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: 2015 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2015 10-K (Filed: Feb 29, 2016) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
| Revenues | |||
| Net premiums earned | $ 19,899,100 | 18,398,500 | 17,103,400 |
| Investment income | 454,600 | 408,400 | 422,000 |
| Net realized gains (losses) on securities: | |||
| Other-than-temporary impairment (OTTI) losses: | |||
| Total OTTI losses | (23,800) | (7,900) | (6,000) |
| Non-credit losses, net of credit losses recognized on previously recorded non-credit OTTI losses | 0 | 0 | (100) |
| Net impairment losses recognized in earnings | (23,800) | (7,900) | (6,100) |
| Net realized gains (losses) on securities | 136,500 | 232,100 | 324,500 |
| Total net realized gains (losses) on securities | 112,700 | 224,200 | 318,400 |
| Fees and other revenues | 302,000 | 309,100 | 291,800 |
| Service revenues | 86,300 | 56,000 | 39,600 |
| Gains (losses) on extinguishment of debt | (900) | (4,800) | (4,300) |
| Total revenues | 20,853,800 | 19,391,400 | 18,170,900 |
| Expenses | |||
| Losses and loss adjustment expenses | 14,342,000 | 13,306,200 | 12,472,400 |
| Policy acquisition costs | 1,651,800 | 1,524,000 | 1,451,800 |
| Other underwriting expenses | 2,712,100 | 2,467,100 | 2,350,900 |
| Investment expenses | 22,800 | 18,900 | 18,800 |
| Service expenses | 77,500 | 50,900 | 38,800 |
| Interest expense | 136,000 | 116,900 | 118,200 |
| Total expenses | 18,942,200 | 17,484,000 | 16,450,900 |
| Net Income | |||
| Income before income taxes | 1,911,600 | 1,907,400 | 1,720,000 |
| Provision for income taxes | 611,100 | 626,400 | 554,600 |
| Cash flow hedge gain reclassification from accumulated other comprehensive income to net realized gains/losses on securities | 1,300,500 | 1,281,000 | 1,165,400 |
| Net Income (Loss) Attributable to Noncontrolling Interest | 32,900 | 0 | 0 |
| Net income attributable to Progressive | 1,267,600 | 1,281,000 | 1,165,400 |
| Other Comprehensive Income (Loss), Net of Tax: | |||
| Net unrealized gains (losses) on securities: | |||
| Net non-credit related OTTI losses, adjusted for valuation changes | 0 | 0 | 300 |
| Other net unrealized gains (losses) on securities | (212,900) | 74,900 | 84,000 |
| Total net unrealized gains (losses) on securities | (212,900) | 74,900 | 84,300 |
| Net unrealized gains on forecasted transactions | (9,700) | (2,600) | (2,000) |
| Foreign currency translation adjustment | (1,200) | (900) | (1,600) |
| Other comprehensive income (loss) | (223,800) | 71,400 | 80,700 |
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (1,100) | 0 | 0 |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 1,044,900 | 1,352,400 | 1,246,100 |
| Computation of Net Income Per Share | |||
| Average shares outstanding - Basic (shares) | 585,500 | 590,600 | 599,100 |
| Net effect of dilutive stock-based compensation (shares) | 3,700 | 4,200 | 4,500 |
| Total equivalent shares - Diluted (shares) | 589,200 | 594,800 | 603,600 |
| Basic: Net income per share (USD per share) | 2.16 | 2.17 | 1.95 |
| Diluted: Net income per share (USD per share) | 2.15 | 2.15 | 1.93 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROGRESSIVE CORP/OH/ | |||
Ticker: PGR Fiscal Year: 2015 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2015 10-K (Filed: Feb 29, 2016) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
| Cash flow hedge gain reclassification from accumulated other comprehensive income to net realized gains/losses on securities | $ 1,300,500 | 1,281,000 | 1,165,400 |
| Cash Flows From Operating Activities | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 103,700 | 97,100 | 101,300 |
| Amortization of Intangible Assets | 46,800 | 0 | 0 |
| Amortization of fixed-income securities | 98,400 | 78,200 | 134,000 |
| Amortization of equity-based compensation | 66,200 | 51,400 | 64,900 |
| Net realized (gains) losses on securities | (112,700) | (224,200) | (318,400) |
| Net (gains) losses on disposition of property and equipment | 2,000 | 5,400 | 5,600 |
| (Gains) losses on extinguishment of debt | 900 | 4,800 | 4,300 |
| Changes in: | |||
| Premiums receivable | (421,100) | (227,100) | (127,400) |
| Reinsurance recoverables | (202,600) | (141,700) | (189,200) |
| Prepaid reinsurance premiums | 32,500 | (10,400) | (8,600) |
| Deferred acquisition costs | (42,300) | (9,600) | (13,100) |
| Income taxes | (107,200) | 97,500 | 57,800 |
| Unearned premiums | 632,400 | 266,400 | 244,800 |
| Loss and loss adjustment expense reserves | (917,700) | (378,000) | (641,600) |
| Accounts payable, accrued expenses, and other liabilities | 37,900 | 92,000 | 165,000 |
| Other, net | (60,200) | (13,200) | (28,100) |
| Net cash provided by operating activities | 2,292,900 | 1,725,600 | 1,899,900 |
| Cash Flows From Investing Activities | |||
| Purchases: | |||
| Fixed maturities | (9,311,100) | (7,967,500) | (7,100,600) |
| Equity securities | (647,100) | (369,700) | (322,200) |
| Sales: | |||
| Fixed maturities | 4,913,500 | 5,637,500 | 3,083,900 |
| Equity securities | 402,400 | 560,100 | 369,200 |
| Maturities, paydowns, calls, and other: | |||
| Fixed maturities | 3,579,500 | 2,296,600 | 1,859,600 |
| Equity securities | 12,000 | 14,300 | 21,500 |
| Net sales (purchases) of short-term investments | 20,500 | (876,000) | 716,600 |
| Net unsettled security transactions | (8,200) | (30,000) | 152,200 |
| Purchases of property and equipment | (130,700) | (108,100) | (140,400) |
| Sales of property and equipment | 10,600 | 5,900 | 3,700 |
| Payments to Acquire Businesses, Net of Cash Acquired | (752,700) | 0 | 0 |
| Payments to Acquire Additional Interest in Subsidiaries | (12,600) | 0 | 0 |
| Net cash used in investing activities | (1,923,900) | (836,900) | (1,356,500) |
| Cash Flows From Financing Activities | |||
| Proceeds from exercise of equity options | 200 | 0 | 0 |
| Tax benefit from exercise/vesting of equity-based compensation | 16,800 | 12,800 | 10,300 |
| Net proceeds from debt issuance | 382,000 | 344,700 | 0 |
| Payment of debt | (20,400) | 0 | (150,000) |
| Reacquisition of debt | (19,300) | (48,900) | (58,100) |
| Dividends paid to shareholders | (403,600) | (892,600) | (175,600) |
| Acquisition of treasury shares | (208,500) | (271,400) | (273,400) |
| Net cash used in financing activities | (252,800) | (855,400) | (646,800) |
| Effect of exchange rate changes on cash | (200) | 0 | (600) |
| Increase (decrease) in cash | 116,000 | 33,300 | (104,000) |
| Cash, Beginning of year | 108,400 | 75,100 | |
| Cash, End of year | 224,400 | 108,400 | 75,100 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROGRESSIVE CORP/OH/ | ||
Ticker: PGR Fiscal Year: 2015 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2015 10-K (Filed: Feb 29, 2016) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2015 | Dec 31, 2014 | |
| Assets | ||
| Investments - Available-for-sale, at fair value: | ||
| Fixed maturities (amortized cost: $15,347.9 and $13,374.2) | $ 15,332,200 | 13,549,200 |
| Equity securities: | ||
| Nonredeemable preferred stocks (cost: $674.2 and $590.4) | 782,600 | 827,500 |
| Common equities (cost: $1,494.3 and $1,289.2) | 2,650,500 | 2,492,300 |
| Short-term investments (amortized cost: $2,172.0 and $2,149.0) | 2,172,000 | 2,149,000 |
| Total investments at fair value | 20,937,300 | 19,018,000 [1] |
| Cash | 224,400 | 108,400 |
| Accrued investment income | 102,200 | 87,300 |
| Premiums receivable, net of allowance for doubtful accounts of $164.8 and $152.2 | 3,987,700 | 3,537,500 |
| Reinsurance recoverables, including $46.1 and $46.0 on paid losses and loss adjustment expenses | 1,488,800 | 1,231,900 |
| Prepaid reinsurance premiums | 199,300 | 85,300 |
| Deferred acquisition costs | 564,100 | 457,200 |
| Property and equipment, net of accumulated depreciation of $778.3 and $731.0 | 1,037,200 | 960,600 |
| Intangible Assets, Net (Excluding Goodwill) | 494,900 | 11,300 |
| Other assets | 335,800 | 288,500 |
| Goodwill | 447,600 | 1,600 |
| Total assets | 29,819,300 | 25,787,600 |
| Liabilities and Shareholders' Equity | ||
| Unearned premiums | 6,621,800 | 5,440,100 |
| Loss and loss adjustment expense reserves | 10,039,000 | 8,857,400 |
| Net deferred income taxes | 109,300 | 98,900 |
| Dividends payable | 519,200 | 404,100 |
| Accounts payable, accrued expenses, and other liabilities | 2,067,800 | 1,893,800 |
| Debt, Long-term and Short-term, Combined Amount | 2,707,900 | 2,164,700 |
| Total liabilities | 22,065,000 | 18,859,000 |
| Redeemable Noncontrolling Interest, Equity, Carrying Amount | 464,900 | 0 |
| Common shares, $1.00 par value (authorized 900.0; issued 797.6, including treasury shares of 214.0 and 209.8) | 583,600 | 587,800 |
| Paid-in capital | 1,218,800 | 1,184,300 |
| Retained earnings | 4,686,600 | 4,133,400 |
| Accumulated other comprehensive income, net of tax: | ||
| Total net unrealized gains (losses) on securities | 809,000 | 1,021,900 |
| Net unrealized gains on forecasted transactions | (8,200) | 1,500 |
| Foreign currency translation adjustment | (1,500) | (300) |
| Stockholders' Equity Attributable to Noncontrolling Interest | 1,100 | 0 |
| Total accumulated other comprehensive income | 800,400 | 1,023,100 |
| Total shareholders' equity | 7,289,400 | 6,928,600 |
| Total liabilities and shareholders' equity | 29,819,300 | 25,787,600 |
| [1] The total fair value of the portfolio included $1.3 billion and $1.9 billion at December 31, 2015 and 2014, respectively, of securities held in a consolidated, non-insurance subsidiary of the holding company, net of any unsettled security transactions. | Our portfolio reflects the effect of unsettled security transactions and collateral on open derivative positions; at December 31, 2015, $23.1 million was included in "other assets," compared to $31.3 million in "other liabilities" at December 31, 2014. | ||
| External Links | |
| PROGRESSIVE CORP/OH/ (PGR) Fiscal Year 2015 | |
| 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 |