前进保险Progressive (PGR) 2010年年度报告「NYSE」.pdf

1、2010 Annual Report to ShareholdersThe Progressive CorporationThe Progressive Corporation and SubsidiariesConsolidated Statements of IncomeFor the years ended December 31,(millions except per share amounts)201020092008RevenuesNet premiums earned$14,314.8$14,012.8$13,631.4Investment income520.1507.063

2、7.7Net realized gains(losses)on securities:Other-than-temporary impairment(OTTI)losses:Total OTTI losses(19.1)(80.9)Non-credit losses,net of credit losses recognized on previously recordednon-credit OTTI losses5.240.1Net impairment losses recognized in earnings(13.9)(40.8)Net realized gains(losses)o

3、n securities110.067.9Total net realized gains(losses)on securities96.127.1(1,445.1)Service revenues25.916.716.1Net gain on extinguishment of debt6.400Total revenues14,963.314,563.612,840.1ExpensesLosses and loss adjustment expenses10,131.39,904.910,015.0Policy acquisition costs1,359.91,364.61,358.1O

4、ther underwriting expenses1,740.11,567.71,523.4Investment expenses11.911.18.8Service expenses21.419.420.4Interest expense133.5139.0136.7Total expenses13,398.113,006.713,062.4Net Income(Loss)Income(loss)before income taxes1,565.21,556.9(222.3)Provision(benefit)for income taxes496.9499.4(152.3)Net inc

5、ome(loss)$1,068.3$1,057.5$(70.0)Computation of Earnings Per ShareBasic:Average shares outstanding657.9666.8668.0Per share$1.62$1.59$(.10)Diluted:Average shares outstanding657.9666.8668.0Net effect of dilutive stock-based compensation5.45.45.9Total equivalent shares663.3672.2673.9Per share1$1.61$1.57

6、$(.10)1For 2008,amount represents basic earnings per share since diluted earnings per share was antidilutive due to the net loss for the year.See notes to consolidated financial statements.App.-A-2The Progressive Corporation and SubsidiariesConsolidated Balance SheetsDecember 31,(millions)20102009As