前进保险Progressive (PGR) 2003年年度报告「NYSE」.pdf

1、-APP.-B-1-THE PROGRESSIVE CORPORATION AND SUBSIDIARIESREPORT OF PRICEWATERHOUSECOOPERS LLP,INDEPENDENT AUDITORSIn our opinion,the accompanying consolidated balance sheets and the related consolidated statements of income,changesin shareholdersequity and cash flows present fairly,in all material resp

2、ects,the financial position of The ProgressiveCorporation and its subsidiaries at December 31,2003 and 2002,and the results of their operations and their cash flows foreach of the three years in the period ended December 31,2003,in conformity with accounting principles generally acceptedin the Unite

3、d States of America.These financial statements are the responsibility of the Companys management;ourresponsibility is to express an opinion on these financial statements based on our audits.We conducted our audits of thesestatements in accordance with auditing standards generally accepted in the Uni

4、ted States ofAmerica,which require that weplan and perform the audits to obtain reasonable assurance about whether the financial statements are free of materialmisstatement.An audit includes examining,on a test basis,evidence supporting the amounts and disclosures in the financialstatements,assessin

5、g the accounting principles used and significant estimates made by management,and evaluating theoverall financial statement presentation.We believe that our audits provide a reasonable basis for our opinion.To the Board of Directors and Shareholders,The Progressive Corporation:Cleveland,OhioJanuary

6、21,2004-APP.-B-2-THE PROGRESSIVE CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(millions except per share amounts)For the years ended December 31,200320022001REVENUESNet premiums earned$11,341.0$8,883.5$7,161.8Investment income465.3455.2413.6Net realized gains(losses)on securities12.7