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 |
| 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 |