前进保险Progressive (PGR) 2011年年度报告「NYSE」.pdf

1、2011 Annual Report to ShareholdersThe Progressive CorporationThe Progressive Corporation and SubsidiariesConsolidated Statements of Comprehensive IncomeFor the years ended December 31,(millions except per share amounts)201120102009RevenuesNet premiums earned$14,902.8$14,314.8$14,012.8Investment inco

2、me480.0520.1507.0Net realized gains(losses)on securities:Other-than-temporary impairment(OTTI)losses:Total OTTI losses(6.0)(19.1)(80.9)Non-credit losses,net of credit losses recognized on previously recordednon-credit OTTI losses.55.240.1Net impairment losses recognized in earnings(5.5)(13.9)(40.8)N

3、et realized gains(losses)on securities108.1110.067.9Total net realized gains(losses)on securities102.696.127.1Service revenues22.825.916.7Net gains(losses)on extinguishment of debt(.1)6.40Total revenues15,508.114,963.314,563.6ExpensesLosses and loss adjustment expenses10,634.810,131.39,904.9Policy a

4、cquisition costs1,399.21,359.91,364.6Other underwriting expenses1,821.51,740.11,567.7Investment expenses13.511.911.1Service expenses19.421.419.4Interest expense132.7133.5139.0Total expenses14,021.113,398.113,006.7Net IncomeIncome before income taxes1,487.01,565.21,556.9Provision for income taxes471.

5、5496.9499.4Net income1,015.51,068.31,057.5Other Comprehensive Income(Loss),Net of TaxNet unrealized gains(losses)on securities:Net non-credit related OTTI losses,adjusted for valuation changes(3.6)13.9(15.7)Other net unrealized gains(losses)on securities(80.9)323.2712.3Total net unrealized gains(los

6、ses)on securities(84.5)337.1696.6Net unrealized gains on forecasted transactions(6.8)(6.9)(3.3)Foreign currency translation adjustment.1.31.4Other comprehensive income(loss)(91.2)330.5694.7Comprehensive income$924.3$1,398.8$1,752.2Computation of Net Income Per ShareAverage shares outstanding Basic63