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: 2013 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 26, 2014) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Revenues | |||
| Net premiums earned | $ 17,103,400 | 16,018,000 | 14,902,800 |
| Investment income | 422,000 | 443,000 | 480,000 |
| Net realized gains (losses) on securities: | |||
| Other-than-temporary impairment (OTTI) losses: | |||
| Total OTTI losses | (6,000) | (7,300) | (6,000) |
| Non-credit losses, net of credit losses recognized on previously recorded non-credit OTTI losses | (100) | (700) | 500 |
| Net impairment losses recognized in earnings | (6,100) | (8,000) | (5,500) |
| Net realized gains (losses) on securities | 324,500 | 314,800 | 108,100 |
| Total net realized gains (losses) on securities | 318,400 | 306,800 | 102,600 |
| Fees and other revenues | 291,800 | 281,800 | 266,500 |
| Service revenues | 39,600 | 36,100 | 22,800 |
| Gains (losses) on extinguishment of debt | (4,300) | (1,800) | (100) |
| Total revenues | 18,170,900 | 17,083,900 | 15,774,600 |
| Expenses | |||
| Losses and loss adjustment expenses | 12,472,400 | 11,948,000 | 10,634,800 |
| Policy acquisition costs | 1,451,800 | 1,436,600 | 1,399,200 |
| Other underwriting expenses | 2,350,900 | 2,206,300 | 2,088,000 |
| Investment expenses | 18,800 | 15,400 | 13,500 |
| Service expenses | 38,800 | 36,100 | 19,400 |
| Interest expense | 118,200 | 123,800 | 132,700 |
| Total expenses | 16,450,900 | 15,766,200 | 14,287,600 |
| Net Income | |||
| Income before income taxes | 1,720,000 | 1,317,700 | 1,487,000 |
| Provision for income taxes | 554,600 | 415,400 | 471,500 |
| Net income | 1,165,400 | 902,300 | 1,015,500 |
| Other Comprehensive Income (Loss), Net of Tax: | |||
| Net unrealized gains (losses) on securities: | |||
| Net non-credit related OTTI losses, adjusted for valuation changes | 300 | 5,100 | (3,600) |
| Other net unrealized gains (losses) on securities | 84,000 | 174,800 | (80,900) |
| Total net unrealized gains (losses) on securities | 84,300 | 179,900 | (84,500) |
| Net unrealized gains on forecasted transactions | (2,000) | (1,800) | (6,800) |
| Foreign currency translation adjustment | (1,600) | 400 | 100 |
| Other comprehensive income (loss) | 80,700 | 178,500 | (91,200) |
| Comprehensive income | 1,246,100 | 1,080,800 | 924,300 |
| Computation of Net Income Per Share | |||
| Average shares outstanding - Basic (shares) | 599,100 | 603,300 | 632,300 |
| Net effect of dilutive stock-based compensation (shares) | 4,500 | 4,500 | 4,600 |
| Total equivalent shares - Diluted (shares) | 603,600 | 607,800 | 636,900 |
| Basic: Net income per share (USD per share) | 1.95 | 1.50 | 1.61 |
| Diluted: Net income per share (USD per share) | 1.93 | 1.48 | 1.59 |
| External Links | |
| PROGRESSIVE CORP/OH/ (PGR) Fiscal Year 2013 | |
| 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 |