前进保险Progressive (PGR) 2020年年度报告「NYSE」.pdf

1、THE PROGRESSIVE CORPORATION2020 ANNUAL REPORT TO SHAREHOLDERSAnnual ReportApp.-A-1The Progressive Corporation and SubsidiariesConsolidated Statements of Comprehensive IncomeFor the years ended December 31,(millions-except per share amounts)202020192018RevenuesNet premiums earned$39,261.6$36,192.4$30

2、,933.3Investment income936.61,042.0820.5Net realized gains(losses)on securities:Net realized gains(losses)on security sales914.7334.6170.7Net holding period gains(losses)on securities715.3757.9(507.9)Net impairment losses recognized in earnings0(63.3)(68.3)Total net realized gains(losses)on securiti

3、es1,630.01,029.2(405.5)Fees and other revenues603.5563.7472.2Service revenues226.4195.0158.5Total revenues42,658.139,022.331,979.0ExpensesLosses and loss adjustment expenses25,121.825,470.521,721.0Policy acquisition costs3,273.23,023.22,573.7Other underwriting expenses5,570.04,975.14,195.8Policyhold

4、er credit expense1,077.400Investment expenses20.024.624.3Service expenses205.5178.9134.1Interest expense217.0189.7166.5Total expenses35,484.933,862.028,815.4Net IncomeIncome before income taxes7,173.25,160.33,163.6Provision for income taxes1,468.61,180.3542.6Net income5,704.63,980.02,621.0Net income

5、 attributable to noncontrolling interest(NCI)0(9.7)(5.7)Net income attributable to Progressive5,704.63,970.32,615.3Other Comprehensive Income(Loss)Changes in:Total net unrealized gains(losses)on fixed-maturity securities586.5466.4(99.3)Net unrealized losses on forecasted transactions0.80.80.8Other c

6、omprehensive income(loss)587.3467.2(98.5)Other comprehensive(income)loss attributable to NCI0(4.6)3.3Comprehensive income attributable to Progressive$6,291.9$4,432.9$2,520.1Computation of Earnings Per Common ShareNet income attributable to Progressive$5,704.6$3,970.3$2,615.3Less:Preferred share divi