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: 2010 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2010 10-K (Filed: Mar 1, 2011) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | |
| Revenues | |||
| Net premiums earned | $ 14,314,800 | 14,012,800 | 13,631,400 |
| Investment income | 520,100 | 507,000 | 637,700 |
| Net realized gains (losses) on securities: | |||
| Other-than-temporary impairment (OTTI) losses: | |||
| Total OTTI losses | (19,100) | (80,900) | 0 |
| Non-credit losses, net of credit losses recognized on previously recorded non-credit OTTI losses | 5,200 | 40,100 | 0 |
| Net impairment losses recognized in earnings | (13,900) | (40,800) | 0 |
| Net realized gains (losses) on securities | 110,000 | 67,900 | (1,445,100) |
| Total net realized gains (losses) on securities | 96,100 | 27,100 | (1,445,100) |
| Service revenues | 25,900 | 16,700 | 16,100 |
| Net gain on extinguishment of debt | 6,400 | 0 | 0 |
| Total revenues | 14,963,300 | 14,563,600 | 12,840,100 |
| Expenses | |||
| Losses and loss adjustment expenses | 10,131,300 | 9,904,900 | 10,015,000 |
| Policy acquisition costs | 1,359,900 | 1,364,600 | 1,358,100 |
| Other underwriting expenses | 1,740,100 | 1,567,700 | 1,523,400 |
| Investment expenses | 11,900 | 11,100 | 8,800 |
| Service expenses | 21,400 | 19,400 | 20,400 |
| Interest expense | 133,500 | 139,000 | 136,700 |
| Total expenses | 13,398,100 | 13,006,700 | 13,062,400 |
| Net Income (Loss) | |||
| Income (loss) before income taxes | 1,565,200 | 1,556,900 | (222,300) |
| Provision (benefit) for income taxes | 496,900 | 499,400 | (152,300) |
| Net income (loss) | 1,068,300 | 1,057,500 | (70,000) |
| Computation of Earnings Per Share | |||
| Basic: | |||
| Average shares outstanding | 657,900 | 666,800 | 668,000 |
| Per share | 1.62 | 1.59 | (0.10) |
| Diluted: | |||
| Average shares outstanding | 657,900 | 666,800 | 668,000 |
| Net effect of dilutive stock-based compensation | 5,400 | 5,400 | 5,900 |
| Total equivalent shares | 663,300 | 672,200 | 673,900 |
| Per share | 1.61 [1] | 1.57 | (0.10) |
| [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: 2010 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2010 10-K (Filed: Mar 1, 2011) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | |
| Cash Flows From Operating Activities | |||
| Net income (loss) | $ 1,068,300 | 1,057,500 | (70,000) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation | 83,100 | 87,300 | 99,100 |
| Amortization of fixed-income securities | 229,200 | 230,800 | 249,600 |
| Amortization of stock-based compensation | 45,900 | 40,300 | 34,500 |
| Net realized (gains) losses on securities | (96,100) | (27,100) | 1,445,100 |
| Net loss on disposition of property and equipment | 2,300 | 13,300 | 1,600 |
| Net gain on extinguishment of debt | (6,400) | 0 | 0 |
| Changes in: | |||
| Premiums receivable | (283,600) | (46,200) | (13,500) |
| Reinsurance recoverables | (176,700) | (276,300) | 46,600 |
| Prepaid reinsurance premiums | (18,800) | (6,900) | 7,400 |
| Deferred acquisition costs | (15,000) | 11,800 | 12,300 |
| Income taxes | 48,100 | 29,700 | (423,800) |
| Unearned premiums | 180,800 | (3,000) | (34,500) |
| Loss and loss adjustment expense reserves | 418,000 | 475,600 | 234,700 |
| Accounts payable, accrued expenses, and other liabilities | 210,200 | (71,800) | (101,200) |
| Other, net | (10,000) | (28,200) | 61,300 |
| Net cash provided by operating activities | 1,679,300 | 1,486,800 | 1,549,200 |
| Cash Flows From Investing Activities | |||
| Purchases: | |||
| Fixed maturities | (4,491,700) | (10,046,300) | (7,593,900) |
| Equity securities | (511,400) | (624,200) | (598,300) |
| Short-term investments - auction rate securities | 0 | 0 | (631,500) |
| Sales: | |||
| Fixed maturities | 3,055,800 | 7,950,000 | 5,629,500 |
| Equity securities | 241,900 | 919,400 | 1,401,000 |
| Short-term investments - auction rate securities | 0 | 0 | 631,500 |
| Maturities, paydowns, calls, and other: | |||
| Fixed maturities | 1,341,100 | 842,500 | 505,500 |
| Equity securities | 0 | 15,700 | 34,900 |
| Net sales (purchases) of short-term investments - other | (11,500) | 75,600 | (771,000) |
| Net unsettled security transactions | (54,000) | (246,500) | 177,200 |
| Purchases of property and equipment | (64,700) | (66,600) | (98,500) |
| Sales of property and equipment | 8,000 | 1,800 | 1,100 |
| Net cash provided by (used in) investing activities | (486,500) | (1,178,600) | (1,312,500) |
| Cash Flows From Financing Activities | |||
| Proceeds from exercise of stock options | 27,200 | 18,800 | 27,000 |
| Tax benefit from exercise/vesting of stock-based compensation | 14,000 | 9,700 | 11,100 |
| Reacquisition of debt | (214,300) | 0 | 0 |
| Dividends paid to shareholders | (763,700) | 0 | (98,300) |
| Acquisition of treasury shares | (258,600) | (180,600) | (179,400) |
| Net cash used in financing activities | (1,195,400) | (152,100) | (239,600) |
| Effect of exchange rate changes on cash | 800 | 1,700 | 0 |
| Increase (decrease) in cash | (1,800) | 157,800 | (2,900) |
| Cash, Beginning of year | 160,700 | 2,900 | 5,800 |
| Cash, end of year | 158,900 | 160,700 | 2,900 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROGRESSIVE CORP/OH/ | ||
Ticker: PGR Fiscal Year: 2010 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2010 10-K (Filed: Mar 1, 2011) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2010 | Dec 31, 2009 | |
| Assets | ||
| Investments - Available-for-sale, at fair value: | ||
| Fixed maturities (amortized cost: $11,630.8 and $11,717.0) | $ 11,850,000 | 11,563,400 |
| Equity securities: | ||
| Nonredeemable preferred stocks (cost: $601.3 and $665.4) | 1,157,600 | 1,255,800 |
| Common equities (cost: $1,021.7 and $598.4) | 1,425,000 | 816,200 |
| Short-term investments (amortized cost: $1,090.8 and $1,078.0) | 1,090,800 | 1,078,000 |
| Total investments | 15,523,400 | 14,713,400 |
| Cash | 158,900 | 160,700 |
| Accrued investment income | 109,300 | 110,400 |
| Premiums receivable, net of allowance for doubtful accounts of $114.9 and $116.4 | 2,738,400 | 2,454,800 |
| Reinsurance recoverables, including $37.4 and $35.4 on paid losses and loss adjustment expenses | 741,500 | 564,800 |
| Prepaid reinsurance premiums | 88,100 | 69,300 |
| Deferred acquisition costs | 417,200 | 402,200 |
| Income taxes | 189,000 | 416,700 |
| Property and equipment, net of accumulated depreciation of $564.3 and $595.8 | 932,600 | 961,300 |
| Other assets | 251,900 | 195,700 |
| Total assets | 21,150,300 | 20,049,300 |
| Liabilities and Shareholders' Equity | ||
| Unearned premiums | 4,353,800 | 4,172,900 |
| Loss and loss adjustment expense reserves | 7,071,000 | 6,653,000 |
| Accounts payable, accrued expenses, and other liabilities | 1,718,400 [1] | 1,297,600 |
| Debt | 1,958,200 | 2,177,200 |
| Total liabilities | 15,101,400 | 14,300,700 |
| Common Shares, $1.00 par value (authorized 900.0; issued 797.7 and 797.8, including treasury shares of 135.3 and 125.2) | 662,400 | 672,600 |
| Paid-in capital | 1,007,100 | 939,700 |
| Retained earnings | 3,595,700 | 3,683,100 |
| Accumulated other comprehensive income (loss), net of tax: | ||
| Net non-credit related OTTI losses, adjusted for valuation changes | (1,800) | (15,700) |
| Other net unrealized gains (losses) on securities | 769,100 | 445,900 |
| Total net unrealized gains (losses) on securities | 767,300 | 430,200 |
| Net unrealized gains on forecasted transactions | 14,700 | 21,600 |
| Foreign currency translation adjustment | 1,700 | 1,400 |
| Total accumulated other comprehensive income (loss) | 783,700 | 453,200 |
| Total shareholders' equity | 6,048,900 | 5,748,600 |
| Total Liabilities and Shareholders' Equity | 21,150,300 | 20,049,300 |
| [1] See Note 12 - Litigation and Note 13 - Commitments and Contingencies for further discussion. | ||
| External Links | |
| PROGRESSIVE CORP/OH/ (PGR) Fiscal Year 2010 | |
| 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 |