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: 2022 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2022 10-K (Filed: Feb 27, 2023) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2022 | Dec 31, 2021 | |
| Assets | ||
| Available-for-sale securities, at fair value: | ||
| Fixed maturities (amortized cost: $50,264.0 and $43,794.2) | $ 46,651,900 | 43,873,100 |
| Short-term investments (amortized cost: $2,861.7 and $942.6) | 2,861,700 | 942,600 |
| Total available-for-sale securities | 49,513,600 | 44,815,700 |
| Equity securities, at fair value: | ||
| Nonredeemable preferred stocks (cost: $1,364.2 and $1,571.8) | 1,213,200 | 1,639,900 |
| Common equities (cost: $826.1 and $1,264.1) | 2,821,500 | 5,058,500 |
| Total equity securities | 4,034,700 | 6,698,400 |
| Total investments | 53,548,300 | 51,514,100 |
| Cash and cash equivalents | 203,500 | 187,100 |
| Restricted cash and cash equivalents | 17,400 | 15,000 |
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 220,900 | 202,100 |
| Accrued investment income | 282,500 | 181,700 |
| Premiums receivable, net of allowance for credit losses of $343.3 and $280.4 | 10,416,900 | 9,399,500 |
| Reinsurance recoverables | 5,832,100 | 4,980,500 |
| Prepaid reinsurance premiums | 295,500 | 457,600 |
| Deferred acquisition costs | 1,544,400 | 1,355,600 |
| Property and equipment, net of accumulated depreciation of $1,551.1 and $1,407.4 | 1,034,000 | 1,137,300 |
| Goodwill | 227,900 | 452,700 |
| Intangible assets, net of accumulated amortization of $158.6 and $383.8 | 86,300 | 117,300 |
| Net federal deferred income taxes | 1,131,500 | 0 |
| Other assets | 844,700 | 1,333,900 |
| Total assets | 75,465,000 | 71,132,300 |
| Liabilities | ||
| Unearned premiums | 17,293,600 | 15,615,800 |
| Loss and loss adjustment expense reserves | 30,359,300 | 26,164,100 |
| Net federal deferred income taxes | 0 | 152,900 |
| Accounts payable, accrued expenses, and other liabilities | 5,532,800 | 6,069,100 [1] |
| Debt | 6,388,300 | 4,898,800 |
| Total liabilities | 59,574,000 | 52,900,700 |
| Shareholders' Equity | ||
| Serial Preferred Shares, Series B, no par value (cumulative, liquidation preference of $1,000 per share) (authorized, issued, and outstanding 0.5) | 493,900 | 493,900 |
| Common shares, $1.00 par value (authorized 900.0; issued 797.6, including treasury shares of 212.7 and 213.2) | 584,900 | 584,400 |
| Paid-in capital | 1,893,000 | 1,772,900 |
| Retained earnings | 15,721,200 | 15,339,700 |
| Accumulated other comprehensive income (loss): | ||
| Net unrealized gains (losses) on fixed-maturity securities | (2,786,300) | 56,200 |
| Net unrealized losses on forecasted transactions | (14,500) | (14,900) |
| Foreign currency translation adjustment | (1,200) | (600) |
| Total accumulated other comprehensive income (loss) | (2,802,000) | 40,700 |
| Total shareholders equity | 15,891,000 | 18,231,600 |
| Total liabilities and shareholders equity | 75,465,000 | 71,132,300 |
| [1] See Note 1 Reporting and Accounting Policies for Commitments and Contingencies and Note 12 Litigation for further discussion. | ||
| External Links | |
| PROGRESSIVE CORP/OH/ (PGR) Fiscal Year 2022 | |
| 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 |