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: 2022 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 27, 2023) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Revenues | |||
| Net premiums earned | $ 49,241,200 | 44,368,700 | 39,261,600 |
| Investment income | 1,260,300 | 860,900 | 936,600 |
| Net realized gains (losses) on securities: | |||
| Net realized gains (losses) on security sales | 196,500 | 614,300 | 914,700 |
| Net holding period gains (losses) on securities | (2,100,100) | 899,900 | 715,300 |
| Net impairment losses recognized in earnings | (8,600) | (5,000) | 0 |
| Debt and Equity Securities, Gain (Loss) | (1,912,200) | 1,509,200 | 1,630,000 |
| Fees and other revenues | 722,100 | 691,800 | 603,500 |
| Service revenues | 299,300 | 271,400 | 226,400 |
| Total revenues | 49,610,700 | 47,702,000 | 42,658,100 |
| Expenses | |||
| Losses and loss adjustment expenses | 38,122,700 | 33,627,600 | 25,121,800 |
| Policy acquisition costs | 3,917,000 | 3,712,800 | 3,273,200 |
| Other underwriting expenses | 5,859,600 | 5,654,700 | 5,570,000 |
| Policyholder credit expense | 0 | 0 | 1,077,400 |
| Investment expenses | 24,300 | 25,500 | 20,000 |
| Service expenses | 296,700 | 252,800 | 205,500 |
| Interest expense | 243,500 | 218,600 | 217,000 |
| Goodwill impairment | 224,800 [1] | 0 [1] | 0 |
| Total expenses | 48,688,600 | 43,492,000 | 35,484,900 |
| Net Income | |||
| Income before income taxes | 922,100 | 4,210,000 | 7,173,200 |
| Provision for income taxes | 200,600 | 859,100 | 1,468,600 |
| Net income | 721,500 | 3,350,900 | 5,704,600 |
| Other Comprehensive Income (Loss) | |||
| Changes in: | |||
| Total net unrealized gains (losses) on fixed-maturity securities | (2,842,500) | (891,100) | 586,500 |
| Net unrealized losses on forecasted transactions | 400 | 700 | 800 |
| Foreign currency translation adjustment | (600) | (600) | 0 |
| Other comprehensive income (loss) | (2,842,700) | (891,000) | 587,300 |
| Comprehensive income (loss) | (2,121,200) | 2,459,900 | 6,291,900 |
| Computation of Earnings Per Common Share | |||
| Net income | 721,500 | 3,350,900 | 5,704,600 |
| Less: Preferred share dividends | 26,900 | 26,900 | 26,900 |
| Net income available to common shareholders | 694,600 | 3,324,000 | 5,677,700 |
| Average common shares outstanding - Basic | 584,400 | 584,500 | 584,900 |
| Net effect of dilutive stock-based compensation | 2,700 | 2,600 | 2,700 |
| Total average equivalent common shares - Diluted | 587,100 | 587,100 | 587,600 |
| Basic: Earnings per share (usd per share) | 1.19 | 5.69 | 9.71 |
| Diluted: Earnings per share (usd per share) | 1.18 | 5.66 | 9.66 |
| [1] See Note 15 Goodwill and Intangible Assets for further discussion. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROGRESSIVE CORP/OH/ | |||
Ticker: PGR Fiscal Year: 2022 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 27, 2023) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Cash Flows From Operating Activities | |||
| Net income | $ 721,500 | 3,350,900 | 5,704,600 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 305,600 | 279,700 | 274,900 |
| Amortization of intangible assets | 31,000 | 57,700 | 56,900 |
| Net amortization (accretion) of fixed-income securities | (25,200) | 130,300 | 100,900 |
| Amortization of equity-based compensation | 122,700 | 100,700 | 89,400 |
| Net realized (gains) losses on securities | 1,912,200 | (1,509,200) | (1,630,000) |
| Net (gains) losses on disposition of property and equipment | (600) | (3,600) | 12,500 |
| Goodwill impairment | 224,800 [1] | 0 [1] | 0 |
| Changes in: | |||
| Premiums receivable | (1,017,400) | (1,146,800) | (652,800) |
| Reinsurance recoverables | (851,600) | (508,700) | (640,500) |
| Prepaid reinsurance premiums | 162,100 | (74,900) | 258,400 |
| Deferred acquisition costs | (188,800) | (118,400) | (180,700) |
| Income taxes | (515,300) | (86,000) | (23,100) |
| Unearned premiums | 1,677,800 | 2,111,400 | 1,048,700 |
| Loss and loss adjustment expense reserves | 4,195,200 | 4,752,800 | 2,160,400 |
| Accounts payable, accrued expenses, and other liabilities | 199,500 | 399,700 | 328,900 |
| Other, net | (104,700) | 26,100 | (2,900) |
| Net cash provided by operating activities | 6,848,800 | 7,761,700 | 6,905,600 |
| Cash Flows From Investing Activities | |||
| Purchases: | |||
| Fixed maturities | (26,510,400) | (33,177,500) | (32,037,500) |
| Equity securities | (158,100) | (838,100) | (951,200) |
| Sales: | |||
| Fixed maturities | 14,055,200 | 18,965,200 | 22,727,200 |
| Equity securities | 1,496,100 | 780,600 | 431,800 |
| Maturities, paydowns, calls, and other: | |||
| Fixed maturities | 5,380,300 | 7,013,800 | 7,109,400 |
| Equity securities | 83,600 | 223,100 | 113,800 |
| Net (purchases) sales of short-term investments | (1,868,200) | 4,355,700 | (3,393,200) |
| Net change in unsettled security transactions | (177,800) | 47,900 | 83,600 |
| Acquisition of Protective Insurance Corporation, net of cash, cash equivalents, and restricted cash equivalents acquired | 0 | (313,200) | 0 |
| Purchases of property and equipment | (292,000) | (243,500) | (223,500) |
| Sales of property and equipment | 35,100 | 66,200 | 21,900 |
| Net cash used in investing activities | (7,956,200) | (3,119,800) | (6,117,700) |
| Cash Flows From Financing Activities | |||
| Dividends paid to common shareholders | (234,000) | (3,746,500) | (1,551,000) [2] |
| Dividends paid to preferred shareholders | (26,800) | (26,800) | (26,800) |
| Acquisition of treasury shares for restricted stock tax liabilities | (76,700) | (67,200) | (68,700) |
| Acquisition of treasury shares acquired in open market | (22,300) | (155,800) | (42,900) |
| Net proceeds from debt issuance | 1,486,000 | 0 | 986,300 |
| Payment of acquired company debt | 0 | (20,000) | 0 |
| Payments of debt | 0 | (500,000) | 0 |
| Acquisition of additional shares of ARX Holding Corp. | 0 | 0 | (243,000) |
| Proceeds from exercise of equity options | 0 | 0 | 7,300 |
| Net cash provided by (used in) financing activities | 1,126,200 | (4,516,300) | (938,800) |
| Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | 18,800 | 125,600 | (150,900) |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of year | 202,100 | 76,500 | |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of year | 220,900 | 202,100 | 76,500 |
| [2] See Note 14 Dividends for further discussion. | |||
| [1] See Note 15 Goodwill and Intangible Assets for further discussion. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROGRESSIVE CORP/OH/ | ||
Ticker: PGR Fiscal Year: 2022 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2022 10-K (Filed: Feb 27, 2023) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2022 | Dec 31, 2021 | |
| Assets | ||
| Available-for-sale securities, at fair value: | ||
| Fixed maturities (amortized cost: $50,264.0 and $43,794.2) | $ 46,651,900 | 43,873,100 |
| Short-term investments (amortized cost: $2,861.7 and $942.6) | 2,861,700 | 942,600 |
| Total available-for-sale securities | 49,513,600 | 44,815,700 |
| Equity securities, at fair value: | ||
| Nonredeemable preferred stocks (cost: $1,364.2 and $1,571.8) | 1,213,200 | 1,639,900 |
| Common equities (cost: $826.1 and $1,264.1) | 2,821,500 | 5,058,500 |
| Total equity securities | 4,034,700 | 6,698,400 |
| Total investments | 53,548,300 | 51,514,100 |
| Cash and cash equivalents | 203,500 | 187,100 |
| Restricted cash and cash equivalents | 17,400 | 15,000 |
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 220,900 | 202,100 |
| Accrued investment income | 282,500 | 181,700 |
| Premiums receivable, net of allowance for credit losses of $343.3 and $280.4 | 10,416,900 | 9,399,500 |
| Reinsurance recoverables | 5,832,100 | 4,980,500 |
| Prepaid reinsurance premiums | 295,500 | 457,600 |
| Deferred acquisition costs | 1,544,400 | 1,355,600 |
| Property and equipment, net of accumulated depreciation of $1,551.1 and $1,407.4 | 1,034,000 | 1,137,300 |
| Goodwill | 227,900 | 452,700 |
| Intangible assets, net of accumulated amortization of $158.6 and $383.8 | 86,300 | 117,300 |
| Net federal deferred income taxes | 1,131,500 | 0 |
| Other assets | 844,700 | 1,333,900 |
| Total assets | 75,465,000 | 71,132,300 |
| Liabilities | ||
| Unearned premiums | 17,293,600 | 15,615,800 |
| Loss and loss adjustment expense reserves | 30,359,300 | 26,164,100 |
| Net federal deferred income taxes | 0 | 152,900 |
| Accounts payable, accrued expenses, and other liabilities | 5,532,800 | 6,069,100 [1] |
| Debt | 6,388,300 | 4,898,800 |
| Total liabilities | 59,574,000 | 52,900,700 |
| 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, including treasury shares of 212.7 and 213.2) | 584,900 | 584,400 |
| Paid-in capital | 1,893,000 | 1,772,900 |
| Retained earnings | 15,721,200 | 15,339,700 |
| Accumulated other comprehensive income (loss): | ||
| Net unrealized gains (losses) on fixed-maturity securities | (2,786,300) | 56,200 |
| Net unrealized losses on forecasted transactions | (14,500) | (14,900) |
| Foreign currency translation adjustment | (1,200) | (600) |
| Total accumulated other comprehensive income (loss) | (2,802,000) | 40,700 |
| Total shareholders equity | 15,891,000 | 18,231,600 |
| Total liabilities and shareholders equity | 75,465,000 | 71,132,300 |
| [1] See Note 1 Reporting and Accounting Policies for Commitments and Contingencies and Note 12 Litigation for further discussion. | ||
| External Links | |
| PROGRESSIVE CORP/OH/ (PGR) Fiscal Year 2022 | |
| 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 |