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: 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. | |||
| 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 |