XML 17 R2.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Comprehensive Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Net premiums earned $ 9,648.6 $ 8,824.7 $ 19,079.3 $ 17,284.5
Investment income 243.8 261.3 485.0 514.2
Net realized gains (losses) on securities:        
Net realized gains (losses) on security sales 260.0 67.5 575.2 113.6
Net holding period gains (losses) on securities 630.8 112.4 (238.0) 505.1
Net impairment losses recognized in earnings 0.0 0.0 0.0 (24.3)
Total net realized gains (losses) on securities 890.8 179.9 337.2 594.4
Fees and other revenues 129.5 134.8 283.0 265.0
Service revenues 59.0 50.0 110.6 92.6
Total revenues 10,971.7 9,450.7 20,295.1 18,750.7
Expenses        
Losses and loss adjustment expenses 5,321.4 6,138.1 11,476.6 11,897.1
Policy acquisition costs 795.5 738.6 1,578.3 1,449.2
Other underwriting expenses 1,438.9 1,231.5 2,848.8 2,402.7
Policyholder credit expense 1,033.4 0.0 1,033.4 0.0
Investment expenses 4.5 6.2 9.8 12.4
Service expenses 52.8 45.3 100.3 83.4
Interest expense 56.4 47.4 104.4 94.8
Total expenses 8,702.9 8,207.1 17,151.6 15,939.6
Net Income        
Income before income taxes 2,268.8 1,243.6 3,143.5 2,811.1
Provision for income taxes 478.4 264.6 654.0 749.3
Net income 1,790.4 979.0 2,489.5 2,061.8
Net (income) loss attributable to noncontrolling interest (NCI) 0.0 0.4 0.0 (4.0)
Net income attributable to Progressive 1,790.4 979.4 2,489.5 2,057.8
Other Comprehensive Income (Loss)        
Total net unrealized gains (losses) on fixed-maturity securities 567.4 277.4 630.2 578.5
Net unrealized losses on forecasted transactions 0.2 0.2 0.4 0.4
Other comprehensive income (loss) 567.6 277.6 630.6 578.9
Other comprehensive (income) loss attributable to NCI 0.0 (2.6) 0.0 (4.9)
Comprehensive income attributable to Progressive 2,358.0 1,254.4 3,120.1 2,631.8
Computation of Earnings Per Common Share        
Net income attributable to Progressive 1,790.4 979.4 2,489.5 2,057.8
Less: Preferred share dividends 6.7 6.7 13.4 13.4
Net income available to common shareholders $ 1,783.7 $ 972.7 $ 2,476.1 $ 2,044.4
Average common shares outstanding - Basic 584.8 583.6 584.8 583.5
Net effect of dilutive stock-based compensation 2.4 3.3 2.3 3.2
Total average equivalent common shares - Diluted 587.2 586.9 587.1 586.7
Basic: Earnings per common share $ 3.05 $ 1.67 $ 4.23 $ 3.50
Diluted: Earnings per common share $ 3.04 $ 1.66 $ 4.22 $ 3.48