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: 2020 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2020 10-K (Filed: Mar 1, 2021) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Revenues | |||
| Net premiums earned | $ 39,261,600 | 36,192,400 | 30,933,300 |
| Investment income | 936,600 | 1,042,000 | 820,500 |
| Net realized gains (losses) on securities: | |||
| Net realized gains (losses) on security sales | 914,700 | 334,600 | 170,700 |
| Net holding period gains (losses) on securities | 715,300 | 757,900 | (507,900) |
| Net impairment losses recognized in earnings | 0 | (63,300) | (68,300) |
| Total net realized gains (losses) on securities | 1,630,000 | 1,029,200 | (405,500) |
| Fees and other revenues | 603,500 | 563,700 | 472,200 |
| Service revenues | 226,400 | 195,000 | 158,500 |
| Total revenues | 42,658,100 | 39,022,300 | 31,979,000 |
| Expenses | |||
| Losses and loss adjustment expenses | 25,121,800 | 25,470,500 | 21,721,000 |
| Policy acquisition costs | 3,273,200 | 3,023,200 | 2,573,700 |
| Other underwriting expenses | 5,570,000 | 4,975,100 | 4,195,800 |
| Policyholder credit expense | 1,077,400 | 0 | 0 |
| Investment expenses | 20,000 | 24,600 | 24,300 |
| Service expenses | 205,500 | 178,900 | 134,100 |
| Interest expense | 217,000 | 189,700 | 166,500 |
| Total expenses | 35,484,900 | 33,862,000 | 28,815,400 |
| Net Income | |||
| Income before income taxes | 7,173,200 | 5,160,300 | 3,163,600 |
| Provision for income taxes | 1,468,600 | 1,180,300 | 542,600 |
| Net income | 5,704,600 | 3,980,000 | 2,621,000 |
| Net income attributable to noncontrolling interest (NCI) | 0 | (9,700) | (5,700) |
| Net income attributable to Progressive | 5,704,600 | 3,970,300 | 2,615,300 |
| Other Comprehensive Income (Loss) | |||
| Changes in: | |||
| Total net unrealized gains (losses) on fixed-maturity securities | 586,500 | 466,400 | (99,300) |
| Net unrealized losses on forecasted transactions | 800 | 800 | 800 |
| Other comprehensive income (loss) | 587,300 | 467,200 | (98,500) |
| Other comprehensive (income) loss attributable to NCI | 0 | (4,600) | 3,300 |
| Comprehensive income attributable to Progressive | 6,291,900 | 4,432,900 | 2,520,100 |
| Computation of Earnings Per Common Share | |||
| Net income attributable to Progressive | 5,704,600 | 3,970,300 | 2,615,300 |
| Less: Preferred share dividends | 26,900 | 26,900 | 21,400 |
| Net income available to common shareholders | 5,677,700 | 3,943,400 | 2,593,900 |
| Average common shares outstanding - Basic | 584,900 | 583,800 | 582,400 |
| Net effect of dilutive stock-based compensation | 2,700 | 3,400 | 4,300 |
| Total average equivalent common shares - Diluted | 587,600 | 587,200 | 586,700 |
| Basic: Earnings per share (usd per share) | 9.71 | 6.75 | 4.45 |
| Diluted: Earnings per share (usd per share) | 9.66 | 6.72 | 4.42 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROGRESSIVE CORP/OH/ | |||
Ticker: PGR Fiscal Year: 2020 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2020 10-K (Filed: Mar 1, 2021) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Net income | $ 5,704,600 | 3,980,000 | 2,621,000 |
| Cash Flows From Operating Activities | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 274,900 | 239,800 | 190,400 |
| Amortization of intangible assets | 56,900 | 66,300 | 72,000 |
| Net amortization of fixed-income securities | 100,900 | 33,300 | 34,300 |
| Amortization of equity-based compensation | 89,400 | 90,200 | 77,200 |
| Net realized (gains) losses on securities | (1,630,000) | (1,029,200) | 405,500 |
| Net (gains) losses on disposition of property and equipment | 12,500 | 11,000 | 32,100 |
| Changes in: | |||
| Premiums receivable | (652,800) | (1,010,200) | (1,074,600) |
| Reinsurance recoverables | (640,500) | (682,800) | (422,700) |
| Prepaid reinsurance premiums | 258,400 | (316,800) | (106,400) |
| Deferred acquisition costs | (180,700) | (104,900) | (171,100) |
| Income taxes | (23,100) | 227,200 | (158,700) |
| Unearned premiums | 1,048,700 | 1,702,300 | 1,783,000 |
| Loss and loss adjustment expense reserves | 2,160,400 | 2,704,600 | 2,313,900 |
| Accounts payable, accrued expenses, and other liabilities | 328,900 | 611,600 | 746,600 |
| Other, net | (2,900) | (260,800) | (57,700) |
| Net cash provided by operating activities | 6,905,600 | 6,261,600 | 6,284,800 |
| Cash Flows From Investing Activities | |||
| Purchases: | |||
| Fixed maturities | (32,037,500) | (28,765,200) | (21,153,000) |
| Equity securities | (951,200) | (379,900) | (538,800) |
| Sales: | |||
| Fixed maturities | 22,727,200 | 18,412,700 | 7,835,600 |
| Equity securities | 431,800 | 471,400 | 823,500 |
| Maturities, paydowns, calls, and other: | |||
| Fixed maturities | 7,109,400 | 6,145,500 | 5,099,800 |
| Equity securities | 113,800 | 49,900 | 26,600 |
| Net (purchases) sales of short-term investments | (3,393,200) | 31,500 | 1,116,300 |
| Net unsettled security transactions | 83,600 | 6,000 | 11,700 |
| Purchases of property and equipment | (223,500) | (363,500) | (266,000) |
| Sales of property and equipment | 21,900 | 53,300 | 9,400 |
| Net cash used in investing activities | (6,117,700) | (4,338,300) | (7,034,900) |
| Cash Flows From Financing Activities | |||
| Dividends paid to common shareholders | (1,551,000) | (1,643,200) | (654,900) |
| Dividends paid to preferred shareholders | (26,800) | (26,800) | (13,500) |
| Acquisition of treasury shares for restricted stock tax liabilities | (68,700) | (84,400) | (78,600) |
| Acquisition of treasury shares acquired in open market | (42,900) | (6,900) | (400) |
| Acquisition of additional shares of ARX Holding Corp. | (243,000) | (11,200) | (296,900) |
| Net proceeds from debt issuance | 986,300 | 0 | 1,134,000 |
| Proceeds from exercise of equity options | 7,300 | 1,600 | 3,300 |
| Net proceeds from issuance of Serial Preferred Shares, Series B | 0 | 0 | 493,900 |
| Payments of debt | 0 | 0 | (37,100) |
| Net cash provided by (used in) financing activities | (938,800) | (1,770,900) | 549,800 |
| Increase (decrease) in cash, cash equivalents, and restricted cash | (150,900) | 152,400 | (200,300) |
| Cash, cash equivalents, and restricted cash - beginning of year | 227,400 | 75,000 | |
| Cash, cash equivalents, and restricted cash - end of year | 76,500 | 227,400 | 75,000 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROGRESSIVE CORP/OH/ | ||
Ticker: PGR Fiscal Year: 2020 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2020 10-K (Filed: Mar 1, 2021) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2020 | Dec 31, 2019 | |
| Assets | ||
| Fixed maturities (amortized cost: $35,589.1 and $32,643.1) | $ 36,810,900 | 33,110,300 |
| Short-term investments (amortized cost: $5,218.5 and $1,798.8) | 5,218,500 | 1,798,800 |
| Total available-for-sale securities | 42,029,400 | 34,909,100 |
| Nonredeemable preferred stocks | 1,447,900 | 1,038,900 |
| Common equities | 4,053,000 | 3,306,300 |
| Total equity securities | 5,500,900 | 4,345,200 |
| Total investments | 47,530,300 | 39,254,300 |
| Cash and cash equivalents | 76,500 | 226,200 |
| Restricted cash | 0 | 1,200 |
| Total cash, cash equivalents, and restricted cash | 76,500 | 227,400 |
| Accrued investment income | 176,400 | 181,300 |
| Premiums receivable, net of allowance for credit losses of $356.2 and $283.2 | 8,160,100 | 7,507,300 |
| Reinsurance recoverables | 4,019,400 | 3,378,900 |
| Prepaid reinsurance premiums | 368,100 | 626,500 |
| Deferred acquisition costs | 1,237,200 | 1,056,500 |
| Property and equipment, net of accumulated depreciation of $1,291.4 and $1,138.1 | 1,106,000 | 1,213,700 |
| Goodwill | 452,700 | 452,700 |
| Intangible assets, net of accumulated amortization of $326.1 and $314.0 | 171,400 | 228,300 |
| Other assets | 800,200 | 783,600 |
| Total assets | 64,098,300 | 54,910,500 |
| Liabilities | ||
| Unearned premiums | 13,437,500 | 12,388,800 |
| Loss and loss adjustment expense reserves | 20,265,800 | 18,105,400 |
| Deferred Tax Liability, Federal Tax | 310,000 | 118,000 |
| Dividends payable on common shares | 2,694,500 | 1,375,400 |
| Accounts payable, accrued expenses, and other liabilities1 | 4,955,800 | 4,617,000 [1] |
| Debt | 5,396,100 [2] | 4,407,100 |
| Total liabilities | 47,059,700 | 41,011,700 |
| Redeemable noncontrolling interest (NCI) | 0 [3] | 225,600 |
| Shareholders Equity | ||
| Serial Preferred Shares, Series B, no par value (cumulative, liquidation preference of $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 212.3 and 212.9) | 585,200 | 584,600 |
| Paid-in capital | 1,672,900 | 1,573,400 |
| Retained earnings | 13,354,900 | 10,679,600 |
| Accumulated other comprehensive income (loss): | ||
| Net unrealized gains (losses) on fixed-maturity securities | 947,300 | 360,800 |
| Net unrealized losses on forecasted transactions | (15,600) | (16,400) |
| Accumulated other comprehensive income attributable to NCI | 0 | (2,700) |
| Total accumulated other comprehensive income (loss) attributable to Progressive | 931,700 | 341,700 |
| Total shareholders equity | 17,038,600 | 13,673,200 |
| Total liabilities, redeemable NCI, and shareholders equity | 64,098,300 | 54,910,500 |
| [1] See Note 1 Reporting and Accounting Policies for Commitments and Contingencies and Note 12 Litigation 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 2020 | |
| 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 |