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: 2021 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 28, 2022) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Revenues | |||
| Net premiums earned | $ 44,368,700 | 39,261,600 | 36,192,400 |
| Investment income | 860,900 | 936,600 | 1,042,000 |
| Net realized gains (losses) on securities: | |||
| Net realized gains (losses) on security sales | 614,300 | 914,700 | 334,600 |
| Net holding period gains (losses) on securities | 899,900 | 715,300 | 757,900 |
| Net impairment losses recognized in earnings | (5,000) | 0 | (63,300) |
| Total net realized gains (losses) on securities | 1,509,200 | 1,630,000 | 1,029,200 |
| Fees and other revenues | 691,800 | 603,500 | 563,700 |
| Service revenues | 271,400 | 226,400 | 195,000 |
| Total revenues | 47,702,000 | 42,658,100 | 39,022,300 |
| Expenses | |||
| Losses and loss adjustment expenses | 33,627,600 | 25,121,800 | 25,470,500 |
| Policy acquisition costs | 3,712,800 | 3,273,200 | 3,023,200 |
| Other underwriting expenses | 5,654,700 | 5,570,000 | 4,975,100 |
| Policyholder credit expense | 0 | 1,077,400 | 0 |
| Investment expenses | 25,500 | 20,000 | 24,600 |
| Service expenses | 252,800 | 205,500 | 178,900 |
| Interest expense | 218,600 | 217,000 | 189,700 |
| Total expenses | 43,492,000 | 35,484,900 | 33,862,000 |
| Net Income | |||
| Income before income taxes | 4,210,000 | 7,173,200 | 5,160,300 |
| Provision for income taxes | 859,100 | 1,468,600 | 1,180,300 |
| Net income | 3,350,900 | 5,704,600 | 3,980,000 |
| Net income attributable to noncontrolling interest (NCI) | 0 | 0 | (9,700) |
| Net income attributable to Progressive | 3,350,900 | 5,704,600 | 3,970,300 |
| Other Comprehensive Income (Loss) | |||
| Changes in: | |||
| Total net unrealized gains (losses) on fixed-maturity securities | (891,100) | 586,500 | 466,400 |
| Net unrealized losses on forecasted transactions | 700 | 800 | 800 |
| Foreign currency translation adjustment | (600) | 0 | 0 |
| Other comprehensive income (loss) | (891,000) | 587,300 | 467,200 |
| Other comprehensive (income) loss attributable to NCI | 0 | 0 | (4,600) |
| Comprehensive income attributable to Progressive | 2,459,900 | 6,291,900 | 4,432,900 |
| Computation of Earnings Per Common Share | |||
| Net income attributable to Progressive | 3,350,900 | 5,704,600 | 3,970,300 |
| Less: Preferred share dividends | 26,900 | 26,900 | 26,900 |
| Net income available to common shareholders | 3,324,000 | 5,677,700 | 3,943,400 |
| Average common shares outstanding - Basic | 584,500 | 584,900 | 583,800 |
| Net effect of dilutive stock-based compensation | 2,600 | 2,700 | 3,400 |
| Total average equivalent common shares - Diluted | 587,100 | 587,600 | 587,200 |
| Basic: Earnings per share (usd per share) | 5.69 | 9.71 | 6.75 |
| Diluted: Earnings per share (usd per share) | 5.66 | 9.66 | 6.72 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROGRESSIVE CORP/OH/ | |||
Ticker: PGR Fiscal Year: 2021 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 28, 2022) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Net income | $ 3,350,900 | 5,704,600 | 3,980,000 |
| Cash Flows From Operating Activities | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 279,700 | 274,900 | 239,800 |
| Amortization of intangible assets | 57,700 | 56,900 | 66,300 |
| Net amortization of fixed-income securities | 130,300 | 100,900 | 33,300 |
| Amortization of equity-based compensation | 100,700 | 89,400 | 90,200 |
| Net realized (gains) losses on securities | (1,509,200) | (1,630,000) | (1,029,200) |
| Net (gains) losses on disposition of property and equipment | (3,600) | 12,500 | 11,000 |
| Changes in: | |||
| Premiums receivable | (1,146,800) | (652,800) | (1,010,200) |
| Reinsurance recoverables | (508,700) | (640,500) | (682,800) |
| Prepaid reinsurance premiums | (74,900) | 258,400 | (316,800) |
| Deferred acquisition costs | (118,400) | (180,700) | (104,900) |
| Income taxes | (86,000) | (23,100) | 227,200 |
| Unearned premiums | 2,111,400 | 1,048,700 | 1,702,300 |
| Loss and loss adjustment expense reserves | 4,752,800 | 2,160,400 | 2,704,600 |
| Accounts payable, accrued expenses, and other liabilities | 399,700 | 328,900 | 611,600 |
| Other, net | 26,100 | (2,900) | (260,800) |
| Net cash provided by operating activities | 7,761,700 | 6,905,600 | 6,261,600 |
| Cash Flows From Investing Activities | |||
| Purchases: | |||
| Fixed maturities | (33,177,500) | (32,037,500) | (28,765,200) |
| Equity securities | (838,100) | (951,200) | (379,900) |
| Sales: | |||
| Fixed maturities | 18,965,200 | 22,727,200 | 18,412,700 |
| Equity securities | 780,600 | 431,800 | 471,400 |
| Maturities, paydowns, calls, and other: | |||
| Fixed maturities | 7,013,800 | 7,109,400 | 6,145,500 |
| Equity securities | 223,100 | 113,800 | 49,900 |
| Net (purchases) sales of short-term investments | 4,355,700 | (3,393,200) | 31,500 |
| Net unsettled security transactions | 47,900 | 83,600 | 6,000 |
| Acquisition of Protective | (313,200) | 0 [1] | 0 |
| Purchases of property and equipment | (243,500) | (223,500) | (363,500) |
| Sales of property and equipment | 66,200 | 21,900 | 53,300 |
| Net cash used in investing activities | (3,119,800) | (6,117,700) | (4,338,300) |
| Cash Flows From Financing Activities | |||
| Dividends paid to common shareholders | (3,746,500) | (1,551,000) | (1,643,200) |
| Dividends paid to preferred shareholders | (26,800) | (26,800) | (26,800) |
| Acquisition of treasury shares for restricted stock tax liabilities | (67,200) | (68,700) | (84,400) |
| Acquisition of treasury shares acquired in open market | (155,800) | (42,900) | (6,900) |
| Payment of acquired company debt | (20,000) | 0 | 0 |
| Payments of debt | (500,000) | 0 | 0 |
| Acquisition of additional shares of ARX Holding Corp. | 0 | (243,000) | (11,200) |
| Net proceeds from debt issuance | 0 | 986,300 | 0 |
| Proceeds from exercise of equity options | 0 | 7,300 | 1,600 |
| Net cash used in financing activities | (4,516,300) | (938,800) | (1,770,900) |
| Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | 125,600 | (150,900) | 152,400 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of year | 76,500 | 227,400 | |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of year | 202,100 | 76,500 | 227,400 |
| [1] See Note 17 Acquisition for further discussion. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROGRESSIVE CORP/OH/ | ||
Ticker: PGR Fiscal Year: 2021 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2021 10-K (Filed: Feb 28, 2022) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2021 | Dec 31, 2020 | |
| Assets | ||
| Fixed maturities (amortized cost: $43,794.2 and $35,589.1) | $ 43,873,100 | 36,810,900 |
| Short-term investments (amortized cost: $942.6 and $5,218.5) | 942,600 | 5,218,500 |
| Total available-for-sale securities | 44,815,700 | 42,029,400 |
| Nonredeemable preferred stocks (cost: $1,571.8 and $1,333.7) | 1,639,900 | 1,422,900 |
| Common equities (cost: $1,264.1 and $1,212.3) | 5,058,500 | 4,078,000 |
| Total equity securities | 6,698,400 | 5,500,900 |
| Total investments | 51,514,100 | 47,530,300 |
| Cash and cash equivalents | 187,100 | 76,500 |
| Restricted cash and cash equivalents | 15,000 | 0 |
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 202,100 | 76,500 |
| Accrued investment income | 181,700 | 176,400 |
| Premiums receivable, net of allowance for credit losses of $280.4 and $356.2 | 9,399,500 | 8,160,100 |
| Reinsurance recoverables | 4,980,500 | 4,019,400 |
| Prepaid reinsurance premiums | 457,600 | 368,100 |
| Deferred acquisition costs | 1,355,600 | 1,237,200 |
| Property and equipment, net of accumulated depreciation of $1,407.4 and $1,291.4 | 1,137,300 | 1,106,000 |
| Goodwill | 452,700 | 452,700 |
| Intangible assets, net of accumulated amortization of $383.8 and $326.1 | 117,300 | 171,400 |
| Other assets | 1,333,900 | 800,200 |
| Total assets | 71,132,300 | 64,098,300 |
| Liabilities | ||
| Unearned premiums | 15,615,800 | 13,437,500 |
| Loss and loss adjustment expense reserves | 26,164,100 | 20,265,800 |
| Net federal deferred income taxes | 152,900 | 310,000 |
| Dividends Payable | 58,500 | 2,694,500 |
| Accounts payable, accrued expenses, and other liabilities | 6,010,600 [1] | 4,955,800 |
| Debt | 4,898,800 [2] | 5,396,100 |
| Total liabilities | 52,900,700 | 47,059,700 |
| 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 797.6 and 797.5, including treasury shares of 213.2 and 212.3) | 584,400 | 585,200 |
| Paid-in capital | 1,772,900 | 1,672,900 |
| Retained earnings | 15,339,700 | 13,354,900 |
| Accumulated other comprehensive income (loss): | ||
| Net unrealized gains (losses) on fixed-maturity securities | 56,200 | 947,300 |
| Net unrealized losses on forecasted transactions | (14,900) | (15,600) |
| Foreign currency translation adjustment | (600) | 0 |
| Total accumulated other comprehensive income (loss) | 40,700 | 931,700 |
| Total shareholders equity | 18,231,600 | 17,038,600 |
| Total liabilities and shareholders equity | 71,132,300 | 64,098,300 |
| [1] See Note 1 Reporting and Accounting Policies for Commitments and Contingencies and Note 12 Litigation for further discussion. | ||
| [2] Consists of long-term debt. See Note 4 Debt for further discussion. | ||
| External Links | |
| PROGRESSIVE CORP/OH/ (PGR) Fiscal Year 2021 | |
| 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 |