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: 2011 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 28, 2012) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Revenues | |||
| Net premiums earned | $ 14,902,800 | 14,314,800 | 14,012,800 |
| Investment income | 480,000 | 520,100 | 507,000 |
| Net realized gains (losses) on securities: | |||
| Other-than-temporary impairment (OTTI) losses: | |||
| Total OTTI losses | (6,000) | (19,100) | (80,900) |
| Non-credit losses, net of credit losses recognized on previously recorded non-credit OTTI losses | 500 | 5,200 | 40,100 |
| Net impairment losses recognized in earnings | (5,500) | (13,900) | (40,800) |
| Net realized gains (losses) on securities | 108,100 | 110,000 | 67,900 |
| Total net realized gains (losses) on securities | 102,600 | 96,100 | 27,100 |
| Service revenues | 22,800 | 25,900 | 16,700 |
| Net gains (losses) on extinguishment of debt | (100) | 6,400 | 0 |
| Total revenues | 15,508,100 | 14,963,300 | 14,563,600 |
| Expenses | |||
| Losses and loss adjustment expenses | 10,634,800 | 10,131,300 | 9,904,900 |
| Policy acquisition costs | 1,399,200 | 1,359,900 | 1,364,600 |
| Other underwriting expenses | 1,821,500 | 1,740,100 | 1,567,700 |
| Investment expenses | 13,500 | 11,900 | 11,100 |
| Service expenses | 19,400 | 21,400 | 19,400 |
| Interest expense | 132,700 | 133,500 | 139,000 |
| Total expenses | 14,021,100 | 13,398,100 | 13,006,700 |
| Net Income | |||
| Income before income taxes | 1,487,000 | 1,565,200 | 1,556,900 |
| Provision for income taxes | 471,500 | 496,900 | 499,400 |
| Net income | 1,015,500 | 1,068,300 | 1,057,500 |
| Other Comprehensive Income (Loss), Net of Tax | |||
| Net unrealized gains (losses) on securities: | |||
| Net non-credit related OTTI losses, adjusted for valuation changes, after tax | (3,600) | 13,900 | (15,700) |
| Other net unrealized gains (losses) on securities, after tax | (80,900) | 323,200 | 712,300 |
| Change in net unrealized gains (losses) on securities, after tax | (84,500) [1] | 337,100 | 696,600 |
| Change in net unrealized gains on forecasted transactions, after tax | (6,800) | (6,900) | (3,300) |
| Foreign currency translation adjustment, after tax | 100 | 300 | 1,400 |
| Other comprehensive income (loss), after tax | (91,200) | 330,500 | 694,700 |
| Comprehensive income | 924,300 | 1,398,800 | 1,752,200 |
| Computation of Net Income Per Share | |||
| Average shares outstanding - Basic | 632,300 | 657,900 | 666,800 |
| Net effect of dilutive stock-based compensation | 4,600 | 5,400 | 5,400 |
| Total equivalent shares - Diluted | 636,900 | 663,300 | 672,200 |
| Basic: Net income per share | 1.61 | 1.62 | 1.59 |
| Diluted: Net income per share | 1.59 | 1.61 | 1.57 |
| [1] December 31, 2009 excludes the $189.6 million ($291.8 million pretax) cumulative effect of change in accounting principle we recorded in June 2009 in accordance with the new accounting guidance for other-than-temporary impairments we adopted during the second quarter 2009. | |||
| External Links | |
| PROGRESSIVE CORP/OH/ (PGR) Fiscal Year 2011 | |
| 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 |