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: 2009 | |||
Statement Of Income Insurance Based Revenue | |||
Period Ending Dec 31, 2009 10-K (Filed: Mar 1, 2010) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | |
| Revenues | |||
| Net premiums earned | $ 14,012,800 | 13,631,400 | 13,877,400 |
| Investment income | 507,000 | 637,700 | 680,800 |
| Net realized gains (losses) on securities: | |||
| Other-than-temporary impairment (OTTI) losses: | |||
| Total OTTI losses | (80,900) | 0 | 0 |
| Less: portion of OTTI losses recognized in other comprehensive income | 40,100 | 0 | 0 |
| Net impairment losses recognized in earnings | (40,800) | 0 | 0 |
| Net realized gains (losses) on securities | 67,900 | (1,445,100) | 106,300 |
| Total net realized gains (losses) on securities | 27,100 | (1,445,100) | 106,300 |
| Service revenues | 16,700 | 16,100 | 22,300 |
| Total revenues | 14,563,600 | 12,840,100 | 14,686,800 |
| Expenses | |||
| Losses and loss adjustment expenses | 9,904,900 | 10,015,000 | 9,926,200 |
| Policy acquisition costs | 1,364,600 | 1,358,100 | 1,399,900 |
| Other underwriting expenses | 1,567,700 | 1,523,400 | 1,526,200 |
| Investment expenses | 11,100 | 8,800 | 12,400 |
| Service expenses | 19,400 | 20,400 | 20,500 |
| Interest expense | 139,000 | 136,700 | 108,600 |
| Total expenses | 13,006,700 | 13,062,400 | 12,993,800 |
| Net Income (Loss) | |||
| Income (loss) before income taxes | 1,556,900 | (222,300) | 1,693,000 |
| Provision (benefit) for income taxes | 499,400 | (152,300) | 510,500 |
| Net income (loss) | 1,057,500 | (70,000) | 1,182,500 |
| Computation of Earnings Per Share | |||
| Basic: | |||
| Average shares outstanding | 666,800 | 668,000 | 710,400 |
| Per share | 1.59 | (0.10) | 1.66 |
| Diluted: | |||
| Average shares outstanding | 666,800 | 668,000 | 710,400 |
| Net effect of dilutive stock-based compensation | 5,400 | 5,900 | 8,100 |
| Total equivalent shares | 672,200 | 673,900 | 718,500 |
| Per share | 1.57 [1] | (0.10) | 1.65 |
| [1] For 2008, amount represents basic earnings per share since diluted earnings per share was antidilutive due to the net loss for the year. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROGRESSIVE CORP/OH/ | |||
Ticker: PGR Fiscal Year: 2009 | |||
Statement Of Cash Flows Indirect Insurance Based Operations | |||
Period Ending Dec 31, 2009 10-K (Filed: Mar 1, 2010) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | |
| Cash Flows From Operating Activities | |||
| Net income (loss) | $ 1,057,500 | (70,000) | 1,182,500 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation | 87,300 | 99,100 | 106,900 |
| Amortization of fixed-income securities | 230,800 | 249,600 | 284,100 |
| Amortization of stock-based compensation | 40,300 | 34,500 | 26,500 |
| Net realized (gains) losses on securities | (27,100) | 1,445,100 | (106,300) |
| Net loss on disposition of property and equipment | 13,300 | 1,600 | 400 |
| Changes in: | |||
| Premiums receivable | (46,200) | (13,500) | 103,100 |
| Reinsurance recoverables | (276,300) | 46,600 | 98,700 |
| Prepaid reinsurance premiums | (6,900) | 7,400 | 19,700 |
| Deferred acquisition costs | 11,800 | 12,300 | 14,700 |
| Income taxes | 29,700 | (423,800) | (30,300) |
| Unearned premiums | (3,000) | (34,500) | (124,600) |
| Loss and loss adjustment expense reserves | 475,600 | 234,700 | 217,700 |
| Accounts payable, accrued expenses, and other liabilities | (71,800) | (101,200) | 2,400 |
| Other, net | (28,200) | 61,300 | (4,500) |
| Net cash provided by operating activities | 1,486,800 | 1,549,200 | 1,791,000 |
| Cash Flows From Investing Activities | |||
| Purchases: | |||
| Fixed maturities | (10,046,300) | (7,593,900) | (8,184,600) |
| Equity securities | (624,200) | (598,300) | (1,490,300) |
| Short-term investments - auction rate securities | 0 | (631,500) | (7,156,600) |
| Sales: | |||
| Fixed maturities | 7,950,000 | 5,629,500 | 8,327,600 |
| Equity securities | 919,400 | 1,401,000 | 775,200 |
| Short-term investments - auction rate securities | 0 | 631,500 | 7,325,400 |
| Maturities, paydowns, calls, and other: | |||
| Fixed maturities | 842,500 | 505,500 | 557,900 |
| Equity securities | 15,700 | 34,900 | 10,700 |
| Net sales (purchases) of short-term investments - other | 75,600 | (771,000) | 30,000 |
| Net unsettled security transactions | (246,500) | 177,200 | 35,100 |
| Purchases of property and equipment | (66,600) | (98,500) | (136,300) |
| Sales of property and equipment | 1,800 | 1,100 | 2,000 |
| Net cash provided by (used in) investing activities | (1,178,600) | (1,312,500) | 96,100 |
| Cash Flows From Financing Activities | |||
| Proceeds from exercise of stock options | 18,800 | 27,000 | 30,800 |
| Tax benefits from exercise/vesting of stock-based compensation | 9,700 | 11,100 | 15,500 |
| Proceeds from debt | 0 [1] | 0 | 1,021,700 |
| Dividends paid to shareholders | 0 | (98,300) | (1,406,500) |
| Acquisition of treasury shares | (180,600) | (179,400) | (1,548,400) |
| Net cash used in financing activities | (152,100) | (239,600) | (1,886,900) |
| Effect of exchange rate changes on cash | 1,700 | 0 | 0 |
| Increase (decrease) in cash | 157,800 | (2,900) | 200 |
| Cash, Beginning of year | 2,900 | 5,800 | |
| Cash, End of year | 160,700 | 2,900 | 5,800 |
| [1] 2007 includes a pretax gain received upon closing a forecasted debt issuance hedge. See Note 4 - Debt for further discussion. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROGRESSIVE CORP/OH/ | ||
Ticker: PGR Fiscal Year: 2009 | ||
Statement of Financial Position, Unclassified | ||
Period Ending Dec 31, 2009 10-K (Filed: Mar 1, 2010) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2009 | Dec 31, 2008 | |
| Assets | ||
| Investments - Available-for-sale, at fair value: | ||
| Fixed maturities (amortized cost: $11,717.0 and $10,295.3) | $ 11,563,400 | 9,946,700 |
| Equity securities: | ||
| Nonredeemable preferred stocks (cost: $665.4 and $1,131.3) | 1,255,800 | 1,150,000 |
| Common equities (cost: $598.4 and $553.6) | 816,200 | 727,800 |
| Short-term investments (amortized cost: $1,078.0 and $1,153.6) | 1,078,000 | 1,153,600 |
| Total investments | 14,713,400 | 12,978,100 |
| Cash | 160,700 | 2,900 |
| Accrued investment income | 110,400 | 125,700 |
| Premiums receivable, net of allowance for doubtful accounts of $116.4 and $113.7 | 2,454,800 | 2,408,600 |
| Reinsurance recoverables, including $35.4 and $44.0 on paid losses and loss adjustment expenses | 564,800 | 288,500 |
| Prepaid reinsurance premiums | 69,300 | 62,400 |
| Deferred acquisition costs | 402,200 | 414,000 |
| Income taxes | 416,700 | 821,600 |
| Property and equipment, net of accumulated depreciation of $595.8 and $653.6 | 961,300 | 997,100 |
| Other assets | 195,700 | 151,600 |
| Total assets | 20,049,300 | 18,250,500 |
| Liabilities and Shareholders' Equity | ||
| Unearned premiums | 4,172,900 | 4,175,900 |
| Loss and loss adjustment expense reserves | 6,653,000 | 6,177,400 |
| Accounts payable, accrued expenses, and other liabilities | 1,297,600 [1] | 1,506,400 |
| Debt | 2,177,200 | 2,175,500 |
| Total liabilities | 14,300,700 | 14,035,200 |
| Common Shares, $1.00 par value (authorized 900.0; issued 797.8 and 797.9, including treasury shares of 125.2 and 121.4) | 672,600 | 676,500 |
| Paid-in capital | 939,700 | 892,900 |
| Retained earnings | 3,683,100 | 2,697,800 |
| Accumulated other comprehensive income (loss): | ||
| Net unrealized gains (losses) on securities | 456,300 | (76,800) |
| Portion of OTTI losses recognized in other comprehensive income | (26,100) | 0 |
| Total net unrealized gains (losses) on securities | 430,200 | (76,800) |
| Net unrealized gains on forecasted transactions | 21,600 | 24,900 |
| Foreign currency translation adjustment | 1,400 | 0 |
| Total accumulated other comprehensive income (loss) | 453,200 | (51,900) |
| Total shareholders' equity | 5,748,600 | 4,215,300 |
| Total liabilities and shareholders' equity | 20,049,300 | 18,250,500 |
| [1] See Note 12 - Litigation and Note 13 - Commitments and Contingencies for further discussion. | ||
| External Links | |
| PROGRESSIVE CORP/OH/ (PGR) Fiscal Year 2009 | |
| 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 |