Progressive 2014 Annual Report Download - page 22

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The composition of the investment portfolio by major security type was:
Fair Value
(millions) Level 1 Level 2 Level 3 Total Cost
December 31, 2014
Fixed maturities:
U.S. government obligations $2,667.1 $ 0 $ 0 $ 2,667.1 $ 2,641.1
State and local government obligations 0 2,139.2 0 2,139.2 2,095.7
Foreign government obligations 14.2 0 0 14.2 14.2
Corporate debt securities 0 2,836.7 0 2,836.7 2,813.9
Subtotal 2,681.3 4,975.9 0 7,657.2 7,564.9
Asset-backed securities:
Residential mortgage-backed 0 1,658.5 0 1,658.5 1,635.5
Commercial mortgage-backed 0 2,304.0 11.6 2,315.6 2,278.7
Other asset-backed 0 1,638.7 0 1,638.7 1,634.9
Subtotal asset-backed securities 0 5,601.2 11.6 5,612.8 5,549.1
Redeemable preferred stocks:
Financials 0 97.9 0 97.9 77.3
Utilities 0 65.3 0 65.3 65.0
Industrials 0 116.0 0 116.0 117.9
Subtotal redeemable preferred stocks 0 279.2 0 279.2 260.2
Total fixed maturities 2,681.3 10,856.3 11.6 13,549.2 13,374.2
Equity securities:
Nonredeemable preferred stocks:
Financials 204.1 554.1 69.3 827.5 590.4
Utilities 0 0 0 0 0
Subtotal nonredeemable preferred stocks 204.1 554.1 69.3 827.5 590.4
Common equities:
Common stocks 2,491.9 0 0 2,491.9 1,288.8
Other risk investments 0 0 0.4 0.4 0.4
Subtotal common equities 2,491.9 0 0.4 2,492.3 1,289.2
Total fixed maturities and equity securities 5,377.3 11,410.4 81.3 16,869.0 15,253.8
Short-term investments 1,937.0 212.0 0 2,149.0 2,149.0
Total portfolio $7,314.3 $11,622.4 $81.3 $19,018.0 $17,402.8
Debt $ 0 $ 2,527.5 $ 0 $ 2,527.5 $ 2,164.7
App.-A-21