前进保险Progressive (PGR) 2004年年度报告「NYSE」.pdf

1、APP.-B-1THE PROGRESSIVE CORPORATION AND SUBSIDIARIESAPPENDIX B2004 ANNUAL REPORT TO SHAREHOLDERSAPP.-B-2THE PROGRESSIVE CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(millions except per share amounts)For the years ended December 31,200420032002RevenuesNet premiums earned$13,169.9$11,

2、341.0$8,883.5Investment income484.4465.3455.2Net realized gains(losses)on securities79.312.7(78.6)Service revenues48.541.834.3Other income131.2Total revenues13,782.111,892.09,294.4ExpensesLosses and loss adjustment expenses8,555.07,640.46,299.1Policy acquisition costs1,418.01,249.11,031.6Other under

3、writing expenses1,238.61,010.1874.2Investment expenses13.911.511.5Service expenses25.025.722.0Interest expense80.895.574.6Total expenses11,331.310,032.38,313.0Net IncomeIncome before income taxes2,450.81,859.7981.4Provision for income taxes802.1604.3314.1Net income$1,648.7$1,255.4$667.3Computation o

4、f Earnings Per ShareBasic:Average shares outstanding212.9216.8219.0Per share$7.74$5.79$3.05Diluted:Average shares outstanding212.9216.8219.0Net effect of dilutive stock-based compensation3.33.74.2Total equivalent shares216.2220.5223.2Per share$7.63$5.69$2.991See Note 3 Income Taxesfor discussion.See

5、 notes to consolidated financial statements.APP.-B-3December 31,20042003AssetsInvestments:Available-for-sale:Fixed maturities,at market(amortized cost:$8,972.6 and$8,899.0)$9,084.3$9,133.4Equity securities,at market:Preferred stocks(cost:$749.4 and$751.3)768.9778.8Common equities(cost:$1,314.0 and$1

6、,590.6)1,851.91,972.1Short-term investments,at market(amortized cost:$1,376.6 and$648.0)1,376.9648.0Total investments13,082.012,532.3Cash20.012.1Accrued investment income103.597.4Premiums receivable,net of allowance for doubtful accounts of$83.8 and$66.82,287.22,079.6Reinsurance recoverables,includi