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PROGRESSIVE COR   FYE=12 (December)

Annual - Income Statement - Standardized

Fiscal period2018201720162015201420132012201120102009
Period End Date12/31/201812/31/201712/31/201612/31/201512/31/201412/31/201312/31/201212/31/201112/31/201012/31/2009
  Gross Premiums Written30,933.3025,729.9022,474.0019,899.1018,398.5017,317.9016,207.6015,107.5014,519.2014,199.40
  Less Increase In Unearned Premiums--------------------
  Less Reinsurance Ceded----------214.50189.60204.70204.40186.60
  Net Premiums Earned30,933.3025,729.9022,474.0019,899.1018,398.5017,103.4016,018.0014,902.8014,314.8014,012.80
 Policy Revenues and Benefits--------------------
 Realized Investment Gains/Income (Losses)(405.50)49.6051.10112.70224.20318.40306.80102.6096.1027.10
 Interest and Dividend Income--------------------
 Investment Income - Net of Related Expenses820.50563.10478.90454.60408.40422.00443.00480.00520.10507.00
 Commissions, Asset Management & Investment Advisory Fees--------------------
 Other Revenues630.70496.40437.40387.40360.30327.10316.10289.20284.5016.70
 Total Revenues31,979.0026,839.0023,441.4020,853.8019,391.4018,170.9017,083.9015,774.6015,215.5014,563.60
 Benefits to Policyholders and Claims--------------------
 Loss and Loss Expenses21,721.0018,808.0016,879.6014,342.0013,306.2012,472.4011,948.0010,634.8010,131.309,904.90
 Less Reinsurance Recoverable--------------------
 Underwriting Losses - Total21,721.0018,808.0016,879.6014,342.0013,306.2012,472.4011,948.0010,634.8010,131.309,904.90
 Interest Credited to Contractholders Funds--------------------
 Policy Acquisition/Underwriting Costs6,769.505,605.604,835.804,363.903,991.103,802.703,642.903,487.203,352.202,932.30
 Amortization of Deferred Policy Acquisition Costs--------------------
 Dividends paid to Policyholders--------------------
  Depreciation--------------------
  Depreciation & Amortization--------------------
  Goodwill Amortization--------------------
  Amortization of Intangibles--------------------
  Amortization of Deferred Charges--------------------
  Total Depreciation & Amortization--------------------
 Loss on Impairment of Goodwill--------------------
 Interest Expense - Operating--------------------
 Interest/Investment Income - Operating--------------------
  Salaries, Compensation & Labor Expense--------------------
  Stock-Based Compensation Expense--------------------
  Selling, General & Administrative Expenses--------------------
  Advertising Expense--------------------
  Total Selling, General & Administrative Expenses--------------------
 Reinsurance Income or Expense--------------------
 Restructuring and Other Corporate Actions--------------------
 Operating Income (Expense) - Other--------------------
 Total Operating Expense28,490.5024,413.6021,715.4018,705.9017,297.3016,275.1015,590.9014,122.0013,483.5012,837.20
Operating Income3,488.502,425.401,726.002,147.902,094.101,895.801,493.001,652.601,732.001,726.40
 Interest Expense - Non-Operating166.50153.10140.90136.00116.90118.20123.80132.70133.50139.00
 Special & Unusual Charges--------------------
 Restructuring Charges--------------------
 Gain (Loss) From Sale of Assets--------------------
 Dividends of Subsidiary--------------------
 Income (Loss) from Equity Investments--------------------
 Pre-Tax Minority Interest--------------------
 Non-Operating Income (Expense) - Other(158.40)(133.40)(114.40)(100.30)(69.80)(57.60)(51.50)(32.90)(33.30)(30.50)
 Total Non-Operating Income/Expense(324.90)(286.50)(255.30)(236.30)(186.70)(175.80)(175.30)(165.60)(166.80)(169.50)
Pre-Tax Income3,163.602,138.901,470.701,911.601,907.401,720.001,317.701,487.001,565.201,556.90
 Income Tax Credits--------------------
 Deferred Taxes - Total--------------------
 Income Taxes (Federal)--------------------
 Income Taxes (State)--------------------
 Income Taxes (Foreign)--------------------
 Provision for Income Taxes - Total542.60540.80413.50611.10626.40554.60415.40471.50496.90499.40
Income After Tax2,621.001,598.101,057.201,300.501,281.001,165.40902.301,015.501,068.301,057.50
Minority Interest--------------------
Equity in Earnings of Subsidiary--------------------
Investment Gains (Losses)--------------------
Other Income--------------------
Income from Continuing Operations2,621.001,598.101,057.201,300.501,281.001,165.40902.301,015.501,068.301,057.50
Income from Discontinued Operations--------------------
Income Before Extraordinary Income & Accounting Change2,621.001,598.101,057.201,300.501,281.001,165.40902.301,015.501,068.301,057.50
Extraordinary Income (Loss)--------------------
Cumulative Effect of Accounting Change--------------------
Consolidated Net Income (Loss)2,621.001,598.101,057.201,300.501,281.001,165.40902.301,015.501,068.301,057.50
Non-Controlling Interest5.705.9026.2032.900.000.00--------
Net Income (Loss) Attributable to Parent Company2,615.301,592.201,031.001,267.601,281.001,165.40902.301,015.501,068.301,057.50
Preferred Stock Dividend & Other Adjustments21.400.000.00------0.00--0.00--
Net Income (Loss) Available to Common Shareholders2,593.901,592.201,031.001,267.601,281.001,165.40902.301,015.501,068.301,057.50
Earnings Per Share (Basic) - Cont Ops4.502.751.822.222.171.951.501.611.621.59
Earnings Per Share (Basic) - Disc Ops--------------------
Earnings Per Share (Basic) - Acc Change--------------------
Earnings Per Share (Basic) - Extras--------------------
Earnings Per Share (Basic) - Excluding Extraordinary Items4.502.751.822.222.171.951.501.611.621.59
Earnings Per Share (Basic) - Stock-Based Compensation Expense--------------------
Earnings Per Share (Basic) - Consolidated4.502.751.822.222.171.951.501.611.621.59
Earnings Per Share (Basic) - Parent Company4.492.741.772.162.171.951.501.611.621.59
Net Earnings Per Share (Basic)4.452.741.772.162.171.951.501.611.621.59
Earnings Per Share (Diluted) - Cont Ops4.472.731.812.212.151.931.481.591.611.57
Earnings Per Share (Diluted) - Disc Ops--------------------
Earnings Per Share (Diluted) - Acc Change--------------------
Earnings Per Share (Diluted) - Extras--------------------
Earnings Per Share (Diluted) - Excluding Extraordinary Items4.472.731.812.212.151.931.481.591.611.57
Earnings Per Share (Diluted) - Stock-Based Compensation Expense--------------------
Earnings Per Share (Diluted) - Consolidated4.472.731.812.212.151.931.481.591.611.57
Earnings Per Share (Diluted) - Parent Company4.462.721.762.152.151.931.481.591.611.57
Net Earnings Per Share (Diluted)4.422.721.762.152.151.931.481.591.611.57
Dilution Factor(0.69)0.90(1.40)(0.82)(2.18)(0.45)(2.76)(2.83)(0.39)(2.15)
Weighted Average Shares Outstanding (Basic)582.40580.80581.70585.50590.60599.10603.30632.30657.90666.80
Weighted Average Shares Outstanding (Diluted)586.70585.70585.00589.20594.80603.60607.80636.90663.30672.20
Normalized Pre-Tax Income3,163.602,138.901,470.701,911.601,907.401,720.001,317.701,487.001,565.201,556.90
Normalized Income After Tax2,621.001,598.101,057.201,300.501,281.001,165.40902.301,015.501,068.301,057.50
EBITDA3,785.202,747.702,002.702,396.802,269.402,131.101,774.101,974.102,044.302,044.50
EBIT3,488.502,425.401,726.002,147.902,094.101,895.801,493.001,652.601,732.001,726.40