) on securities: | |||
| Net non-credit related OTTI losses, adjusted for valuation changes | 300 | 5,100 | (3,600) |
| Other net unrealized gains (losses) on securities | 84,000 | 174,800 | (80,900) |
| Total net unrealized gains (losses) on securities | 84,300 | 179,900 | (84,500) |
| Net unrealized gains on forecasted transactions | (2,000) | (1,800) | (6,800) |
| Foreign currency translation adjustment | (1,600) | 400 | 100 |
| Other comprehensive income (loss) | 80,700 | 178,500 | (91,200) |
| Comprehensive income | 1,246,100 | 1,080,800 | 924,300 |
| Computation of Net Income Per Share | |||
| Average shares outstanding - Basic (shares) | 599,100 | 603,300 | 632,300 |
| Net effect of dilutive stock-based compensation (shares) | 4,500 | 4,500 | 4,600 |
| Total equivalent shares - Diluted (shares) | 603,600 | 607,800 | 636,900 |
| Basic: Net income per share (USD per share) | 1.95 | 1.50 | 1.61 |
| Diluted: Net income per share (USD per share) | 1.93 | 1.48 | 1.59 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROGRESSIVE CORP/OH/ | |||
Ticker: PGR Fiscal Year: 2013 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 26, 2014) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Cash Flows From Operating Activities | |||
| Net income | $ 1,165,400 | 902,300 | 1,015,500 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 101,300 | 94,400 | 88,500 |
| Amortization of fixed-income securities | 134,000 | 186,700 | 233,000 |
| Amortization of equity-based compensation | 64,900 | 63,400 | 50,500 |
| Net realized (gains) losses on securities | (318,400) | (306,800) | (102,600) |
| Net (gains) losses on disposition of property and equipment | 5,600 | 7,100 | 8,700 |
| (Gains) losses on extinguishment of debt | 4,300 | 1,800 | 100 |
| Changes in: | |||
| Premiums receivable | (127,400) | (253,800) | (191,400) |
| Reinsurance recoverables | (189,200) | (83,000) | (76,500) |
| Prepaid reinsurance premiums | (8,600) | 3,500 | 18,300 |
| Deferred acquisition costs | (13,100) | (900) | (16,400) |
| Income taxes | 57,800 | 19,800 | 28,400 |
| Unearned premiums | 244,800 | 351,100 | 225,600 |
| Loss and loss adjustment expense reserves | 641,600 | 592,600 | 174,800 |
| Accounts payable, accrued expenses, and other liabilities | 165,000 | 123,600 | 35,500 |
| Other, net | (28,100) | (10,400) | 5,900 |
| Net cash provided by operating activities | 1,899,900 | 1,691,400 | 1,497,900 |
| Cash Flows From Investing Activities | |||
| Purchases: | |||
| Fixed maturities | (7,100,600) | (5,199,200) | (6,032,400) |
| Equity securities | (322,200) | (463,100) | (582,000) |
| Sales: | |||
| Fixed maturities | 3,083,900 | 3,705,600 | 4,442,600 |
| Equity securities | 369,200 | 793,000 | 423,500 |
| Maturities, paydowns, calls, and other: | |||
| Fixed maturities | 1,859,600 | 1,488,900 | 1,540,900 |
| Equity securities | 21,500 | 16,000 | 0 |
| Net sales (purchases) of short-term investments | 716,600 | (438,200) | (461,000) |
| Net unsettled security transactions | 152,200 | (44,000) | (600) |
| Purchases of property and equipment | (140,400) | (127,700) | (78,900) |
| Sales of property and equipment | 3,700 | 3,800 | 3,000 |
| Net cash provided by (used in) investing activities | (1,356,500) | (264,900) | (744,900) |
| Cash Flows From Financing Activities | |||
| Proceeds from exercise of stock options | 0 | 500 | 22,400 |
| Tax benefit from exercise/vesting of equity-based compensation | 10,300 | 5,800 | 6,400 |
| Net proceeds from debt issuance | 0 | 0 | 491,900 |
| Payment of debt | (150,000) | (350,000) | 0 |
| Reacquisition of debt | (58,100) | (32,500) | (15,000) |
| Dividends paid to shareholders | (175,600) | (853,700) | (263,600) |
| Acquisition of treasury shares | (273,400) | (174,200) | (997,800) |
| Net cash used in financing activities | (646,800) | (1,404,100) | (755,700) |
| Effect of exchange rate changes on cash | (600) | 1,000 | (500) |
| Increase (decrease) in cash | (104,000) | 23,400 | (3,200) |
| Cash, Beginning of year | 179,100 | 155,700 | |
| Cash, End of year | 75,100 | 179,100 | 155,700 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROGRESSIVE CORP/OH/ | ||
Ticker: PGR Fiscal Year: 2013 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2013 10-K (Filed: Feb 26, 2014) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2013 | Dec 31, 2012 | |
| Assets | ||
| Investments - Available-for-sale, at fair value: | ||
| Fixed maturities (amortized cost: $13,415.3 and $11,373.9) | $ 13,540,400 | 11,774,100 |
| Equity securities: | ||
| Nonredeemable preferred stocks (cost: $445.7 and $404.0) | 711,200 | 812,400 |
| Common equities (cost: $1,451.1 and $1,370.3) | 2,530,500 | 1,899,000 |
| Short-term investments (amortized cost: $1,272.6 and $1,990.0) | 1,272,600 | 1,990,000 |
| Total investments at fair value | 18,054,700 | 16,475,500 |
| Cash | 75,100 | 179,100 |
| Accrued investment income | 89,800 | 90,000 |
| Premiums receivable, net of allowance for doubtful accounts of $142.4 and $138.6 | 3,310,700 | 3,183,700 |
| Reinsurance recoverables, including $44.3 and $38.9 on paid losses and loss adjustment expenses | 1,090,200 | 901,000 |
| Prepaid reinsurance premiums | 74,900 | 66,300 |
| Deferred acquisition costs | 447,600 | 434,500 |
| Property and equipment, net of accumulated depreciation of $680.4 and $625.0 | 960,900 | 933,700 |
| Net deferred income taxes | 0 | 109,400 |
| Other assets | 304,300 | 321,500 |
| Total assets | 24,408,200 | 22,694,700 |
| Liabilities and Shareholders' Equity | ||
| Unearned premiums | 5,174,500 | 4,930,700 |
| Loss and loss adjustment expense reserves | 8,479,700 | 7,838,400 |
| Net deferred income taxes | 28,400 | 0 |
| Dividends Payable | 890,200 | 172,000 |
| Accounts payable, accrued expenses, and other liabilities | 1,785,000 | 1,683,500 [1] |
| Debt | 1,860,900 | 2,063,100 [2] |
| Total liabilities | 18,218,700 | 16,687,700 |
| Common shares, $1.00 par value (authorized 900.0; issued 797.6 and 797.7, including treasury shares of 201.8 and 193.1) | 595,800 | 604,600 |
| Paid-in capital | 1,142,000 | 1,077,000 |
| Retained earnings | 3,500,000 | 3,454,400 |
| Accumulated other comprehensive income, net of tax: | ||
| Net non-credit related OTTI losses, adjusted for valuation changes | 0 | (300) |
| Other net unrealized gains (losses) on securities | 947,000 | 863,000 |
| Total net unrealized gains (losses) on securities | 947,000 | 862,700 |
| Net unrealized gains on forecasted transactions | 4,100 | 6,100 |
| Foreign currency translation adjustment | 600 | 2,200 |
| Total accumulated other comprehensive income | 951,700 | 871,000 |
| Total shareholders' equity | 6,189,500 | 6,007,000 |
| Total liabilities and shareholders' equity | 24,408,200 | 22,694,700 |
| [1] See Note 12 Litigation and Note 13 Commitments and Contingencies for further discussion. | ||
| [2] Consists of both short- and long-term debt. See Note 4 Debt for further discussion. | ||
| External Links | |
| PROGRESSIVE CORP/OH/ (PGR) Fiscal Year 2013 | |
| 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 |