Progressive 2004 Annual Report Download - page 3

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APP.-B-3
December 31, 2004 2003
Assets
Investments:
Available-for-sale:
Fixed maturities, at market (amortized cost: $8,972.6 and $8,899.0) $ 9,084.3 $ 9,133.4
Equity securities, at market:
Preferred stocks (cost: $749.4 and $751.3) 768.9 778.8
Common equities (cost: $1,314.0 and $1,590.6) 1,851.9 1,972.1
Short-term investments, at market (amortized cost: $1,376.6 and $648.0) 1,376.9 648.0
Total investments 13,082.0 12,532.3
Cash 20.0 12.1
Accrued investment income 103.5 97.4
Premiums receivable, net of allowance for doubtful accounts of $83.8 and $66.8 2,287.2 2,079.6
Reinsurance recoverables, including $44.5 and $41.4 on paid losses 381.6 271.3
Prepaid reinsurance premiums 119.8 114.7
Deferred acquisition costs 432.2 412.3
Income taxes —81.6
Property and equipment, net of accumulated depreciation of $562.1 and $476.4 666.5 584.7
Other assets 91.5 95.5
Total assets $17,184.3 $16,281.5
Liabilities and Shareholders’ Equity
Unearned premiums $ 4,108.0 $ 3,894.7
Loss and loss adjustment expense reserves 5,285.6 4,576.3
Accounts payable, accrued expenses and other liabilities 1,325.0 1,290.1
Income taxes 26.0 —
Debt 1,284.3 1,489.8
Total liabilities 12,028.9 11,250.9
Shareholders’ equity:
Common Shares, $1.00 par value (authorized 600.0, issued 213.2 and 230.1,
including treasury shares of 12.8 and 13.7) 200.4 216.4
Paid-in capital 743.3 688.3
Unamortized restricted stock (46.0) (28.9)
Accumulated other comprehensive income (loss):
Net unrealized gains on investment securities 435.1 418.2
Net unrealized gains on forecasted transactions 9.7 10.7
Foreign currency translation adjustment —(3.9)
Retained earnings 3,812.9 3,729.8
Total shareholders’ equity 5,155.4 5,030.6
Total liabilities and shareholders’ equity $17,184.3 $16,281.5
(millions)
See notes to consolidated financial statements.
THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS