Progressive 2006 Annual Report Download - page 26

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(millions)
Consolidated Balance Sheets
32 33 THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
December 31, 2006 2005
Assets
Investments
—
Available-for-sale, at fair value:
Fixed maturities (amortized cost: $9,959.6 and $10,260.7)$ 9,958.9 $ 10,221.9
Equity securities:
Preferred stocks (cost: $1,761.4 and $1,217.0)1,781.0 1,220.3
Common equities (cost: $1,469.0 and $1,423.4)2,368.1 2,058.9
Short-term investments (amortized cost: $581.0 and $773.5)581.2 773.6
Total investments 14,689.2 14,274.7
Cash 5.6 5.6
Accrued investment income 134.4 133.1
Premiums receivable, net of allowance for doubtful accounts of $122.0 and $116.3 2,498.2 2,500.7
Reinsurance recoverables, including $72.4 and $58.5 on paid losses 433.8 405.7
Prepaid reinsurance premiums 89.5 103.7
Deferred acquisition costs 441.0 444.8
Income taxes 16.8 138.3
Property and equipment, net of accumulated depreciation of $557.0 and $562.0 973.4 758.7
Other assets 200.2 133.3
Total assets $ 19,482.1 $ 18,898.6
Liabilities and Shareholders’ Equity
Unearned premiums $ 4,335.0 $ 4,335.1
Loss and loss adjustment expense reserves 5,725.0 5,660.3
Accounts payable, accrued expenses and other liabilities 1,390.0 1,510.8
Debt11,185.5 1,284.9
Total liabilities 12,635.5 12,7 9 1 .1
Shareholders’ equity:
Common Shares, $1.00 par value (authorized 900.0 and 600.0; issued 798.7 and 213.1,
including treasury shares of 50.7 and 15.8)748.0 197.3
Paid-in capital 847.4 848.2
Unamortized restricted stock2—(62.7)
Accumulated other comprehensive income:
Net unrealized gains on securities 596.8 390.1
Net unrealized gains on forecasted transactions 7.5 8.6
Retained earnings 4,646.9 4,726.0
Total shareholders’ equity 6,846.6 6,107.5
Total liabilities and shareholders’ equity $ 19,482.1 $ 18,898.6
1Includes current and non-current debt. See Note 4
—
Debt, in Progressive’s 2006 Annual Report to Shareholders, for further discussion.
2Reclassified pursuant to the adoption of SFAS 123(R); See Note 1
—
Reporting and Accounting Policies, “Stock-Based Compensation,” in Progressive’s
2006 Annual Report to Shareholders, for further discussion.
See notes to the complete consolidated financial statements included in Progressive’s 2006 Annual Report to Shareholders,
which is attached as an Appendix to Progressive’s 2007 Proxy Statement.