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: 2017 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 27, 2018) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Revenues | |||
| Net premiums earned | $ 25,729,900 | 22,474,000 | 19,899,100 |
| Investment income | 563,100 | 478,900 | 454,600 |
| Net realized gains (losses) on securities: | |||
| Net impairment losses recognized in earnings | (64,500) | (86,800) | (23,800) |
| Net realized gains (losses) on securities | 114,100 | 137,900 | 136,500 |
| Total net realized gains (losses) on securities | 49,600 | 51,100 | 112,700 |
| Fees and other revenues | 370,600 | 332,500 | 302,000 |
| Service revenues | 126,800 | 103,300 | 86,300 |
| Other (gains) losses | (1,000) | 1,600 | (900) |
| Total revenues | 26,839,000 | 23,441,400 | 20,853,800 |
| Expenses | |||
| Losses and loss adjustment expenses | 18,808,000 | 16,879,600 | 14,342,000 |
| Policy acquisition costs | 2,124,900 | 1,863,800 | 1,651,800 |
| Other underwriting expenses | 3,480,700 | 2,972,000 | 2,712,100 |
| Investment expenses | 23,900 | 22,400 | 22,800 |
| Service expenses | 109,500 | 92,000 | 77,500 |
| Interest expense | 153,100 | 140,900 | 136,000 |
| Total expenses | 24,700,100 | 21,970,700 | 18,942,200 |
| Net Income | |||
| Income before income taxes | 2,138,900 | 1,470,700 | 1,911,600 |
| Provision for income taxes | 540,800 | 413,500 | 611,100 |
| Net income | 1,598,100 | 1,057,200 | 1,300,500 |
| Net (income) loss attributable to noncontrolling interest (NCI) | (5,900) | (26,200) | (32,900) |
| Net income attributable to Progressive | 1,592,200 | 1,031,000 | 1,267,600 |
| Other Comprehensive Income (Loss) | |||
| Changes in: | |||
| Total net unrealized gains on securities | 355,400 | 130,600 | (212,900) |
| Net unrealized losses on forecasted transactions | (5,400) | (1,200) | (9,700) |
| Foreign currency translation adjustment | 1,100 | 400 | (1,200) |
| Other comprehensive income (loss) | 351,100 | 129,800 | (223,800) |
| Other comprehensive (income) loss attributable to NCI | (2,300) | 3,200 | 1,100 |
| Comprehensive income attributable to Progressive | 1,941,000 | 1,164,000 | 1,044,900 |
| Computation of Per Share Earnings Attributable to Progressive | |||
| Average shares outstanding Basic | 580,800 | 581,700 | 585,500 |
| Net effect of dilutive stock-based compensation | 4,900 | 3,300 | 3,700 |
| Total average equivalent shares Diluted | 585,700 | 585,000 | 589,200 |
| Basic: Earnings per share (usd per share) | 2.74 | 1.77 | 2.16 |
| Diluted: Earnings per share (usd per share) | 2.72 | 1.76 | 2.15 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROGRESSIVE CORP/OH/ | |||
Ticker: PGR Fiscal Year: 2017 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 27, 2018) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Net income | $ 1,598,100 | 1,057,200 | 1,300,500 |
| Cash Flows From Operating Activities | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 169,900 | 137,400 | 103,700 |
| Amortization of intangible assets | 66,200 | 62,100 | 46,800 |
| Net amortization of fixed-income securities | 86,200 | 77,200 | 98,400 |
| Amortization of equity-based compensation | 95,400 | 85,200 | 66,200 |
| Net realized (gains) losses on securities | (49,600) | (51,100) | (112,700) |
| Net (gains) losses on disposition of property and equipment | 7,200 | 6,600 | 2,000 |
| Other (gains) losses | 1,000 | (1,600) | 900 |
| Net loss on exchange transaction | 0 | 4,500 | 0 |
| Changes in: | |||
| Premiums receivable | (913,200) | (518,500) | (421,100) |
| Reinsurance recoverables | (388,600) | (388,200) | (202,600) |
| Prepaid reinsurance premiums | (32,800) | 48,800 | 32,500 |
| Deferred acquisition costs | (129,300) | (103,800) | (42,300) |
| Income taxes | (172,600) | (55,700) | (107,200) |
| Unearned premiums | 1,434,900 | 830,700 | 632,400 |
| Loss and loss adjustment expense reserves | 1,718,800 | 1,323,200 | 917,700 |
| Accounts payable, accrued expenses, and other liabilities | 400,000 | 308,900 | 37,900 |
| Other, net | (134,800) | (90,200) | (60,200) |
| Net cash provided by operating activities | 3,756,800 | 2,732,700 | 2,292,900 |
| Cash Flows From Investing Activities | |||
| Purchases: | |||
| Fixed maturities | (14,587,800) | (11,610,600) | (9,311,100) |
| Equity securities | (255,600) | (434,200) | (647,100) |
| Sales: | |||
| Fixed maturities | 5,382,500 | 5,694,900 | 4,913,500 |
| Equity securities | 252,900 | 484,600 | 402,400 |
| Maturities, paydowns, calls, and other: | |||
| Fixed maturities | 5,215,800 | 4,907,400 | 3,579,500 |
| Equity securities | 50,000 | 0 | 12,000 |
| Net sales (purchases) of short-term investments | 727,600 | (1,357,200) | 20,500 |
| Net unsettled security transactions | (33,600) | 50,900 | (8,200) |
| Purchases of property and equipment | (155,700) | (215,000) | (130,700) |
| Sales of property and equipment | 15,300 | 6,200 | 10,600 |
| Net cash disposed in exchange transaction | 0 | (7,700) | 0 |
| Acquisition of additional shares of ARX Holding Corp. | 0 | 0 | (12,600) |
| Net cash used in investing activities | (3,406,700) | (2,480,700) | (1,923,900) |
| Cash Flows From Financing Activities | |||
| Proceeds from exercise of equity options | 500 | 0 | 200 |
| Net proceeds from debt issuance | 841,100 | 495,600 | 382,000 |
| Payments of debt | (49,000) | (25,500) | (20,400) |
| Redemption/reacquisition of subordinated debt | (635,600) | (18,200) | (19,300) |
| Dividends paid to shareholders | (395,400) | (519,000) | (403,600) |
| Acquisition of treasury shares for restricted stock tax liabilities | (57,600) | (25,100) | (30,600) |
| Acquisition of treasury shares acquired in open market | (4,900) | (167,400) | (177,900) |
| Tax benefit from vesting of equity-based compensation | 0 | 9,200 | 16,800 |
| Net cash used in financing activities | (300,900) | (250,400) | (252,800) |
| Effect of exchange rate changes on cash | (300) | 400 | (200) |
| Increase in cash, cash equivalents, and restricted cash | 48,900 | 2,000 | 116,000 |
| Cash, cash equivalents, and restricted cash - Beginning of year | 226,400 | 224,400 | 108,400 |
| Cash, cash equivalents, and restricted cash - End of year | 275,300 | 226,400 | 224,400 |
| Business Acquisition | |||
| Insurance Company | |||
| Acquisition of business, net of cash acquired | (18,100) | 0 [1] | 0 |
| ARX Holding Corp. | |||
| Acquisition of business, net of cash acquired | 0 | 0 | (752,700) |
| [1] See Note 1 Reporting and Accounting Policies for further information. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROGRESSIVE CORP/OH/ | ||
Ticker: PGR Fiscal Year: 2017 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2017 10-K (Filed: Feb 27, 2018) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2017 | Dec 31, 2016 | |
| Assets | ||
| Investments Available-for-sale, at fair value: | ||
| Fixed maturities (amortized cost: $20,209.9 and $16,287.1) | $ 20,201,700 | 16,243,800 |
| Equity securities: | ||
| Nonredeemable preferred stocks (cost: $698.6 and $734.2) | 803,800 | 853,500 |
| Common equities (cost: $1,499.0 and $1,437.5) | 3,399,800 | 2,812,400 |
| Short-term investments (amortized cost: $2,869.4 and $3,572.9) | 2,869,400 | 3,572,900 |
| Total investments | 27,274,700 | 23,482,600 |
| Cash | 265,000 | 211,500 |
| Restricted Cash | 10,300 | 14,900 |
| Total Cash, Cash Equivalents, and Restricted Cash | 275,300 | 226,400 |
| Accrued investment income | 119,700 | 103,900 |
| Premiums receivable, net of allowance for doubtful accounts of $210.9 and $186.8 | 5,422,500 | 4,509,200 |
| Reinsurance recoverables, including $103.3 and $83.8 on paid losses and loss adjustment expenses | 2,273,400 | 1,884,800 |
| Prepaid reinsurance premiums | 203,300 | 170,500 |
| Deferred acquisition costs | 780,500 | 651,200 |
| Property and equipment, net of accumulated depreciation of $940.6 and $845.8 | 1,119,600 | 1,177,100 |
| Goodwill | 452,700 | 449,400 |
| Intangible assets, net of accumulated amortization of $175.7 and $109.5 | 366,600 | 432,800 |
| Other assets | 412,900 | 339,600 |
| Total assets | 38,701,200 | 33,427,500 |
| Liabilities | ||
| Unearned premiums | 8,903,500 | 7,468,300 |
| Loss and loss adjustment expense reserves | 13,086,900 | 11,368,000 |
| Net deferred income taxes | 135,000 | 111,300 |
| Dividends payable | 655,100 | 395,400 |
| Accounts payable, accrued expenses, and other liabilities | 2,825,900 | 2,495,500 [1] |
| Debt | 3,306,300 [2] | 3,148,200 |
| Total liabilities | 28,912,700 | 24,986,700 |
| Redeemable noncontrolling interest (NCI) | 503,700 [3] | 483,700 |
| Shareholders Equity | ||
| Common shares, $1.00 par value (authorized 900.0; issued 797.5 including treasury shares of 215.8 and 217.6) | 581,700 | 579,900 |
| Paid-in capital | 1,389,200 | 1,303,400 |
| Retained earnings | 6,031,700 | 5,140,400 |
| Accumulated other comprehensive income: | ||
| Net unrealized gains (losses) on securities | 1,295,000 | 939,600 |
| Net unrealized losses on forecasted transactions | (14,800) | (9,400) |
| Foreign currency translation adjustment | 0 | (1,100) |
| Accumulated other comprehensive (income) loss attributable to NCI | 2,000 | 4,300 |
| Total accumulated other comprehensive income attributable to Progressive | 1,282,200 | 933,400 |
| Total shareholders equity | 9,284,800 | 7,957,100 |
| Total liabilities, redeemable NCI, and shareholders equity | 38,701,200 | 33,427,500 |
| [1] See Note 12 Litigation and Note 13 Commitments and Contingencies for further discussion. | ||
| [2] Consists of both short-term and long-term debt. See Note 4 Debt for further discussion. | ||
| [3] See Note 15 Redeemable Noncontrolling Interest for further discussion. | ||
| External Links | |
| PROGRESSIVE CORP/OH/ (PGR) Fiscal Year 2017 | |
| 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 |