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Consolidated Statements of Comprehensive Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues        
Net premiums earned $ 10,982.3 $ 9,648.6 $ 21,402.5 $ 19,079.3
Investment income 210.7 243.8 430.9 485.0
Net realized gains (losses) on securities:        
Net realized gains (losses) on security sales 410.1 260.0 553.9 575.2
Net holding period gains (losses) on securities 54.2 630.8 495.7 (238.0)
Net impairment losses recognized in earnings (2.5) 0.0 (2.5) 0.0
Total net realized gains (losses) on securities 461.8 890.8 1,047.1 337.2
Fees and other revenues 176.2 129.5 341.9 283.0
Service revenues 74.5 59.0 128.3 110.6
Total revenues 11,905.5 10,971.7 23,350.7 20,295.1
Expenses        
Losses and loss adjustment expenses 8,406.4 5,321.4 15,516.9 11,476.6
Policy acquisition costs 928.8 795.5 1,803.2 1,578.3
Other underwriting expenses 1,440.5 1,438.9 2,921.6 2,848.8
Policyholder credit expense 0.0 1,033.4 0.0 1,033.4
Investment expenses 6.3 4.5 11.9 9.8
Service expenses 67.9 52.8 117.2 100.3
Interest expense 56.4 56.4 112.8 104.4
Total expenses 10,906.3 8,702.9 20,483.6 17,151.6
Net Income        
Income before income taxes 999.2 2,268.8 2,867.1 3,143.5
Provision for income taxes 209.1 478.4 597.0 654.0
Net income 790.1 1,790.4 2,270.1 2,489.5
Other Comprehensive Income (Loss)        
Total net unrealized gains (losses) on fixed-maturity securities 91.1 567.4 (448.5) 630.2
Net unrealized losses on forecasted transactions 0.3 0.2 0.5 0.4
Foreign currency translation adjustment (0.5) 0.0 (0.5) 0.0
Other comprehensive income (loss) 90.9 567.6 (448.5) 630.6
Comprehensive income 881.0 2,358.0 1,821.6 3,120.1
Net income attributable to Progressive 790.1 1,790.4 2,270.1 2,489.5
Computation of Earnings Per Common Share        
Net income attributable to Progressive 790.1 1,790.4 2,270.1 2,489.5
Less: Preferred share dividends 6.7 6.7 13.4 13.4
Net income available to common shareholders $ 783.4 $ 1,783.7 $ 2,256.7 $ 2,476.1
Average common shares outstanding - Basic 584.6 584.8 584.7 584.8
Net effect of dilutive stock-based compensation 2.2 2.4 2.1 2.3
Total average equivalent common shares - Diluted 586.8 587.2 586.8 587.1
Basic: Earnings per common share $ 1.34 $ 3.05 $ 3.86 $ 4.23
Diluted: Earnings per common share $ 1.34 $ 3.04 $ 3.85 $ 4.22