前进保险Progressive (PGR) 2017年年度报告「NYSE」.pdf

1、Notice of Annual Meeting of Shareholders and 2018 Proxy Statement including the 2017 Annual Report to ShareholdersTHE PROGRESSIVE CORPORATIONTHE PROGRESSIVE CORPORATION2017 ANNUAL REPORT TO SHAREHOLDERSAnnual ReportApp.-A-1The Progressive Corporation and SubsidiariesConsolidated Statements of Compre

2、hensive IncomeFor the years ended December 31,(millions except per share amounts)201720162015RevenuesNet premiums earned$25,729.9$22,474.0$19,899.1Investment income563.1478.9454.6Net realized gains(losses)on securities:Net impairment losses recognized in earnings(64.5)(86.8)(23.8)Net realized gains(

3、losses)on securities114.1137.9136.5Total net realized gains(losses)on securities49.651.1112.7Fees and other revenues370.6332.5302.0Service revenues126.8103.386.3Other gains(losses)(1.0)1.6(0.9)Total revenues26,839.023,441.420,853.8ExpensesLosses and loss adjustment expenses18,808.016,879.614,342.0Po

4、licy acquisition costs2,124.91,863.81,651.8Other underwriting expenses3,480.72,972.02,712.1Investment expenses23.922.422.8Service expenses109.592.077.5Interest expense153.1140.9136.0Total expenses24,700.121,970.718,942.2Net IncomeIncome before income taxes2,138.91,470.71,911.6Provision for income ta

5、xes540.8413.5611.1Net income1,598.11,057.21,300.5Net(income)loss attributable to noncontrolling interest(NCI)(5.9)(26.2)(32.9)Net income attributable to Progressive$1,592.2$1,031.0$1,267.6Other Comprehensive Income(Loss)Changes in:Total net unrealized gains on securities$355.4$130.6$(212.9)Net unrea

6、lized losses on forecasted transactions(5.4)(1.2)(9.7)Foreign currency translation adjustment1.10.4(1.2)Other comprehensive income(loss)351.1129.8(223.8)Other comprehensive(income)loss attributable to NCI(2.3)3.21.1Comprehensive income attributable to Progressive$1,941.0$1,164.0$1,044.9Computation o