Progressive 2009 Annual Report Download - page 25

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33
Consolidated Balance Sheets
(millions)
December 31, 2009 2008
Assets
Investments — Available-for-sale, at fair value:
Fixed maturities (amortized cost: $11,717.0 and $10,295.3) $ 11,563.4 $ 9,946.7
Equity securities:
Nonredeemable preferred stocks (cost: $665.4 and $1,131.3) 1,255.8 1,150.0
Common equities (cost: $598.4 and $553.6) 816.2 727.8
Short-term investments (amortized cost: $1,078.0 and $1,153.6) 1,078.0 1,153.6
Total investments 14,713.4 12,978.1
Cash 160.7 2.9
Accrued investment income 110.4 125.7
Premiums receivable, net of allowance for doubtful accounts of $116.4 and $113.7 2,454.8 2,408.6
Reinsurance recoverables, including $35.4 and $44.0 on paid losses
and loss adjustment expenses 564.8 288.5
Prepaid reinsurance premiums 69.3 62.4
Deferred acquisition costs 402.2 414.0
Income taxes 416.7 821.6
Property and equipment, net of accumulated depreciation of $595.8 and $653.6 961.3 997.1
Other assets 195.7 151.6
Total assets $ 20,049.3 $ 18,250.5
Liabilities and Shareholders’ Equity
Unearned premiums $ 4,172.9 $ 4,175.9
Loss and loss adjustment expense reserves 6,653.0 6,177.4
Accounts payable, accrued expenses, and other liabilities11,297.6 1,506.4
Debt 2,177.2 2,175.5
Total liabilities 14,300.7 14,035.2
Common Shares, $1.00 par value (authorized 900.0; issued 797.8 and 797.9,
including treasury shares of 125.2 and 121.4) 672.6 676.5
Paid-in capital 939.7 892.9
Retained earnings 3,683.1 2,697.8
Accumulated other comprehensive income (loss):
Net unrealized gains (losses) on securities 456.3
||||||||||||||||||||
Portion of OTTI losses recognized in other comprehensive income (26.1)
||||||||||||||||||||
Total net unrealized gains (losses) on securities 430.2 (76.8)
Net unrealized gains on forecasted transactions 21.6 24.9
Foreign currency translation adjustment 1.4 —
Total accumulated other comprehensive income (loss) 453.2 (51.9)
Total shareholders’ equity 5,748.6 4,215.3
Total liabilities and shareholders’ equity $ 20,049.3 $ 18,250.5
1See
Note 12 — Litigation
and
Note 13 — Commitments and Contingencies
, in Progressive’s 2009 Annual Report to Shareholders, for further discussion.
See Notes to the complete Consolidated Financial Statements included in Progressive’s 2009 Annual Report to Shareholders, which is attached as an Appendix
to Progressive’s 2010 Proxy Statement.
THE PROGRESSIVE CORPORATION AND SUBSIDIARIES