10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
| ||||||||||||||
|
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROGRESSIVE CORP/OH/ | |||
Ticker: PGR Fiscal Year: 2019 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2019 10-K (Filed: Mar 2, 2020) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Revenues | |||
| Net premiums earned | $ 36,192,400 | 30,933,300 | 25,729,900 |
| Investment income | 1,042,000 | 820,500 | 563,100 |
| Net realized gains (losses) on securities: | |||
| Net realized gains (losses) on security sales | 334,600 | 170,700 | |
| Net holding period gains (losses) on securities | 757,900 | (507,900) | |
| Net impairment losses recognized in earnings | (63,300) | (68,300) | (64,500) |
| Total net realized gains (losses) on securities | 1,029,200 | (405,500) | |
| Net realized gains (losses) on security sales | 115,700 | ||
| Net holding period gains (losses) on securities | (1,600) | ||
| Total net realized gains (losses) on securities | 49,600 | ||
| Fees and other revenues | 563,700 | 472,200 | 370,600 |
| Service revenues | 195,000 | 158,500 | 126,800 |
| Other gains (losses) | 0 | 0 | (1,000) |
| Total revenues | 39,022,300 | 31,979,000 | 26,839,000 |
| Expenses | |||
| Losses and loss adjustment expenses | 25,470,500 | 21,721,000 | 18,808,000 |
| Policy acquisition costs | 3,023,200 | 2,573,700 | 2,124,900 |
| Other underwriting expenses | 4,975,100 | 4,195,800 | 3,480,700 |
| Investment expenses | 24,600 | 24,300 | 23,900 |
| Service expenses | 178,900 | 134,100 | 109,500 |
| Interest expense | 189,700 | 166,500 | 153,100 |
| Total expenses | 33,862,000 | 28,815,400 | 24,700,100 |
| Net Income | |||
| Income before income taxes | 5,160,300 | 3,163,600 | 2,138,900 |
| Provision for income taxes | 1,180,300 | 542,600 | 540,800 |
| Net income | 3,980,000 | 2,621,000 | 1,598,100 |
| Net (income) loss attributable to noncontrolling interest (NCI) | (9,700) | (5,700) | (5,900) |
| Net income attributable to Progressive | 3,970,300 | 2,615,300 | 1,592,200 |
| Other Comprehensive Income (Loss) | |||
| Changes in: | |||
| Total net unrealized gains (losses) on fixed-maturity securities | 466,400 | (99,300) | 355,400 |
| Net unrealized losses on forecasted transactions | 800 | 800 | (5,400) |
| Foreign currency translation adjustment | 0 | 0 | 1,100 |
| Other comprehensive income (loss) | 467,200 | (98,500) | 351,100 |
| Other comprehensive (income) loss attributable to NCI | (4,600) | 3,300 | (2,300) |
| Comprehensive income attributable to Progressive | 4,432,900 | 2,520,100 | 1,941,000 |
| Computation of Earnings Per Common Share | |||
| Net income attributable to Progressive | 3,970,300 | 2,615,300 | 1,592,200 |
| Less: Preferred share dividends | 26,900 | 21,400 | 0 |
| Net income available to common shareholders | 3,943,400 | 2,593,900 | 1,592,200 |
| Average common shares outstanding - Basic | 583,800 | 582,400 | 580,800 |
| Net effect of dilutive stock-based compensation | 3,400 | 4,300 | 4,900 |
| Total average equivalent common shares - Diluted | 587,200 | 586,700 | 585,700 |
| Basic: Earnings per share (usd per share) | 6.75 | 4.45 | 2.74 |
| Diluted: Earnings per share (usd per share) | 6.72 | 4.42 | 2.72 |
| External Links | |
| PROGRESSIVE CORP/OH/ (PGR) Fiscal Year 2019 | |
| 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 |