PROGRESSIVE CORP/OH/ - 10-K - 20060228 - BALANCE_SHEET
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(millions)
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December 31,
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2005
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2004
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ASSETS
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Investments—Available-for-sale, at market:
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Fixed maturities (amortized cost: $10,260.7 and $8,972.6)
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$
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10,221.9
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$
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9,084.3
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Equity securities:
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Preferred stocks (cost: $1,217.0 and $749.4)
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1,220.3
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768.9
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Common equities (cost: $1,423.4 and $1,314.0)
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2,058.9
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1,851.9
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Short-term investments (amortized cost: $773.5 and $1,376.6)
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773.6
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1,376.9
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Total investments
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14,274.7
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13,082.0
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Cash
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5.6
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20.0
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Accrued investment income
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133.1
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103.5
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Premiums receivable, net of allowance for doubtful accounts of $116.3 and $83.8
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2,500.7
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2,287.2
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Reinsurance recoverables, including $58.5 and $44.5 on paid losses
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405.7
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381.6
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Prepaid reinsurance premiums
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103.7
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119.8
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Deferred acquisition costs
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444.8
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432.2
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Income taxes
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138.3
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—
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Property and equipment, net of accumulated depreciation of $562.0 and $562.1
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758.7
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666.5
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Other assets
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133.3
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91.5
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Total assets
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$
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18,898.6
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$
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17,184.3
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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Unearned premiums
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$
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4,335.1
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$
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4,108.0
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Loss and loss adjustment expense reserves
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5,660.3
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5,285.6
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Accounts payable, accrued expenses and other liabilities
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1,510.8
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1,325.0
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Income taxes
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—
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26.0
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Debt
1
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1,284.9
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1,284.3
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Total liabilities
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12,791.1
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12,028.9
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Shareholders’ equity:
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Common Shares, $1.00 par value (authorized 600.0; issued 213.1 and 213.2,
including treasury shares of 15.8 and 12.8)
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197.3
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200.4
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Paid-in capital
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848.2
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743.3
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Unamortized restricted stock
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(62.7
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(46.0
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Accumulated other comprehensive income:
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Net unrealized gains on securities
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390.1
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435.1
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Net unrealized gains on forecasted transactions
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8.6
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9.7
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Retained earnings
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4,726.0
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3,812.9
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Total shareholders’ equity
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6,107.5
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5,155.4
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Total liabilities and shareholders’ equity
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$
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18,898.6
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$
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17,184.3
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