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: 2019 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2019 10-K (Filed: Mar 2, 2020) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Revenues | |||
| Net premiums earned | $ 36,192,400 | 30,933,300 | 25,729,900 |
| Investment income | 1,042,000 | 820,500 | 563,100 |
| Net realized gains (losses) on securities: | |||
| Net realized gains (losses) on security sales | 334,600 | 170,700 | |
| Net holding period gains (losses) on securities | 757,900 | (507,900) | |
| Net impairment losses recognized in earnings | (63,300) | (68,300) | (64,500) |
| Total net realized gains (losses) on securities | 1,029,200 | (405,500) | |
| Net realized gains (losses) on security sales | 115,700 | ||
| Net holding period gains (losses) on securities | (1,600) | ||
| Total net realized gains (losses) on securities | 49,600 | ||
| Fees and other revenues | 563,700 | 472,200 | 370,600 |
| Service revenues | 195,000 | 158,500 | 126,800 |
| Other gains (losses) | 0 | 0 | (1,000) |
| Total revenues | 39,022,300 | 31,979,000 | 26,839,000 |
| Expenses | |||
| Losses and loss adjustment expenses | 25,470,500 | 21,721,000 | 18,808,000 |
| Policy acquisition costs | 3,023,200 | 2,573,700 | 2,124,900 |
| Other underwriting expenses | 4,975,100 | 4,195,800 | 3,480,700 |
| Investment expenses | 24,600 | 24,300 | 23,900 |
| Service expenses | 178,900 | 134,100 | 109,500 |
| Interest expense | 189,700 | 166,500 | 153,100 |
| Total expenses | 33,862,000 | 28,815,400 | 24,700,100 |
| Net Income | |||
| Income before income taxes | 5,160,300 | 3,163,600 | 2,138,900 |
| Provision for income taxes | 1,180,300 | 542,600 | 540,800 |
| Net income | 3,980,000 | 2,621,000 | 1,598,100 |
| Net (income) loss attributable to noncontrolling interest (NCI) | (9,700) | (5,700) | (5,900) |
| Net income attributable to Progressive | 3,970,300 | 2,615,300 | 1,592,200 |
| Other Comprehensive Income (Loss) | |||
| Changes in: | |||
| Total net unrealized gains (losses) on fixed-maturity securities | 466,400 | (99,300) | 355,400 |
| Net unrealized losses on forecasted transactions | 800 | 800 | (5,400) |
| Foreign currency translation adjustment | 0 | 0 | 1,100 |
| Other comprehensive income (loss) | 467,200 | (98,500) | 351,100 |
| Other comprehensive (income) loss attributable to NCI | (4,600) | 3,300 | (2,300) |
| Comprehensive income attributable to Progressive | 4,432,900 | 2,520,100 | 1,941,000 |
| Computation of Earnings Per Common Share | |||
| Net income attributable to Progressive | 3,970,300 | 2,615,300 | 1,592,200 |
| Less: Preferred share dividends | 26,900 | 21,400 | 0 |
| Net income available to common shareholders | 3,943,400 | 2,593,900 | 1,592,200 |
| Average common shares outstanding - Basic | 583,800 | 582,400 | 580,800 |
| Net effect of dilutive stock-based compensation | 3,400 | 4,300 | 4,900 |
| Total average equivalent common shares - Diluted | 587,200 | 586,700 | 585,700 |
| Basic: Earnings per share (usd per share) | 6.75 | 4.45 | 2.74 |
| Diluted: Earnings per share (usd per share) | 6.72 | 4.42 | 2.72 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROGRESSIVE CORP/OH/ | |||
Ticker: PGR Fiscal Year: 2019 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2019 10-K (Filed: Mar 2, 2020) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Net income | $ 3,980,000 | 2,621,000 | 1,598,100 |
| Cash Flows From Operating Activities | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 239,800 | 190,400 | 169,900 |
| Amortization of intangible assets | 66,300 | 72,000 | 66,200 |
| Net amortization of fixed-income securities | 33,300 | 34,300 | 86,200 |
| Amortization of equity-based compensation | 90,200 | 77,200 | 95,400 |
| Net realized (gains) losses on securities | (1,029,200) | 405,500 | (49,600) |
| Net (gains) losses on disposition of property and equipment | 11,000 | 32,100 | 7,200 |
| Other (gains) losses | 0 | 0 | 1,000 |
| Changes in: | |||
| Premiums receivable | (1,010,200) | (1,074,600) | (913,200) |
| Reinsurance recoverables | (682,800) | (422,700) | (388,600) |
| Prepaid reinsurance premiums | (316,800) | (106,400) | (32,800) |
| Deferred acquisition costs | (104,900) | (171,100) | (129,300) |
| Income taxes | 227,200 | (158,700) | (172,600) |
| Unearned premiums | 1,702,300 | 1,783,000 | 1,434,900 |
| Loss and loss adjustment expense reserves | 2,704,600 | 2,313,900 | 1,718,800 |
| Accounts payable, accrued expenses, and other liabilities | 611,600 | 746,600 | 400,000 |
| Other, net | (260,800) | (57,700) | (134,800) |
| Net cash provided by operating activities | 6,261,600 | 6,284,800 | 3,756,800 |
| Cash Flows From Investing Activities | |||
| Purchases: | |||
| Fixed maturities | (28,765,200) | (21,153,000) | (14,587,800) |
| Equity securities | (379,900) | (538,800) | (255,600) |
| Sales: | |||
| Fixed maturities | 18,412,700 | 7,835,600 | 5,382,500 |
| Equity securities | 471,400 | 823,500 | 252,900 |
| Maturities, paydowns, calls, and other: | |||
| Fixed maturities | 6,145,500 | 5,099,800 | 5,215,800 |
| Equity securities | 49,900 | 26,600 | 50,000 |
| Net sales of short-term investments | 31,500 | 1,116,300 | 727,600 |
| Net unsettled security transactions | 6,000 | 11,700 | (33,600) |
| Purchases of property and equipment | (363,500) | (266,000) | (155,700) |
| Sales of property and equipment | 53,300 | 9,400 | 15,300 |
| Acquisition of an insurance company, net of cash acquired | 0 | 0 | (18,100) |
| Net cash used in investing activities | (4,338,300) | (7,034,900) | (3,406,700) |
| Cash Flows From Financing Activities | |||
| Dividends paid to common shareholders | (1,643,200) | (654,900) | (395,400) |
| Dividends paid to preferred shareholders | (26,800) | (13,500) | 0 |
| Acquisition of treasury shares for restricted stock tax liabilities | (84,400) | (78,600) | (57,600) |
| Acquisition of treasury shares acquired in open market | (6,900) | (400) | (4,900) |
| Acquisition of additional shares of ARX Holding Corp. | (11,200) | (296,900) | 0 |
| Net proceeds from debt issuance | 0 | 1,134,000 | 841,100 |
| Net proceeds from issuance of Serial Preferred Shares, Series B | 0 | 493,900 | 0 |
| Payments of debt | 0 | (37,100) | (49,000) |
| Proceeds from exercise of equity options | 1,600 | 3,300 | 500 |
| Redemption/reacquisition of subordinated debt | 0 | 0 | (635,600) |
| Net cash provided by (used in) financing activities | (1,770,900) | 549,800 | (300,900) |
| Effect of exchange rate changes on cash | 0 | 0 | (300) |
| Increase (decrease) in cash, cash equivalents, and restricted cash | 152,400 | (200,300) | 48,900 |
| Cash, cash equivalents, and restricted cash - beginning of year | 75,000 | 275,300 | |
| Cash, cash equivalents, and restricted cash - end of year | 227,400 | 75,000 | 275,300 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROGRESSIVE CORP/OH/ | ||
Ticker: PGR Fiscal Year: 2019 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2019 10-K (Filed: Mar 2, 2020) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2019 | Dec 31, 2018 | |
| Assets | ||
| Fixed maturities (amortized cost: $32,643.1 and $28,255.9) | $ 33,110,300 | 28,111,500 |
| Short-term investments (amortized cost: $1,798.8 and $1,795.9) | 1,798,800 | 1,795,900 |
| Total available-for-sale securities | 34,909,100 | 29,907,400 |
| Nonredeemable preferred stocks (cost: $971.3 and $1,002.6) | 1,038,900 | 1,033,900 |
| Common equities (cost: $1,125.5 and $1,148.9) | 3,306,300 | 2,626,100 |
| Total equity securities | 4,345,200 | 3,660,000 |
| Total investments | 39,254,300 | 33,567,400 |
| Cash and cash equivalents | 226,200 | 69,500 |
| Restricted cash | 1,200 | 5,500 |
| Total cash, cash equivalents, and restricted cash | 227,400 | 75,000 |
| Accrued investment income | 181,300 | 190,800 |
| Premiums receivable, net of allowance for doubtful accounts of $283.2 and $252.1 | 7,507,300 | 6,497,100 |
| Reinsurance recoverables | 3,378,900 | 2,696,100 |
| Prepaid reinsurance premiums | 626,500 | 309,700 |
| Deferred acquisition costs | 1,056,500 | 951,600 |
| Property and equipment, net of accumulated depreciation of $1,138.1 and $1,033.2 | 1,213,700 | 1,131,700 |
| Goodwill | 452,700 | 452,700 |
| Intangible assets, net of accumulated amortization of $314.0 and $247.7 | 228,300 | 294,600 |
| Net deferred income taxes | 0 | 43,200 |
| Other assets | 768,400 | 365,100 |
| Total assets | 54,895,300 | 46,575,000 |
| Liabilities | ||
| Unearned premiums | 12,388,800 | 10,686,500 |
| Loss and loss adjustment expense reserves | 18,105,400 | 15,400,800 |
| Net deferred income taxes | 132,500 | 0 |
| Accounts payable, accrued expenses, and other liabilities | 5,962,700 | 5,046,500 [1] |
| Debt | 4,407,100 | 4,404,900 |
| Total liabilities | 40,996,500 | 35,538,700 |
| Redeemable noncontrolling interest (NCI) | 225,600 [2] | 214,500 |
| Shareholders Equity | ||
| Serial Preferred Shares, Series B, no par value (cumulative, liquidation preference $1,000 per share) (authorized, issued, and outstanding 0.5) | 493,900 | 493,900 |
| Common shares, $1.00 par value (authorized 900.0; issued 797.5, including treasury shares of 212.9 and 214.3) | 584,600 | 583,200 |
| Paid-in capital | 1,573,400 | 1,479,000 |
| Retained earnings | 10,679,600 | 8,386,600 |
| Accumulated other comprehensive income (loss): | ||
| Net unrealized gains (losses) on fixed-maturity securities | 360,800 | (105,600) |
| Net unrealized losses on forecasted transactions | (16,400) | (17,200) |
| Accumulated other comprehensive (income) loss attributable to NCI | (2,700) | 1,900 |
| Total accumulated other comprehensive income (loss) attributable to Progressive | 341,700 | (120,900) |
| Total shareholders equity | 13,673,200 | 10,821,800 |
| Total liabilities, redeemable NCI, and shareholders equity | 54,895,300 | 46,575,000 |
| [1] See Note 1 Reporting and Accounting Policies for commitments and contingencies and Note 12 Litigation for further discussion. | ||
| [2] See Note 15 Redeemable Noncontrolling Interest for further discussion. | ||
| External Links | |
| PROGRESSIVE CORP/OH/ (PGR) Fiscal Year 2019 | |
| 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 |