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: 2018 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 27, 2019) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Revenues | |||
| Net premiums earned | $ 30,933,300 | 25,729,900 | 22,474,000 |
| Investment income | 820,500 | 563,100 | 478,900 |
| Net realized gains (losses) on securities: | |||
| Net realized gains (losses) on security sales | 170,700 | ||
| Net holding period gains (losses) on securities | (507,900) | ||
| Net impairment losses recognized in earnings | (68,300) | (64,500) | (86,800) |
| Total net realized gains (losses) on securities | (405,500) | ||
| Net realized gains (losses) on security sales | 115,700 | 155,800 | |
| Net holding period gains (losses) on securities | (1,600) | (17,900) | |
| Total net realized gains (losses) on securities | 49,600 | 51,100 | |
| Fees and other revenues | 472,200 | 370,600 | 332,500 |
| Service revenues | 158,500 | 126,800 | 103,300 |
| Other gains (losses) | 0 | (1,000) | 1,600 |
| Total revenues | 31,979,000 | 26,839,000 | 23,441,400 |
| Expenses | |||
| Losses and loss adjustment expenses | 21,721,000 | 18,808,000 | 16,879,600 |
| Policy acquisition costs | 2,573,700 | 2,124,900 | 1,863,800 |
| Other underwriting expenses | 4,195,800 | 3,480,700 | 2,972,000 |
| Investment expenses | 24,300 | 23,900 | 22,400 |
| Service expenses | 134,100 | 109,500 | 92,000 |
| Interest expense | 166,500 | 153,100 | 140,900 |
| Total expenses | 28,815,400 | 24,700,100 | 21,970,700 |
| Net Income | |||
| Income before income taxes | 3,163,600 | 2,138,900 | 1,470,700 |
| Provision for income taxes | 542,600 | 540,800 | 413,500 |
| Net income | 2,621,000 | 1,598,100 | 1,057,200 |
| Net (income) loss attributable to noncontrolling interest (NCI) | (5,700) | (5,900) | (26,200) |
| Net income attributable to Progressive | 2,615,300 | 1,592,200 | 1,031,000 |
| Other Comprehensive Income (Loss) | |||
| Changes in: | |||
| Total net unrealized gains (losses) on securities | (99,300) | 355,400 | 130,600 |
| Net unrealized losses on forecasted transactions | 800 | (5,400) | (1,200) |
| Foreign currency translation adjustment | 0 | 1,100 | 400 |
| Other comprehensive income (loss) | (98,500) | 351,100 | 129,800 |
| Other comprehensive (income) loss attributable to NCI | 3,300 | (2,300) | 3,200 |
| Comprehensive income attributable to Progressive | 2,520,100 | 1,941,000 | 1,164,000 |
| Computation of Earnings Per Common Share | |||
| Net income attributable to Progressive | 2,615,300 | 1,592,200 | 1,031,000 |
| Less: Preferred share dividends | 21,400 | 0 | 0 |
| Net income available to common shareholders | 2,593,900 | 1,592,200 | 1,031,000 |
| Average common shares outstanding Basic | 582,400 | 580,800 | 581,700 |
| Net effect of dilutive stock-based compensation | 4,300 | 4,900 | 3,300 |
| Total average equivalent common shares Diluted | 586,700 | 585,700 | 585,000 |
| Basic: Earnings per share (usd per share) | 4.45 | 2.74 | 1.77 |
| Diluted: Earnings per share (usd per share) | 4.42 | 2.72 | 1.76 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROGRESSIVE CORP/OH/ | |||
Ticker: PGR Fiscal Year: 2018 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 27, 2019) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Net income | $ 2,621,000 | 1,598,100 | 1,057,200 |
| Cash Flows From Operating Activities | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 190,400 | 169,900 | 137,400 |
| Amortization of intangible assets | 72,000 | 66,200 | 62,100 |
| Net amortization of fixed-income securities | 34,300 | 86,200 | 77,200 |
| Amortization of equity-based compensation | 77,200 | 95,400 | 85,200 |
| Net realized (gains) losses on securities | 405,500 | (49,600) | (51,100) |
| Net (gains) losses on disposition of property and equipment | 32,100 | 7,200 | 6,600 |
| Other (gains) losses | 0 | 1,000 | (1,600) |
| Net loss on exchange transaction | 0 | 0 | 4,500 |
| Changes in: | |||
| Premiums receivable | (1,074,600) | (913,200) | (518,500) |
| Reinsurance recoverables | (422,700) | (388,600) | (388,200) |
| Prepaid reinsurance premiums | (106,400) | (32,800) | 48,800 |
| Deferred acquisition costs | (171,100) | (129,300) | (103,800) |
| Income taxes | (158,700) | (172,600) | (55,700) |
| Unearned premiums | 1,783,000 | 1,434,900 | 830,700 |
| Loss and loss adjustment expense reserves | 2,313,900 | 1,718,800 | 1,323,200 |
| Accounts payable, accrued expenses, and other liabilities | 746,600 | 400,000 | 308,900 |
| Other, net | (57,700) | (134,800) | (90,200) |
| Net cash provided by operating activities | 6,284,800 | 3,756,800 | 2,732,700 |
| Cash Flows From Investing Activities | |||
| Purchases: | |||
| Fixed maturities | (21,153,000) | (14,587,800) | (11,610,600) |
| Equity securities | (538,800) | (255,600) | (434,200) |
| Sales: | |||
| Fixed maturities | 7,835,600 | 5,382,500 | 5,694,900 |
| Equity securities | 823,500 | 252,900 | 484,600 |
| Maturities, paydowns, calls, and other: | |||
| Fixed maturities | 5,099,800 | 5,215,800 | 4,907,400 |
| Equity securities | 26,600 | 50,000 | 0 |
| Net sales (purchases) of short-term investments | 1,116,300 | 727,600 | (1,357,200) |
| Net unsettled security transactions | 11,700 | (33,600) | 50,900 |
| Purchases of property and equipment | (266,000) | (155,700) | (215,000) |
| Sales of property and equipment | 9,400 | 15,300 | 6,200 |
| Acquisition of additional shares of ARX Holding Corp. | (296,900) | 0 | 0 |
| Acquisition of an insurance company, net of cash acquired | 0 | (18,100) | 0 |
| Net cash disposed in exchange transaction | 0 | 0 | (7,700) |
| Net cash used in investing activities | (7,331,800) | (3,406,700) | (2,480,700) |
| Cash Flows From Financing Activities | |||
| Net proceeds from debt issuance | 1,134,000 | 841,100 | 495,600 |
| Net proceeds from issuance of Serial Preferred Shares, Series B | 493,900 | 0 | 0 |
| Payments of debt | 37,100 | 49,000 | 25,500 |
| Dividends paid to common shareholders | 654,900 | 395,400 | 519,000 |
| Dividends paid to preferred shareholders | (13,500) | 0 | 0 |
| Proceeds from exercise of equity options | 3,300 | 500 | 0 |
| Acquisition of treasury shares for restricted stock tax liabilities | (78,600) | (57,600) | (25,100) |
| Acquisition of treasury shares acquired in open market | (400) | (4,900) | (167,400) |
| Redemption/reacquisition of subordinated debt | 0 | (635,600) | (18,200) |
| Tax benefit from vesting of equity-based compensation | 0 | 0 | 9,200 |
| Net cash provided by (used in) financing activities | 846,700 | (300,900) | (250,400) |
| Effect of exchange rate changes on cash | 0 | (300) | 400 |
| Increase (decrease) in cash, cash equivalents, and restricted cash | (200,300) | 48,900 | 2,000 |
| Cash, cash equivalents, and restricted cash - Beginning of year | 275,300 | 226,400 | |
| Cash, cash equivalents, and restricted cash - End of year | 75,000 | 275,300 | 226,400 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROGRESSIVE CORP/OH/ | ||
Ticker: PGR Fiscal Year: 2018 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2018 10-K (Filed: Feb 27, 2019) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2018 | Dec 31, 2017 | |
| Assets | ||
| Fixed maturities (amortized cost: $28,255.9 and $20,209.9) | $ 28,111,500 | |
| Short-term investments (amortized cost: $1,795.9 and $2,869.4) | 1,795,900 | |
| Fixed maturities (amortized cost: $28,255.9 and $20,209.9) | 29,907,400 | |
| Nonredeemable preferred stocks (cost: $1,002.6 and $698.6) | 1,033,900 | |
| Common equities (cost: $1,148.9 and $1,499.0) | 2,626,100 | |
| Total equity securities | 3,660,000 | |
| Total investments | 33,567,400 | |
| Fixed maturities (amortized cost: $28,255.9 and $20,209.9) | 20,201,700 | |
| Short-term investments (amortized cost: $1,795.9 and $2,869.4) | 2,869,400 | |
| Total available-for-sale securities | 23,071,100 | |
| Nonredeemable preferred stocks (cost: $1,002.6 and $698.6) | 803,800 | |
| Common equities (cost: $1,148.9 and $1,499.0) | 3,399,800 | |
| Total equity securities | 4,203,600 | |
| Total investments | 27,274,700 | |
| Cash and cash equivalents | 69,500 | 265,000 |
| Restricted cash | 5,500 | 10,300 |
| Total cash, cash equivalents, and restricted cash | 75,000 | 275,300 |
| Accrued investment income | 190,800 | 119,700 |
| Premiums receivable, net of allowance for doubtful accounts of $252.1 and $210.9 | 6,497,100 | 5,422,500 |
| Reinsurance recoverables | 2,696,100 | 2,273,400 |
| Prepaid reinsurance premiums | 309,700 | 203,300 |
| Deferred acquisition costs | 951,600 | 780,500 |
| Property and equipment, net of accumulated depreciation of $1,033.2 and $940.6 | 1,131,700 | 1,119,600 |
| Goodwill | 452,700 | 452,700 |
| Intangible assets, net of accumulated amortization of $247.7 and $175.7 | 294,600 | 366,600 |
| Net deferred income taxes | 43,200 | 0 |
| Other assets | 365,100 | 412,900 |
| Total assets | 46,575,000 | 38,701,200 |
| Liabilities | ||
| Unearned premiums | 10,686,500 | 8,903,500 |
| Loss and loss adjustment expense reserves | 15,400,800 | 13,086,900 |
| Net deferred income taxes | 0 | 135,000 |
| Accounts payable, accrued expenses, and other liabilities | 5,046,500 [1] | 3,481,000 |
| Debt | 4,404,900 [2] | 3,306,300 |
| Total liabilities | 35,538,700 | 28,912,700 |
| Redeemable noncontrolling interest (NCI) | 214,500 [3] | 503,700 |
| Shareholders Equity | ||
| Serial Preferred Shares, Series B, no par value (cumulative, liquidation preference $1,000 per share) (authorized, issued, and outstanding 0.5 and 0) | 493,900 | 0 |
| Common shares, $1.00 par value (authorized 900.0; issued 797.5, including treasury shares of 214.3 and 215.8) | 583,200 | 581,700 |
| Paid-in capital | 1,479,000 | 1,389,200 |
| Retained earnings | 8,386,600 | 6,031,700 |
| Accumulated other comprehensive income: | ||
| Net unrealized gains (losses) on securities | (105,600) | 1,295,000 |
| Net unrealized losses on forecasted transactions | (17,200) | (14,800) |
| Accumulated other comprehensive (income) loss attributable to NCI | 1,900 | 2,000 |
| Total accumulated other comprehensive income attributable to Progressive | (120,900) | 1,282,200 |
| Total shareholders equity | 10,821,800 | 9,284,800 |
| Total liabilities, redeemable NCI, and shareholders equity | 46,575,000 | 38,701,200 |
| [1] See Note 12 Litigation, Note 13 Commitments and Contingencies, and Note 14 Dividends for further discussion. | ||
| [2] Consists of 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 2018 | |
| 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 |