Progressive 2008 Annual Report Download - page 29

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
31
(millions)
December 31, 2008 2007
Assets
Investments
—
Available-for-sale, at fair value:
Fixed maturities (amortized cost: $10,295.3 and $9,135.6)$9,946.7 $ 9,184.9
Equity securities:
Nonredeemable preferred stocks (cost: $1,131.3 and $2,578.1) 1,150.0 2,270.3
Common equities (cost: $553.6 and $1,361.0) 727.8 2,327.5
Short-term investments (amortized cost: $1,153.6 and $382.4) 1,153.6 382.4
Total investments 12,978.1 14,165.1
Cash 2.9 5.8
Accrued investment income 125.7 142.1
Premiums receivable, net of allowance for doubtful accounts of $113.7 and $118.1 2,408.6 2,395.1
Reinsurance recoverables, including $44.0 and $47.6 on paid losses 288.5 335.1
Prepaid reinsurance premiums 62.4 69.8
Deferred acquisition costs 414.0 426.3
Income taxes 821.6 106.0
Property and equipment, net of accumulated depreciation of $653.6 and $605.7 997.1 1,000.4
Other assets 151.6 197.4
Total assets $ 18,250.5 $ 18,843.1
Liabilities and Shareholders’ Equity
Unearned premiums $ 4,175.9 $ 4,210.4
Loss and loss adjustment expense reserves 6,177.4 5,942.7
Accounts payable, accrued expenses, and other liabilities11,506.4 1,580.6
Debt22,175.5 2,173.9
Total liabilities 14,035.2 13,907.6
Common Shares, $1.00 par value (authorized 900.0; issued 797.9 and 798.1,
including treasury shares of 121.4 and 117.9) 676.5 680.2
Paid-in capital 892.9 834.8
Accumulated other comprehensive income (loss):
Net unrealized gains (losses) on securities (76.8) 465.0
Net unrealized gains on forecasted transactions 24.9 27.8
Retained earnings 2,697.8 2,927.7
Total shareholders’ equity 4,215.3 4,935.5
Total liabilities and shareholders’ equity $ 18,250.5 $ 18,843.1
1See Note 12 — Litigation and Note 13 — Commitments and Contingencies, in Progressive’s 2008 Annual Report to Shareholders, for further discussion.
2Consists of long-term debt. See Note 4 — Debt, in Progressive’s 2008 Annual Report to Shareholders, for further discussion.
See Notes to the complete Consolidated Financial Statements included in Progressive’s 2008 Annual Report to Shareholders, which is attached as an
Appendix to Progressive’s 2009 Proxy Statement.