Progressive 2003 Annual Report Download - page 3

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- APP.-B-3 -
December 31, 2003 2002
ASSETS
Investments:
Available-for-sale:
Fixed maturities, at market (amortized cost: $8,899.0 and $7,409.4) $ 9,133.4 $ 7,712.5
Equity securities, at market:
Preferred stocks (cost: $751.3 and $631.9) 778.8 656.7
Common equities (cost: $1,590.6 and $1,425.3) 1,972.1 1,347.3
Short-term investments, at amortized cost (market: $648.0 and $567.8) 648.0 567.8
Total investments 12,532.3 10,284.3
Cash 12.1 16.9
Accrued investment income 97.4 77.9
Premiums receivable, net of allowance for doubtful accounts of $66.8 and $54.6 2,079.6 1,742.8
Reinsurance recoverables, including $41.4 and $34.8 on paid losses 271.3 215.7
Prepaid reinsurance premiums 114.7 96.7
Deferred acquisition costs 412.3 363.5
Income taxes 81.6 219.2
Property and equipment, net of accumulated depreciation of $476.4 and $392.4 584.7 503.1
Other assets 95.5 44.3
To t a l a s s e t s $ 16,281.5 $ 13,56 4.4
LIABILITIES AND SHAREHOLDERS’ EQUITY
Unearned premiums $ 3,894.7 $ 3,304.3
Loss and loss adjustment expense reserves 4,576.3 3,813.0
Accounts payable, accrued expenses and other liabilities 1,290.1 1,190.1
Debt 1,489.8 1,489.0
Total liabilities 11,250.9 9,796.4
Shareholders’ equity:
Common Shares, $1.00 par value (authorized 600.0 and 300.0;
issued 230.1, including treasury shares of 13.7 and 12.1) 216.4 218.0
Paid-in capital 688.3 584.7
Unamortized restricted stock (28.9) —
Accumulated other comprehensive income (loss):
Net unrealized appreciation on investment securities 418.2 162.4
Net unrealized gains on forecasted transactions 10.7 11.7
Foreign currency translation adjustment (3.9) (4.8)
Retained earnings 3,729.8 2,796.0
Total shareholders’ equity 5,030.6 3,768.0
Total liabilities and shareholders’ equity $ 16,281.5 $ 13,564.4
(millions)
See notes to consolidated financial statements.
THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS