Third Quarter 2024 Shareholder Report
2024 THIRD QUARTER REPORT
|
||||||||||||
Financial Highlights |
||||||||||||
Nine Months Ended |
||||||||||||
|
Years Ended |
|||||||||||
(billions - except per share amounts) |
||||||||||||
2024 |
2023 |
2023 |
2022 |
2021 |
2020 |
|||||||
Net premiums written |
$ |
56.3 |
$ |
46.4 |
$ |
61.6 |
$ |
51.1 |
$ |
46.4 |
$ |
40.6 |
Growth over prior period |
21 % |
20 % |
20 % |
10 % |
14 % |
8 % |
||||||
Net premiums earned |
$ |
51.7 |
$ |
42.9 |
$ |
58.7 |
$ |
49.2 |
$ |
44.4 |
$ |
39.3 |
Growth over prior period |
20 % |
18 % |
19 % |
11 % |
13 % |
8 % |
||||||
Total revenues |
$ |
55.1 |
$ |
45.2 |
$ |
62.1 |
$ |
49.6 |
$ |
47.7 |
$ |
42.7 |
Net income |
$ |
6.12 |
$ |
1.91 |
$ |
3.90 |
$ |
0.72 |
$ |
3.35 |
$ |
5.70 |
Per common share |
$ |
10.39 |
$ |
3.21 |
$ |
6.58 |
$ |
1.18 |
$ |
5.66 |
$ |
9.66 |
Underwriting margin |
10.9 % |
2.8 % |
5.1 % |
4.2 % |
4.7 % |
12.3 % |
(billions - except shares outstanding, per share amounts, and policies in force)
At Period-End |
||||||||||||||||
Common shares outstanding (millions) |
585.8 |
585.0 |
585.3 |
584.9 |
584.4 |
585.2 |
||||||||||
Book value per common share |
$ |
46.36 |
$ |
28.89 |
$ |
33.80 |
$ |
26.32 |
$ |
30.35 |
$ |
28.27 |
||||
Consolidated shareholders' equity |
$ |
27.2 |
$ |
17.4 |
$ |
20.3 |
$ |
15.9 |
$ |
18.2 |
$ |
17.0 |
||||
Common share close price |
$ |
253.76 |
$ |
139.30 |
$ |
159.28 |
$ |
129.71 |
$ |
102.65 |
$ |
98.88 |
||||
Market capitalization |
$ |
148.7 |
$ |
81.5 |
$ |
93.2 |
$ |
75.9 |
$ |
60.0 |
$ |
57.9 |
||||
Retuon average common shareholders' equity - trailing 12 |
||||||||||||||||
months |
||||||||||||||||
Net income |
37.5 % |
16.8 % |
22.9 % |
4.4 % |
18.6 % |
35.6 % |
||||||||||
Comprehensive income (loss) |
50.9 % |
17.4 % |
30.0 % |
(13.5)% |
13.6 % |
39.3 % |
||||||||||
Policies in force (thousands) |
||||||||||||||||
Personal Lines |
||||||||||||||||
Agency - auto |
9,415.6 |
8,363.3 |
8,335.5 |
7,766.3 |
7,879.0 |
7,617.0 |
||||||||||
Direct - auto |
13,387.9 |
11,154.3 |
11,190.4 |
10,131.0 |
9,568.2 |
8,881.4 |
||||||||||
Special lines |
6,475.0 |
5,956.2 |
5,968.6 |
5,558.1 |
5,288.5 |
4,915.1 |
||||||||||
Total Personal Lines |
29,278.5 |
25,473.8 |
25,494.5 |
23,455.4 |
22,735.7 |
21,413.5 |
||||||||||
Growth over prior period |
15 % |
11 % |
9 % |
3 % |
6 % |
10 % |
||||||||||
Commercial Lines |
1,130.5 |
1,110.3 |
1,098.5 |
1,046.4 |
971.2 |
822.0 |
||||||||||
Growth over prior period |
2 % |
7 % |
5 % |
8 % |
18 % |
9 % |
||||||||||
Property |
3,459.6 |
3,025.2 |
3,096.5 |
2,851.3 |
2,776.2 |
2,484.4 |
||||||||||
Growth over prior period |
14 % |
7 % |
9 % |
3 % |
12 % |
13 % |
||||||||||
Companywide total |
33,868.6 |
29,609.3 |
29,689.5 |
27,353.1 |
26,483.1 |
24,719.9 |
||||||||||
Growth over prior period |
14 % |
10 % |
9 % |
3 % |
7 % |
11 % |
||||||||||
Private passenger auto insurance market1 |
||||||||||||| |
||||||||||||| |
$ |
306.5 |
$ |
268.0 |
$ |
252.9 |
$ |
243.7 |
||||||
Market share2 |
||||||||||||| |
||||||||||||| |
15.6 |
% |
14.4 |
% |
14.1 |
% |
13.5 |
% |
||||||
Stock Price Appreciation (Depreciation)3 |
||||||||||||||||
Progressive |
60.3 % |
7.6 % |
23.2 % |
26.8 % |
10.8 % |
41.4 % |
||||||||||
S&P 500 |
22.1 % |
13.1 % |
26.3 % |
(18.1)% |
28.7 % |
18.3 % |
- Represents net premiums written as reported by
A.M. Best Company, Inc.
- Represents Progressive's private passenger auto business, including motorcycle insurance, as a percent of the private passenger auto insurance market.
- Represents average compounded rate of increase (decrease) and assumes dividend reinvestment.
1
Exhibit 99
Letter to Shareholders
Third Quarter 2024
Well, we almost made it through the third quarter unscathed by extreme weather, but Helene had other plans. Helene, which was the eighth named storm of the season, made landfall as a powerful category 4 hurricane and wreaked havoc across
Even with the volatile weather we experienced during the third quarter, we had very strong growth and profitability. We grew net premiums written (NPW) 25% at a CR of 89.0. These stellar results reflected the actions that we took, primarily during 2023, to get the right rates on the street, so that we could ramp up our growth machine. It's working! We have nearly 4.2 million more policies in force (PIF) companywide than we did at the end of 2023.
The Personal Lines side of the business recorded
Despite the catastrophic devastation of Hurricane Helene, our Personal Lines profit for the quarter remained strong. Our CR for the third quarter 2024 was 89.6, with Hurricane Helene contributing 2.6 points. We also experienced favorable loss trends with lower frequency for non-CAT claims consistent with prior quarters. We continue to monitor loss trends to help us remain rate adequate as we strive to offer stable rates to our customers. Operationally, we remain focused on efficiency and, as a result, our non-acquisition expense ratio was down 0.4 points on a year- over-year basis for the first nine months of 2024.
While profitability remained strong, we continued to focus on driving growth. With rate adequacy in most states, we continued to lift underwriting and verification restrictions put in place in 2023. We increased our advertising spend in the third quarter, above what we have spent in previous quarters, and continued to leverage our agent compensation programs to ensure we drive consideration and reward agents for writing profitable business. As a result of these actions, during the third quarter, both our
On the product side, at the end of the third quarter, there were 14 states on our latest auto product model 8.9. Those states represent about 35% of auto policies in force and 32% of our trailing 12-month personal auto written premiums. The 19 states on model 8.8 represented about one-third of personal auto policies in force and trailing 12- month written premiums at quarter end.
For the third quarter, the Commercial Lines business grew NPW 7% at an 88.7 CR. New business growth was strong during the quarter, primarily due to an increase in quote volume in our business auto and contractor business market targets (BMT) and improved conversion in all of our BMTs, other than for-hire transportation, which continued to be impacted by the economy. While our retention is still down on a year-over-year basis, we saw early signs of improvement during the third quarter 2024. We believe we are well positioned following our early and decisive rate and underwriting actions taken in 2023, to see further growth as competitors continued to increase rates during the third quarter 2024.
Commercial Lines strong profitability during the quarter was 10.4 points better than the third quarter 2023, and reflected rate increases and underwriting actions across all BMTs. In addition, we continue to be optimistic about the performance of our transportation network company (TNC) profitability following rate actions taken on this product.
Improved commercial auto price segmentation and more competitive rates for the best risks are being rolled out with our 8.2 product model. At the end of the third quarter, we had nine states on this model, and currently we are on pace to have it rolled out by the end of 2024 to states that represent about 50% of our non-TNC commercial auto written premiums.
2
Our business owners' policy (BOP) is operating in 46 states and continued to perform in line with our expectations for this line of business during the quarter. As this business matures, our top priority remains earning an acceptable underwriting profit consistent with our targets and we plan to make quick rate level and underwriting adjustments as needed in response to changes in loss trends or market conditions. Our newest BOP product model is deployed in 24 states that represented nearly 80% of the trailing 12-month countrywide BOP written premiums at quarter end.
During the third quarter, the Commercial Lines business group gave back to our communities and supported small business owners by helping them move forward in achieving their goals. Progressive kicked off its 2024 Keys to Progress® veteran vehicle giveaway program and celebrated National Trucker Appreciation Day in September by honoring a deserving veteran and passionate truck driver with the keys to a 2022 Freightliner Cascadia. In addition, through our Driving Small Business Forward grant program, we awarded
Our Property business continued to grow PIFs and premiums during the third quarter. We ended the quarter with over 3.4 million PIFs, an increase of 14% year over year, which was due in large part to a significant increase in our renters policies in force. Net premiums written were up 9%, compared to the third quarter 2023, and primarily reflected growth in less volatile weather states as we continued to execute on our strategies to balance our geographic footprint to regions that typically experience less volatile weather.
For the third quarter 2024, our Property CR was excellent at 78.5, which included 7.5 points of catastrophe losses during the quarter. Although Hurricane Helene contributed 21 loss ratio points during the quarter, these losses were offset by nearly 30 points of favorable development on storms from the first half of the year.
As we focus on efforts to shift our geographic mix in Property, we continue to increase rates to address short- and long-term profitability. In the third quarter 2024, we increased rates 6% across the Property portfolio, bringing the trailing four quarters to aggregate rate increases of about 20%. We also continued our focus on advancing segmentation through the roll out of our newest product model 5.0, elevating seven more states during the third quarter, which brought the total to 15 states. Those states represented about 45% of our Property's homeowners product trailing 12-month written premiums at quarter end.
In the third quarter 2024, our investment portfolio saw a retuof 4.0%. In response to the reduction of inflation over the last twelve months, the
As we enter the final quarter of 2024, our capital is in a very strong position. The combination of our recent operating and investing results has provided more than enough capital to fund the rapid growth in our premiums. Our debt-to-total capital ratio has fallen to 20.2%, which is significantly below the goal we set for ourselves of maintaining debt below 30% of total capital at book value. We have no debt maturities until 2027.
I began this letter by saying we almost avoided extreme weather in the third quarter. So far, early into the fourth quarter we have not been that lucky. On
With all of the devastation from the recent weather events, I thought I would wrap up this letter with some positive stories that perfectly highlight our special culture. These stories bring me so much pride and clearly help define how
3
our employees carry our company purpose of helping others move forward and live fully into their lives outside of work, impacting their communities in ways big and small. I hear stories like the ones below every day.
In a chance meeting, claims employee Tonya from
"A few months back, I was in a drive-thru getting fried chicken for lunch on a Saturday. A worker at the restaurant saw my Progressive shirt and said she'd recently hit a deer and her insurer sent her a non-renewal letter. She'd recently lost her mother, who set all her bills up for her, and she honestly didn't know what to do next. She asked if I could help her get insurance. I told her that I don't sell insurance, but I'd be happy to walk her through how to go online and get a quote. I came back to the restaurant after she got off work at
Another claims employee, Ryan from
"I was driving home in my Progressive-branded vehicle when I noticed a car stalled in the middle of a busy intersection. Without hesitation, I pulled into the median to assist. The driver explained she had run out of gas. After safely moving her vehicle to the side, I quickly fetched gas from the nearest station and returned to fill her tank. A month later, during a business lunch with my Progressive team and management, the woman I had helped turned out to be our server! She excitedly shared my act of kindness with the table and even treated us to dessert. Seeing the impact of our values firsthand, she said she was going to look into switching to Progressive. It was a gratifying experience to embody Progressive's values, leave a positive impression, and reinforce our brand's commitment to service."
Lastly, I recently celebrated a milestone birthday (60 is the new 40, right?) and I cherish the many kind notes and cards that I received from Progressive employees, but one struck me as so thoughtful and special this year. Laura, a wonderful woman whom I met years ago when I ran HR and have stayed in contact with, sent me a sweet card like she does every year, but it didn't end there. Knowing this was a "special" birthday, she also donated, in my name, to
Stay well and be kind to others,
Tricia
President and Chief Executive Officer
4
Financial Policies
Progressive balances operating risk with risk of investing and financing activities in order to have sufficient capital to support all the insurance we can profitably underwrite and service. Risks arise in all operational and functional areas, and, therefore, must be assessed holistically, accounting for the offsetting and compounding effects of the separate sources of risk within Progressive.
We use risk management tools to quantify the amount of capital needed, in addition to surplus, to absorb consequences of events such as unfavorable loss reserve development, litigation, weather-related catastrophes, and investment-market corrections. Our financial policies define our allocation of risk and we measure our performance against them. We will invest capital in expanding business operations when, in our view, future opportunities meet our financial objectives and policies. Under-leveraged capital will be returned to investors. We expect to eaa retuon equity greater than its cost. Presented is an overview of Progressive's Operating, Investing, and Financing policies.
Operating Maintain pricing and reserving discipline
- Manage profitability targets and operational performance at our lowest level of product definition
- Sustain premiums-to-surplus ratios at efficient levels, and at or below applicable state regulations, for each insurance subsidiary
- Ensure loss reserves are adequate and develop with minimal variance
Investing Maintain a liquid, diversified, high-quality investment portfolio
- Manage on a total retubasis
- Manage interest rate, credit, prepayment, extension, and concentration risk
- Allocate portfolio between two groups:
-
- Group I - Target 0% to 25% (common equities; nonredeemable preferred stocks; redeemable preferred stocks, except for 50% of investment-grade redeemable preferred stocks with cumulative dividends; and all other non-investment-grade fixed-maturity securities)
- Group II - Target 75% to 100% (short-term securities and all other fixed-maturity securities)
Financing Maintain sufficient capital to support our business
- Maintain debt below 30% of total capital at book value
- Neutralize dilution from equity-based compensation in the year of issuance through share repurchases
- Use under-leveraged capital to repurchase shares and pay dividends
5
Objectives and Policy Scorecard
Nine Months Ended |
Years Ended |
|||||||||||
|
|
|||||||||||
Target |
2024 |
2023 |
2022 |
2021 |
5 Years1 |
10 Years1 |
||||||
Underwriting margin: |
||||||||||||
Progressive2 |
4 % |
10.9 |
% |
5.1 |
% |
4.2 |
% |
4.7 |
% |
6.7 % |
6.9 % |
|
Industry3 |
na |
||||||||||||| |
(4.6) % |
(11.8) % |
(0.8) % |
(1.4)% |
(1.7)% |
|||||
Net premiums written growth: |
||||||||||||
Progressive |
(a) |
21 |
% |
20 |
% |
10 |
% |
14 |
% |
14 % |
14 % |
|
Industry3 |
na |
||||||||||||| |
14 |
% |
6 |
% |
4 |
% |
5 % |
6 % |
||
Policies in force growth: |
||||||||||||
Personal auto |
(a) |
17 |
% |
9 |
% |
3 |
% |
6 |
% |
8 % |
8 % |
|
Special lines |
(a) |
9 |
% |
7 |
% |
5 |
% |
8 |
% |
6 % |
4 % |
|
Commercial Lines |
(a) |
2 |
% |
5 |
% |
8 |
% |
18 |
% |
10 % |
8 % |
|
Property |
(a) |
14 |
% |
9 |
% |
3 |
% |
12 |
% |
10 % |
nm |
|
Companywide premiums-to-surplus ratio |
(b) |
na |
2.8 |
2.9 |
2.8 |
na |
na |
|||||
Investment allocation: |
||||||||||||
Group I |
≤25 % |
6 |
% |
7 |
% |
10 |
% |
17 |
% |
na |
na |
|
Group II |
≥75 % |
94 |
% |
93 |
% |
90 |
% |
83 |
% |
na |
na |
|
Debt-to-total capital ratio |
<30 % |
20.2 |
% |
25.4 |
% |
28.7 |
% |
21.2 |
% |
na |
na |
|
Retuon average common shareholders' equity |
||||||||||||
- trailing 12 months: |
||||||||||||
Net income |
(c) |
37.5 |
% |
22.9 |
% |
4.4 |
% |
18.6 |
% |
22.1 % |
21.0 % |
|
Comprehensive income (loss) |
(c) |
50.9 |
% |
30.0 |
% |
(13.5) % |
13.6 |
% |
20.2 % |
19.9 % |
- Grow as fast as possible, constrained only by our profitability objective and our ability to provide high-quality customer service.
- Determined separately for each insurance subsidiary.
- Progressive does not have a predetermined target for retuon average common shareholders' equity.
na = not applicable.
nm = not meaningful; Property business written by Progressive prior to
- Represents results over the respective time period; growth represents average annual compounded rate of increase (decrease).
- Expressed as a percentage of net premiums earned. Underwriting profit (loss) is calculated by subtracting losses and loss adjustment expenses,
policy acquisition costs, and other underwriting expenses from the total of net premiums earned and fees and other revenues.
- Industry results represent private passenger auto insurance market data as reported by
A.M. Best Company, Inc. The industry underwriting margin excludes the effect of policyholder dividends.
6
Operations Summary
($ in billions) |
Nine Months Ended |
|||||
Personal Lines |
2024 |
2023 |
Change |
|||
Net premiums written |
$ |
45.33 |
$ |
36.37 |
25 |
% |
Net premiums earned |
$ |
41.50 |
$ |
33.74 |
23 |
% |
Loss and loss adjustment expense ratio |
68.8 |
79.8 |
(11.0) |
pts. |
||
Underwriting expense ratio |
18.9 |
16.5 |
2.4 |
pts. |
||
Combined ratio |
87.7 |
96.3 |
(8.6) |
pts. |
||
Policies in force (thousands) |
29,278.5 |
25,473.8 |
15 |
% |
Nine Months Ended |
||||||
Commercial Lines |
2024 |
2023 |
Change |
|||
Net premiums written |
$ |
8.63 |
$ |
7.95 |
9 |
% |
Net premiums earned |
$ |
7.95 |
$ |
7.30 |
9 |
% |
Loss and loss adjustment expense ratio |
70.4 |
77.8 |
(7.4) |
pts. |
||
Underwriting expense ratio |
19.3 |
20.2 |
(0.9) |
pts. |
||
Combined ratio |
89.7 |
98.0 |
(8.3) |
pts. |
||
Policies in force (thousands) |
1,130.5 |
1,110.3 |
2 |
% |
Nine Months Ended |
||||||
Property |
2024 |
2023 |
Change |
|||
Net premiums written |
$ |
2.35 |
$ |
2.10 |
12 |
% |
Net premiums earned |
$ |
2.21 |
$ |
1.85 |
19 |
% |
Loss and loss adjustment expense ratio1 |
83.3 |
79.9 |
3.4 |
pts. |
||
Underwriting expense ratio |
29.2 |
29.0 |
0.2 |
pts. |
||
Combined ratio1 |
112.5 |
108.9 |
3.6 |
pts. |
||
Policies in force (thousands) |
3,459.6 |
3,025.2 |
14 |
% |
- For 2024 and 2023, includes 34.0 points and 36.2 points, respectively, from catastrophe losses, net of reinsurance.
7
Consolidated Statements of Comprehensive Income (unaudited)
Three Months |
Nine Months |
||||||||
Periods Ended |
2024 |
2023 |
2024 |
2023 |
|||||
(millions - except per share amounts) |
|||||||||
Revenues |
|||||||||
Net premiums earned |
$ |
18,296.7 |
$ |
14,894.3 |
$ |
51,654.8 |
$ |
42,891.8 |
|
Investment income |
739.5 |
510.2 |
2,042.1 |
1,384.3 |
|||||
Net realized gains (losses) on securities: |
|||||||||
Net realized gains (losses) on security sales |
68.0 |
(66.2) |
(304.9) |
38.6 |
|||||
Net holding period gains (losses) on securities |
219.4 |
(80.5) |
621.6 |
17.9 |
|||||
Net impairment losses recognized in earnings |
0 |
(2.3) |
0 |
(6.8) |
|||||
Total net realized gains (losses) on securities |
287.4 |
(149.0) |
316.7 |
49.7 |
|||||
Fees and other revenues |
278.1 |
223.7 |
774.4 |
656.6 |
|||||
Service revenues |
117.3 |
81.4 |
307.8 |
234.9 |
|||||
Total revenues |
19,719.0 |
15,560.6 |
55,095.8 |
45,217.3 |
|||||
Expenses |
|||||||||
Losses and loss adjustment expenses |
12,510.3 |
11,387.9 |
36,077.2 |
34,182.0 |
|||||
Policy acquisition costs |
1,390.2 |
1,173.2 |
3,930.0 |
3,442.6 |
|||||
Other underwriting expenses |
2,669.9 |
1,420.7 |
6,781.1 |
4,710.3 |
|||||
Investment expenses |
7.2 |
7.2 |
20.2 |
18.8 |
|||||
Service expenses |
126.7 |
91.7 |
333.1 |
264.6 |
|||||
Interest expense |
69.9 |
69.7 |
209.1 |
198.7 |
|||||
Total expenses |
16,774.2 |
14,150.4 |
47,350.7 |
42,817.0 |
|||||
Net Income |
|||||||||
Income before income taxes |
2,944.8 |
1,410.2 |
7,745.1 |
2,400.3 |
|||||
Provision for income taxes |
611.4 |
288.9 |
1,621.6 |
485.7 |
|||||
Net income |
2,333.4 |
1,121.3 |
6,123.5 |
1,914.6 |
|||||
Other Comprehensive Income (Loss) |
|||||||||
Changes in: |
|||||||||
Total net unrealized gains (losses) on fixed-maturity securities |
1,561.2 |
(388.6) |
1,461.1 |
(241.0) |
|||||
Net unrealized losses on forecasted transactions |
0.1 |
0.2 |
0.3 |
0.4 |
|||||
Foreign currency translation adjustment |
0.1 |
0 |
(0.1) |
0.2 |
|||||
Other comprehensive income (loss) |
1,561.4 |
(388.4) |
1,461.3 |
(240.4) |
|||||
Comprehensive income (loss) |
$ |
3,894.8 |
$ |
732.9 |
$ |
7,584.8 |
$ |
1,674.2 |
|
Computation of Earnings Per Common Share |
|||||||||
Net income |
$ |
2,333.4 |
$ |
1,121.3 |
$ |
6,123.5 |
$ |
1,914.6 |
|
Less: Preferred share dividends and other1 |
0 |
10.4 |
17.0 |
27.2 |
|||||
Net income available to common shareholders |
$ |
2,333.4 |
$ |
1,110.9 |
$ |
6,106.5 |
$ |
1,887.4 |
|
Average common shares outstanding - Basic |
585.6 |
584.8 |
585.5 |
584.9 |
|||||
Net effect of dilutive stock-based compensation |
2.0 |
2.7 |
2.2 |
2.6 |
|||||
Total average equivalent common shares - Diluted |
587.6 |
587.5 |
587.7 |
587.5 |
|||||
Basic: Earnings per common share |
$ |
3.98 |
$ |
1.90 |
$ |
10.43 |
$ |
3.23 |
|
Diluted: Earnings per common share |
$ |
3.97 |
$ |
1.89 |
$ |
10.39 |
$ |
3.21 |
- All of our outstanding Serial Preferred Shares, Series B, were redeemed in
February 2024 . SeeNote 9 - Dividends for further discussion. See notes to consolidated financial statements.
8
Consolidated Balance Sheets (unaudited)
|
|
|||||
(millions - except per share amounts) |
2024 |
2023 |
2023 |
|||
Assets |
||||||
Available-for-sale securities, at fair value: |
||||||
Fixed maturities (amortized cost: |
$ |
74,411.2 |
$ |
56,591.9 |
$ |
60,378.2 |
Short-term investments (amortized cost: |
756.5 |
1,795.2 |
1,789.9 |
|||
Total available-for-sale securities |
75,167.7 |
58,387.1 |
62,168.1 |
|||
Equity securities, at fair value: |
||||||
Nonredeemable preferred stocks (cost: |
735.0 |
868.9 |
902.1 |
|||
Common equities (cost: |
3,497.0 |
2,614.5 |
2,928.4 |
|||
Total equity securities |
4,232.0 |
3,483.4 |
3,830.5 |
|||
Total investments |
79,399.7 |
61,870.5 |
65,998.6 |
|||
Cash and cash equivalents |
136.1 |
123.5 |
84.9 |
|||
Restricted cash and cash equivalents |
10.9 |
14.9 |
14.7 |
|||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents |
147.0 |
138.4 |
99.6 |
|||
Accrued investment income |
560.3 |
378.1 |
438.0 |
|||
Premiums receivable, net of allowance for credit losses of |
15,135.4 |
12,408.0 |
11,958.2 |
|||
Reinsurance recoverables |
4,881.5 |
5,331.2 |
5,093.9 |
|||
Prepaid reinsurance premiums |
224.0 |
235.0 |
249.8 |
|||
Deferred acquisition costs |
2,031.6 |
1,732.1 |
1,687.4 |
|||
Property and equipment, net of accumulated depreciation of |
688.8 |
919.8 |
880.8 |
|||
Net federal deferred income taxes |
598.0 |
1,357.1 |
936.0 |
|||
Other assets |
1,536.2 |
1,282.4 |
1,348.5 |
|||
Total assets |
$ |
105,202.5 |
$ |
85,652.6 |
$ |
88,690.8 |
Liabilities and Shareholders' Equity |
||||||
Unearned premiums |
$ |
24,772.5 |
$ |
20,761.7 |
$ |
20,133.7 |
Loss and loss adjustment expense reserves |
38,061.5 |
33,577.3 |
34,389.2 |
|||
Accounts payable, accrued expenses, and other liabilities |
8,317.4 |
7,030.7 |
7,002.2 |
|||
Debt1 |
6,891.8 |
6,887.6 |
6,888.6 |
|||
Total liabilities |
78,043.2 |
68,257.3 |
68,413.7 |
|||
Serial Preferred Shares (authorized 20.0) |
||||||
Serial Preferred Shares, Series B, no par value (cumulative, liquidation preference |
0 |
493.9 |
493.9 |
|||
per share) (authorized, issued, and outstanding of 0, 0.5, and 0.5) |
||||||
Common shares, |
585.8 |
585.0 |
585.3 |
|||
211.8, 212.6, and 212.3) |
||||||
Paid-in capital |
2,096.2 |
1,977.9 |
2,013.1 |
|||
Retained earnings |
24,631.7 |
17,380.9 |
18,800.5 |
|||
Accumulated other comprehensive income (loss): |
||||||
Net unrealized gains (losses) on fixed-maturity securities |
(139.7) |
(3,027.3) |
(1,600.8) |
|||
Net unrealized losses on forecasted transactions |
(13.7) |
(14.1) |
(14.0) |
|||
Foreign currency translation adjustment |
(1.0) |
(1.0) |
(0.9) |
|||
Total accumulated other comprehensive income (loss) |
(154.4) |
(3,042.4) |
(1,615.7) |
|||
Total shareholders' equity |
27,159.3 |
17,395.3 |
20,277.1 |
|||
Total liabilities and shareholders' equity |
$ |
105,202.5 |
$ |
85,652.6 |
$ |
88,690.8 |
- Consists of long-term debt. See Note 4 - Debt for further discussion. See notes to consolidated financial statements.
9
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