前进保险Progressive (PGR) 2014年年度报告「NYSE」.pdf

1、NEXTTHE PROGRESSIVE CORPORATION2014ANNUAL REPORT TO SHAREHOLDERSTHE PROGRESSIVE CORPORATION2014 ANNUAL REPORT TO SHAREHOLDERSAnnual ReportApp.-A-1The Progressive Corporation and SubsidiariesConsolidated Statements of Comprehensive IncomeFor the years ended December 31,(millions except per share amou

2、nts)201420132012RevenuesNet premiums earned$18,398.5$17,103.4$16,018.0Investment income408.4422.0443.0Net realized gains(losses)on securities:Other-than-temporary impairment(OTTI)losses:Total OTTI losses(7.9)(6.0)(7.3)Non-credit losses,net of credit losses recognized on previouslyrecorded non-credit

3、 OTTI losses0(0.1)(0.7)Net impairment losses recognized in earnings(7.9)(6.1)(8.0)Net realized gains(losses)on securities232.1324.5314.8Total net realized gains(losses)on securities224.2318.4306.8Fees and other revenues309.1291.8281.8Service revenues56.039.636.1Gains(losses)on extinguishment of debt

4、(4.8)(4.3)(1.8)Total revenues19,391.418,170.917,083.9ExpensesLosses and loss adjustment expenses13,306.212,472.411,948.0Policy acquisition costs1,524.01,451.81,436.6Other underwriting expenses2,467.12,350.92,206.3Investment expenses18.918.815.4Service expenses50.938.836.1Interest expense116.9118.212

5、3.8Total expenses17,484.016,450.915,766.2Net IncomeIncome before income taxes1,907.41,720.01,317.7Provision for income taxes626.4554.6415.4Net income$1,281.0$1,165.4$902.3Other Comprehensive Income(Loss),Net of TaxNet unrealized gains(losses)on securities:Net non-credit related OTTI losses,adjusted

6、for valuation changes$0$0.3$5.1Other net unrealized gains(losses)on securities74.984.0174.8Total net unrealized gains(losses)on securities74.984.3179.9Net unrealized gains on forecasted transactions(2.6)(2.0)(1.8)Foreign currency translation adjustment(0.9)(1.6)0.4Other comprehensive income71.480.71