Progressive 2007 Annual Report Download - page 31
Download and view the complete annual report
Please find page 31 of the 2007 Progressive annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21 -
22 -
23 -
24 -
25 -
26 -
27 -
28 -
29 -
30 -
31 -
32 -
33 -
34 -
35 -
36 -
37 -
38 -
39 -
40 -
41 -
42
-
43
 |
 |
30
(millions—except per share amounts)
Consolidated Statements of Income
THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
For the years ended December 31, 2007 2006 2005
REVENUES
Net premiums earned $ 13,877.4 $ 14,117.9 $ 13,764.4
Investment income 680.8 647.8 536.7
Net realized gains (losses) on securities 106.3 (9.7) (37.9)
Service revenues 22.3 30.4 40.2
Total revenues 14,686.8 14,786.4 14,303.4
EXPENSES
Losses and loss adjustment expenses 9,926.2 9,394.9 9,364.8
Policy acquisition costs 1,399.9 1,441.9 1,448.2
Other underwriting expenses 1,526.2 1,402.8 1,312.2
Investment expenses 12.4 11.9 12.1
Service expenses 20.5 24.4 24.6
Interest expense 108.6 77.3 82.6
Total expenses 12,993.8 12,353.2
12,244.5
NET INCOME
Income before income taxes 1,693.0 2,433.2 2,058.9
Provision for income taxes 510.5 785.7 665.0
Net income $ 1,182.5 $ 1,647.5 $ 1,393.9
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 710.4 774.3 787.7
Per share $ 1.66 $ 2.13 $ 1.77
Diluted:
Average shares outstanding 710.4 774.3 787.7
Net effect of dilutive stock-based compensation 8.1 9.5 11.6
Total equivalent shares 718.5 783.8 799.3
Per share $ 1.65 $ 2.10 $ 1.74
All share and per share amounts were adjusted for the May 18, 2006, 4-for-1stock split.
See notes to the complete consolidated financial statements included in Progressive’s 2007 Annual Report to Shareholders,
which is attached as an Appendix to Progressive’s 2008 Proxy Statement.