PROGRESSIVE CORP/OH/

10-K & 10-Q Filings

The Progressive Corporation is an insurance holding company with insurance and non-insurance subsidiaries and affiliates. The company's vision is to become consumers', agents', and business owners' number one destination for insurance and other financial needs. Progressive's business is organized into four strategic pillars: people and culture, broad needs of customers, leading brand, and competitive prices. The company operates in the personal and commercial auto insurance, business-related general liability and property insurance, workers' compensation insurance, and flood insurance markets. Progressive's Personal Lines segment accounted for 79% of its total net premiums written in 2023 and is focused on offering a broad range of personal auto and special lines insurance products with distinctive service, distributed through whichever channel the customer prefers, and bundled with property insurance and other products. The Commercial Lines segment accounted for 16% of its total net premiums written in 2023 and offers auto-related liability and physical damage insurance, business-related general liability and property insurance, and workers' compensation insurance primarily for small businesses. The company expanded its portfolio of offerings to larger fleet, workers' compensation coverage for trucking, and affinity programs in 2021. Progressive's website is progressive.com, and its ticker symbol is PGR. The company's business strategy includes refining its personal auto segmentation, underwriting models, and pricing over time, offering usage-based insurance programs, and forming deeper and longer-term relationships with customers through its Destination Era strategy, which includes bundling insurance products and expanding the roster of products provided by unaffiliated companies.

12 mos ending Dec 31, 201112 mos ending Dec 31, 201212 mos ending Dec 31, 201312 mos ending Dec 31, 201412 mos ending Dec 31, 201512 mos ending Dec 31, 201612 mos ending Dec 31, 201712 mos ending Dec 31, 201812 mos ending Dec 31, 201912 mos ending Dec 31, 202012 mos ending Dec 31, 202112 mos ending Dec 31, 202212 mos ending Dec 31, 20233 mos ending Mar 31, 20233 mos ending Mar 31, 2024CAGR %YoY %Revenue (+)
$15508.10
17083.90
18170.90
19391.40
20853.80
23441.40
26839.00
31979.00
39022.30
42658.10
47702.00
49610.70
62108.50
14303.20
17242.50
12.26%20.55%Non-recurring Operating Expenses (-)
$
86.80
64.50
224.80
Operating Expenses (-)
$1954.20
2330.10
2469.10
2584.00
2848.10
3199.70
3698.30
4362.30
5164.80
5787.00
5873.30
6327.90
6509.90
1921.20
2001.00
10.55%4.15%Costs & Expenses (Total) (-)
$14021.10
15766.20
16450.90
17484.00
18942.20
21970.70
24700.10
28815.40
33862.00
35484.90
43492.00
48688.60
57204.80
13748.80
14302.60
12.43%4.03%Operating Income/Loss (+)
$1487.00
1317.70
1720.00
1907.40
1911.60
1470.70
2138.90
3163.60
5160.30
7173.20
4210.00
922.10
4903.70
554.40
2939.90
10.45%430.28%Non-operating Income/Expense (+)
$
-4.80
-0.90
1.60
-1.00
Interest Expense (-)
$132.70
123.80
118.20
116.90
136.00
140.90
153.10
166.50
189.70
217.00
218.60
243.50
268.40
63.30
69.60
6.05%9.95%Earnings before Tax (+)
$1487.00
1317.70
1720.00
1907.40
1911.60
1470.70
2138.90
3163.60
5160.30
7173.20
4210.00
922.10
4903.70
554.40
2939.90
10.45%430.28%Tax Expense (-)
$471.50
415.40
554.60
626.40
611.10
413.50
540.80
542.60
1180.30
1468.60
859.10
200.60
1001.30
106.50
608.50
6.48%471.36%Income/Loss (Continuing Operations) (+)
$1015.50
902.30
1165.40
1281.00
1300.50
1057.20
1598.10
2621.00
3980.00
5704.60
3350.90
721.50
3902.40
447.90
2331.40
11.87%420.52%Profit/Loss (+)
$
1300.50
1057.20
1598.10
2621.00
3980.00
5704.60
3350.90
Net Income/Loss (NCI) (-)
$
32.90
26.20
5.90
5.70
9.70
Net Income/Loss (+)
$1015.50
902.30
1165.40
1281.00
1267.60
1031.00
1592.20
2615.30
3970.30
5704.60
3350.90
721.50
3902.40
447.90
2331.40
11.87%420.52%Preferred & Other Distributions (-)
$
21.40
26.90
26.90
26.90
26.90
37.60
7.30
17.00
132.88%Net Income/Loss (Common) (+)
$1015.50
902.30
1165.40
1281.00
1267.60
1031.00
1592.20
2593.90
3943.40
5677.70
3324.00
694.60
3864.80
440.60
2314.40
11.78%425.28%EPS (Basic)
$1.61
1.50
1.95
2.17
2.16
1.77
2.74
4.45
6.75
9.71
5.69
1.19
6.61
0.75
3.95
12.49%426.67%EPS (Diluted)
$1.59
1.48
1.93
2.15
2.15
1.76
2.72
4.42
6.72
9.66
5.66
1.18
6.58
0.75
3.94
12.56%425.33%Weighted Avg Shares (Basic)
632.30
603.30
599.10
590.60
585.50
581.70
580.80
582.40
583.80
584.90
584.50
584.40
584.90
584.90
585.40
-0.65%0.09%Weighted Avg Shares (Diluted)
636.90
607.80
603.60
594.80
589.20
585.00
585.70
586.70
587.20
587.60
587.10
587.10
587.50
587.00
587.30
-0.67%0.05%Cash
$155.70
179.10
75.10
108.40
224.40
211.50
275.30
75.00
227.40
76.50
202.10
220.90
99.60
288.60
167.90
-3.65%-41.82%Short-term Investments
$1551.80
1990.00
1272.60
2149.00
2172.00
3572.90
2869.40
1795.90
1798.80
5218.50
6698.40
4034.70
3830.50
3873.10
4081.60
7.82%5.38%Receivables
$2929.80
3183.70
3310.70
3537.50
3987.70
4509.20
5422.50
6497.10
7507.30
8160.10
9399.50
10416.90
11958.20
12411.40
14192.50
12.44%14.35%Securities & Long-term Investments
$15963.00
16475.50
18054.70
19018.00
20937.30
23482.60
27274.70
33567.40
39254.30
47530.30
51514.10
53548.30
65998.60
56686.40
69038.00
12.56%21.79%Property, Plant & Equipment (Net)
$911.30
933.70
960.90
960.60
1037.20
1177.10
1119.60
1131.70
1213.70
1106.00
1137.30
1034.00
880.80
949.00
756.30
-0.28%-20.31%Goodwill & Intangibles
$
942.50
882.20
819.30
747.30
681.00
624.10
570.00
314.20
308.80
Other Assets
$333.20
1922.70
734.20
14.10
518.20
3164.90
920.40
2760.60
4212.80
1382.80
1610.90
5896.00
5923.10
5889.80
5891.60
27.10%0.03%Assets (Total)
$21844.80
22694.70
24408.20
25787.60
29819.30
33427.50
38701.20
46575.00
54895.30
64098.30
71132.30
75465.00
88690.80
80407.10
94127.90
12.39%17.06%Accounts Payable
$1770.80
1855.50
1785.00
1893.80
2067.80
2495.50
2825.90
5046.50
5962.70
4955.80
6010.60
5532.80
7002.20
6278.70
7688.60
12.14%22.46%Insurance Liabilities
$4579.40
4930.70
13654.20
14297.50
16660.80
18836.30
21990.40
26087.30
30494.20
33703.30
41779.90
47652.90
54522.90
50870.70
57738.30
22.93%13.50%Debt (Non-current)
$2442.10
2063.10
1860.90
2164.70
Other Liabilities
$7245.80
7838.40
918.60
503.00
3801.30
4138.60
4600.10
4404.90
4539.60
8400.60
5110.20
6388.30
6888.60
6389.30
6889.70
-0.42%7.83%Liabilities (Total)
$16038.10
16687.70
18218.70
18859.00
22529.90
25470.40
29416.40
35538.70
40996.50
47059.70
52900.70
59574.00
68413.70
63538.70
72316.60
12.85%13.82%Retained Earnings
$3495.00
3454.40
3500.00
4133.40
4686.60
5140.40
6031.70
8386.60
10679.60
13354.90
15339.70
15721.20
18800.50
16080.10
21020.50
15.05%30.72%AOCI
$692.50
871.00
951.70
1023.10
-9.70
929.10
1280.20
-105.60
360.80
947.30
40.70
-2802.00
-1615.70
-2198.70
-1823.60
17.06%Shareholder's Equity
$5806.70
6007.00
6189.50
6928.60
7289.40
7957.10
9284.80
10821.80
13673.20
17038.60
18231.60
15891.00
20277.10
16868.40
21811.30
10.98%29.30%Liabilities & Equity
$21844.80
22694.70
24408.20
25787.60
29819.30
33427.50
38701.20
46575.00
54895.30
64098.30
71132.30
75465.00
88690.80
80407.10
94127.90
12.39%17.06%Net Income/Loss
$1015.50
902.30
1165.40
1281.00
1300.50
1057.20
1598.10
2621.00
3980.00
5704.60
3350.90
721.50
3902.40
447.90
2331.40
11.87%420.52%Depreciation & Amortization
$321.50
281.10
235.30
175.30
248.90
276.70
322.30
296.70
339.40
432.70
467.70
311.40
341.10
68.40
62.20
0.49%-9.06%Increase/Decrease in Working Capital
$-203.60
-698.50
-895.00
-401.90
-778.90
-1389.90
-1748.80
-2864.00
-2876.20
-2380.00
-5403.10
-3379.00
-6595.40
-1972.60
-1982.30
-0.49%Share-based Compensation
$50.50
63.40
64.90
51.40
66.20
85.20
95.40
77.20
90.20
89.40
100.70
122.70
121.30
15.90
16.80
7.58%5.66%Adjustments to Reconcile Net Income
$481.80
789.10
734.50
444.60
984.20
1644.70
2125.10
3675.50
2287.60
1201.00
4458.70
6127.30
6740.90
2001.60
1904.00
24.59%-4.88%Net Cash (Operating)
$1497.90
1691.40
1899.90
1725.60
2292.90
2701.90
3756.80
6284.80
6261.60
6905.60
7761.70
6848.80
10643.30
2449.50
4235.40
17.75%72.91%Capital Expenditure
$75.90
123.90
136.70
102.20
885.40
200.30
158.50
553.50
321.40
201.60
490.50
256.90
204.80
38.90
46.70
8.62%20.05%Net Cash (Investing)
$-744.90
-264.90
-1356.50
-836.90
-1923.90
-2464.50
-3406.70
-7331.80
-4338.30
-6117.70
-3119.80
-7956.20
-10842.60
-2277.20
-3124.30
-37.20%Increase/Decrease in Debt
$476.90
-382.50
-208.10
295.80
342.30
451.90
156.50
1096.90
986.30
-520.00
1486.00
496.30
0.33%Increase/Decrease in Equity
$-975.40
-173.70
-273.40
-271.40
-208.30
-192.50
0.50
497.20
1.60
7.30
-500.00
Dividends Paid
$263.60
853.70
175.60
892.60
403.60
519.00
395.40
668.40
1670.00
1577.80
3773.30
260.80
277.60
71.90
505.70
0.43%603.34%Net Cash (Financing)
$-755.70
-1404.10
-646.80
-855.40
-252.80
-250.40
-300.90
846.70
-1770.90
-938.80
-4516.30
1126.20
78.00
-104.60
-1042.80
-896.94%Cash Taxes Paid
$-28.40
-19.80
-57.80
-97.50
107.20
55.70
172.60
158.70
-227.20
23.10
86.00
515.30
-181.20
-106.60
-609.50
-471.76%Effect of Exchange Rate
$-0.50
1.00
-0.60
-0.20
0.40
-0.30
Increase/Decrease in Cash
$-3.20
23.40
-104.00
33.30
116.00
-12.60
48.90
-200.30
152.40
-150.90
125.60
18.80
-121.30
67.70
68.30
0.89%Cash (Beginning)
$
226.40
275.30
75.00
227.40
76.50
202.10
220.90
220.90
99.60
-54.91%Cash (Ending)
$
275.30
75.00
227.40
76.50
202.10
220.90
99.60
288.60
167.90
-41.82%NOPAT
$1015.50
902.30
1165.40
1281.00
1804.40
1415.00
1966.30
3004.90
3980.00
7150.10
4124.00
406.80
3902.40
447.90
2331.40
11.87%420.52%Operating Margin %
9.59%
7.71%
9.47%
9.84%
9.17%
6.27%
7.97%
9.89%
13.22%
16.82%
8.83%
1.86%
7.90%
3.88%
17.05%
NOPAT Margin %
6.55%
5.28%
6.41%
6.61%
8.65%
6.04%
7.33%
9.40%
10.20%
16.76%
8.65%
0.82%
6.28%
3.13%
13.52%
Net Margin %
6.55%
5.28%
6.41%
6.61%
6.08%
4.40%
5.93%
8.18%
10.17%
13.37%
7.02%
1.45%
6.28%
3.13%
13.52%
Tax Rate %
31.71%
31.52%
32.24%
32.84%
5.61%
3.79%
8.07%
5.02%
22.87%
0.32%
2.04%
55.88%
20.42%
19.21%
20.70%
ROA
4.65%
3.98%
4.77%
4.97%
6.05%
4.23%
5.08%
6.45%
7.25%
11.15%
5.80%
0.54%
4.40%
0.56%
2.48%
ROE
17.49%
15.02%
18.83%
18.49%
24.75%
17.78%
21.18%
27.77%
29.11%
41.96%
22.62%
2.56%
19.25%
2.66%
10.69%
ROIC
45.62%
36.96%
45.49%
47.22%
43.75%
33.03%
40.87%
88.26%
108.54%
142.69%
77.84%
6.30%
65.74%
5.83%
31.39%
Asset Turnover
0.71
0.75
0.74
0.75
0.70
0.70
0.69
0.69
0.71
0.67
0.67
0.66
0.70
0.18
0.18
Equity Multiplier
3.76
3.78
3.94
3.72
4.09
4.20
4.17
4.30
4.01
3.76
3.90
4.75
4.37
4.77
4.32
Current Ratio
2.62
2.88
2.61
3.06
3.09
3.32
3.03
1.66
1.60
2.72
2.71
2.65
2.27
2.64
2.40
Quick Ratio
2.62
2.88
2.61
3.06
3.09
3.32
3.03
1.66
1.60
2.72
2.71
2.65
2.27
2.64
2.40
Debt/Equity Ratio
0.42
0.34
0.30
0.31
Working Capital/Sales
0.08
0.09
0.09
0.09
0.10
0.09
0.11
0.05
0.05
0.08
0.08
0.10
0.08
0.45
0.39
Dividend Payout Ratio %
25.96%
94.61%
15.07%
69.68%
22.37%
36.68%
20.11%
22.24%
41.96%
22.07%
91.50%
64.11%
7.11%
16.05%
21.69%
Total Payout
$762.10
1409.90
657.10
868.20
269.60
259.60
238.40
-925.70
1668.40
584.20
4293.30
-1225.20
-218.70
71.90
1005.70
1298.75%Payout Ratio %
75.05%
156.26%
56.38%
67.78%
14.94%
18.35%
12.12%
-30.81%
41.92%
8.17%
104.11%
-301.18%
-5.60%
16.05%
43.14%