10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
| ||||||||||||||
|
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROGRESSIVE CORP/OH/ | |||
Ticker: PGR Fiscal Year: 2012 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2012 10-K (Filed: Feb 26, 2013) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Revenues | |||
| Net premiums earned | $ 16,018,000 | 14,902,800 | 14,314,800 |
| Investment income | 443,000 | 480,000 | 520,100 |
| Net realized gains (losses) on securities: | |||
| Other-than-temporary impairment (OTTI) losses: | |||
| Total OTTI losses | (7,300) | (6,000) | (19,100) |
| Non-credit losses, net of credit losses recognized on previously recorded non-credit OTTI losses | (700) | 500 | 5,200 |
| Net impairment losses recognized in earnings | (8,000) | (5,500) | (13,900) |
| Net realized gains (losses) on securities | 314,800 | 108,100 | 110,000 |
| Total net realized gains (losses) on securities | 306,800 | 102,600 | 96,100 |
| Fees and other revenues | 281,800 | 266,500 | 252,200 |
| Service revenues | 36,100 | 22,800 | 25,900 |
| Gains (losses) on extinguishment of debt | (1,800) | (100) | 6,400 |
| Total revenues | 17,083,900 | 15,774,600 | 15,215,500 |
| Expenses | |||
| Losses and loss adjustment expenses | 11,948,000 | 10,634,800 | 10,131,300 |
| Policy acquisition costs | 1,436,600 | 1,399,200 | 1,359,900 |
| Other underwriting expenses | 2,206,300 | 2,088,000 | 1,992,300 |
| Investment expenses | 15,400 | 13,500 | 11,900 |
| Service expenses | 36,100 | 19,400 | 21,400 |
| Interest expense | 123,800 | 132,700 | 133,500 |
| Total expenses | 15,766,200 | 14,287,600 | 13,650,300 |
| Net Income | |||
| Income before income taxes | 1,317,700 | 1,487,000 | 1,565,200 |
| Provision for income taxes | 415,400 | 471,500 | 496,900 |
| Net income | 902,300 | 1,015,500 | 1,068,300 |
| Other Comprehensive Income (Loss), Net of Tax: | |||
| Net unrealized gains (losses) on securities: | |||
| Net non-credit related OTTI losses, adjusted for valuation changes | 5,100 | (3,600) | 13,900 |
| Other net unrealized gains (losses) on securities | 174,800 | (80,900) | 323,200 |
| Total net unrealized gains (losses) on securities | 179,900 | (84,500) | 337,100 |
| Net unrealized gains on forecasted transactions | (1,800) | (6,800) | (6,900) |
| Foreign currency translation adjustment | 400 | 100 | 300 |
| Other comprehensive income (loss) | 178,500 | (91,200) | 330,500 |
| Comprehensive income | 1,080,800 | 924,300 | 1,398,800 |
| Computation of Net Income Per Share | |||
| Average shares outstanding - Basic | 603,300 | 632,300 | 657,900 |
| Net effect of dilutive stock-based compensation | 4,500 | 4,600 | 5,400 |
| Total equivalent shares - Diluted | 607,800 | 636,900 | 663,300 |
| Basic: Net income per share | 1.50 | 1.61 | 1.62 |
| Diluted: Net income per share | 1.48 | 1.59 | 1.61 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROGRESSIVE CORP/OH/ | |||
Ticker: PGR Fiscal Year: 2012 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2012 10-K (Filed: Feb 26, 2013) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Cash Flows From Operating Activities | |||
| Net income | $ 902,300 | 1,015,500 | 1,068,300 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 94,400 | 88,500 | 83,100 |
| Amortization of fixed-income securities | 186,700 | 233,000 | 229,200 |
| Amortization of equity-based compensation | 63,400 | 50,500 | 45,900 |
| Net realized (gains) losses on securities | (306,800) | (102,600) | (96,100) |
| Net (gains) losses on disposition of property and equipment | 7,100 | 8,700 | 2,300 |
| (Gains) losses on extinguishment of debt | 1,800 | 100 | (6,400) |
| Changes in: | |||
| Premiums receivable | (253,800) | (191,400) | (283,600) |
| Reinsurance recoverables | (83,000) | (76,500) | (176,700) |
| Prepaid reinsurance premiums | 3,500 | 18,300 | (18,800) |
| Deferred acquisition costs | (900) | (16,400) | (15,000) |
| Income taxes | 19,800 | 28,400 | 48,100 |
| Unearned premiums | 351,100 | 225,600 | 180,800 |
| Loss and loss adjustment expense reserves | 592,600 | 174,800 | 418,000 |
| Accounts payable, accrued expenses, and other liabilities | 123,600 | 35,500 | 210,200 |
| Other, net | (10,400) | 5,900 | (10,000) |
| Net cash provided by operating activities | 1,691,400 | 1,497,900 | 1,679,300 |
| Cash Flows From Investing Activities | |||
| Purchases: | |||
| Fixed maturities | (5,199,200) | (6,032,400) | (4,491,700) |
| Equity securities | (463,100) | (582,000) | (511,400) |
| Sales: | |||
| Fixed maturities | 3,705,600 | 4,442,600 | 3,055,800 |
| Equity securities | 793,000 | 423,500 | 241,900 |
| Maturities, paydowns, calls, and other: | |||
| Fixed maturities | 1,488,900 | 1,540,900 | 1,341,100 |
| Equity securities | 16,000 | 0 | 0 |
| Net purchases of short-term investments - other | (438,200) | (461,000) | (11,500) |
| Net unsettled security transactions | (44,000) | (600) | (54,000) |
| Purchases of property and equipment | (127,700) | (78,900) | (64,700) |
| Sales of property and equipment | 3,800 | 3,000 | 8,000 |
| Net cash provided by (used in) investing activities | (264,900) | (744,900) | (486,500) |
| Cash Flows From Financing Activities | |||
| Proceeds from exercise of stock options | 500 | 22,400 | 27,200 |
| Tax benefit from exercise/vesting of equity-based compensation | 5,800 | 6,400 | 14,000 |
| Net proceeds from debt issuance | 0 | 491,900 | 0 |
| Payment of debt | (350,000) | 0 | 0 |
| Reacquisition of debt | (32,500) | (15,000) | (214,300) |
| Dividends paid to shareholders | (853,700) | (263,600) | (763,700) |
| Acquisition of treasury shares | (174,200) | (997,800) | (258,600) |
| Net cash used in financing activities | (1,404,100) | (755,700) | (1,195,400) |
| Effect of exchange rate changes on cash | 1,000 | (500) | 800 |
| Increase (decrease) in cash | 23,400 | (3,200) | (1,800) |
| Cash, beginning of year | 155,700 | 158,900 | |
| Cash, End of year | 179,100 | 155,700 | 158,900 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROGRESSIVE CORP/OH/ | ||
Ticker: PGR Fiscal Year: 2012 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2012 10-K (Filed: Feb 26, 2013) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2012 | Dec 31, 2011 | |
| Assets | ||
| Investments - Available-for-sale, at fair value: | ||
| Fixed maturities (amortized cost: $11,373.9 and $11,455.7) | $ 11,774,100 | 11,759,300 |
| Equity securities: | ||
| Nonredeemable preferred stocks (cost: $404.0 and $473.7) | 812,400 | 806,300 |
| Common equities (cost: $1,370.3 and $1,431.0) | 1,899,000 | 1,845,600 |
| Short-term investments (amortized cost: $1,990.0 and $1,551.8) | 1,990,000 | 1,551,800 |
| Total investments at fair value | 16,475,500 | 15,963,000 |
| Cash | 179,100 | 155,700 |
| Accrued investment income | 90,000 | 105,700 |
| Premiums receivable, net of allowance for doubtful accounts of $138.6 and $124.2 | 3,183,700 | 2,929,800 |
| Reinsurance recoverables, including $38.9 and $32.3 on paid losses and loss adjustment expenses | 901,000 | 818,000 |
| Prepaid reinsurance premiums | 66,300 | 69,800 |
| Deferred acquisition costs | 434,500 | 433,600 |
| Net deferred income taxes | 109,400 | 196,000 |
| Property and equipment, net of accumulated depreciation of $625.0 and $573.8 | 933,700 | 911,300 |
| Other assets | 321,500 | 261,900 |
| Total assets | 22,694,700 | 21,844,800 |
| Liabilities and Shareholders' Equity | ||
| Unearned premiums | 4,930,700 | 4,579,400 |
| Loss and loss adjustment expense reserves | 7,838,400 | 7,245,800 |
| Accounts payable, accrued expenses, and other liabilities | 1,855,500 [1] | 1,770,800 |
| Debt | 2,063,100 [2] | 2,442,100 |
| Total liabilities | 16,687,700 | 16,038,100 |
| Common Shares, $1.00 par value (authorized 900.0; issued 797.7, including treasury shares of 193.1 and 184.7) | 604,600 | 613,000 |
| Paid-in capital | 1,077,000 | 1,006,200 |
| Retained earnings | 3,454,400 | 3,495,000 |
| Accumulated other comprehensive income, net of tax: | ||
| Net non-credit related OTTI losses, adjusted for valuation changes | (300) | (5,400) |
| Other net unrealized gains (losses) on securities | 863,000 | 688,200 |
| Total net unrealized gains (losses) on securities | 862,700 | 682,800 |
| Net unrealized gains on forecasted transactions | 6,100 | 7,900 |
| Foreign currency translation adjustment | 2,200 | 1,800 |
| Total accumulated other comprehensive income | 871,000 | 692,500 |
| Total shareholders' equity | 6,007,000 | 5,806,700 |
| Total liabilities and shareholders' equity | 22,694,700 | 21,844,800 |
| [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 2012 | |
| 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 |