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Form 10-Q PROGRESSIVE CORP/OH/ For: Mar 31

May 2, 2022 10:08 AM EDT

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pgr-20220331
PROGRESSIVE 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2022
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                     to                     
Commission File Number: 001-09518
THE PROGRESSIVE CORPORATION
(Exact name of registrant as specified in its charter)
Ohio 34-0963169
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
6300 Wilson Mills Road,Mayfield Village, Ohio 44143
(Address of principal executive offices) (Zip Code)
(440) 461-5000
(Registrant’s telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, $1.00 Par ValuePGRNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes   No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Shares, $1.00 par value: 584,877,492 outstanding at March 31, 2022
1


PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
The Progressive Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income
(unaudited)
Three Months Ended March 31,20222021
(millions — except per share amounts)  
Revenues
Net premiums earned$11,802.9 $10,420.2 
Investment income242.2 220.2 
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales(54.5)143.8 
Net holding period gains (losses) on securities(388.6)441.5 
Net impairment losses recognized in earnings(2.2)0 
Total net realized gains (losses) on securities(445.3)585.3 
Fees and other revenues174.0 165.7 
Service revenues67.7 53.8 
Total revenues11,841.5 11,445.2 
Expenses
Losses and loss adjustment expenses8,858.4 7,110.5 
Policy acquisition costs963.4 874.4 
Other underwriting expenses1,506.3 1,481.1 
Investment expenses5.7 5.6 
Service expenses63.2 49.3 
Interest expense54.3 56.4 
Total expenses11,451.3 9,577.3 
Net Income
Income before income taxes390.2 1,867.9 
Provision for income taxes76.3 387.9 
Net income313.9 1,480.0 
Other Comprehensive Income (Loss)
Changes in:
Total net unrealized gains (losses) on fixed-maturity securities(1,426.9)(539.6)
Net unrealized losses on forecasted transactions0.2 0.2 
Foreign currency translation adjustment0.2 0 
Other comprehensive income (loss)(1,426.5)(539.4)
Comprehensive income (loss)$(1,112.6)$940.6 
Computation of Earnings Per Common Share
Net income$313.9 $1,480.0 
Less: Preferred share dividends6.7 6.7 
Net income available to common shareholders$307.2 $1,473.3 
Average common shares outstanding - Basic584.3 584.9 
Net effect of dilutive stock-based compensation2.0 2.0 
Total average equivalent common shares - Diluted586.3 586.9 
Basic: Earnings per common share$0.53 $2.52 
Diluted: Earnings per common share $0.52 $2.51 

See notes to consolidated financial statements.
3


The Progressive Corporation and Subsidiaries
Consolidated Balance Sheets
(unaudited)
 March 31,December 31,
(millions — except per share amounts)202220212021
Assets
Available-for-sale securities, at fair value:
Fixed maturities (amortized cost: $48,082.7, $38,564.0, and $43,794.2)
$46,316.4 $39,091.8 $43,873.1 
Short-term investments (amortized cost: $529.9, $2,243.1, and $942.6)
529.9 2,243.1 942.6 
Total available-for-sale securities46,846.3 41,334.9 44,815.7 
Equity securities, at fair value:
Nonredeemable preferred stocks (cost: $1,545.5, $1,428.9, and $1,571.8)
1,527.5 1,482.2 1,639.9 
Common equities (cost: $1,281.7, $1,229.5, and $1,264.1)
4,812.6 4,583.5 5,058.5 
Total equity securities6,340.1 6,065.7 6,698.4 
Total investments53,186.4 47,400.6 51,514.1 
Cash and cash equivalents272.7 122.9 187.1 
Restricted cash and cash equivalents14.6 0.3 15.0 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents287.3 123.2 202.1 
Accrued investment income193.4 166.0 181.7 
Premiums receivable, net of allowance for credit losses of $276.2, $265.3, and $280.4
10,519.0 9,218.8 9,399.5 
Reinsurance recoverables5,025.0 4,143.2 4,980.5 
Prepaid reinsurance premiums455.1 667.6 457.6 
Deferred acquisition costs1,407.7 1,309.1 1,355.6 
Property and equipment, net of accumulated depreciation of $1,455.7, $1,318.5, and $1,407.4
1,104.4 1,077.4 1,137.3 
Goodwill452.7 452.7 452.7 
Intangible assets, net of accumulated amortization of $142.2, $340.3, and $383.8
102.7 157.2 117.3 
Net federal deferred income taxes370.5 0 0 
Other assets825.4 697.5 1,333.9 
Total assets$73,929.6 $65,413.3 $71,132.3 
Liabilities and Shareholders’ Equity
Unearned premiums$16,991.4 $15,045.9 $15,615.8 
Loss and loss adjustment expense reserves26,754.2 21,063.7 26,164.1 
Net federal deferred income taxes0 241.5 152.9 
Dividends payable on common shares58.5 58.5 58.5 
Accounts payable, accrued expenses, and other liabilities6,688.7 5,770.4 6,010.6 
Debt1
6,385.6 5,396.8 4,898.8 
Total liabilities56,878.4 47,576.8 52,900.7 
Serial Preferred Shares (authorized 20.0)
Serial Preferred Shares, Series B, no par value (cumulative, liquidation preference $1,000 per share) (authorized, issued, and outstanding 0.5)
493.9 493.9 493.9 
Common shares, $1.00 par value (authorized 900.0; issued 797.6, 797.5, and 797.6, including treasury shares of 212.7, 212.3, and 213.2)
584.9 585.2 584.4 
Paid-in capital1,788.6 1,685.5 1,772.9 
Retained earnings15,569.6 14,679.6 15,339.7 
Accumulated other comprehensive income (loss):
Net unrealized gains (losses) on fixed-maturity securities(1,370.7)407.7 56.2 
Net unrealized losses on forecasted transactions(14.7)(15.4)(14.9)
Foreign currency translation adjustment(0.4)0 (0.6)
Total accumulated other comprehensive income (loss) (1,385.8)392.3 40.7 
Total shareholders’ equity17,051.2 17,836.5 18,231.6 
Total liabilities and shareholders’ equity$73,929.6 $65,413.3 $71,132.3 
1 Consists of long-term debt. See Note 4 – Debt for further discussion.

See notes to consolidated financial statements.
4


The Progressive Corporation and Subsidiaries
Consolidated Statements of Changes in Shareholders’ Equity
(unaudited)
 
Three Months Ended March 31,20222021
(millions — except per share amounts)
Serial Preferred Shares, No Par Value
Balance, beginning of period$493.9 $493.9 
Balance, end of period493.9 493.9 
Common Shares, $1.00 Par Value
Balance, beginning of period584.4 585.2 
Treasury shares purchased(0.3)(0.9)
Net restricted equity awards issued/vested0.8 0.9 
Balance, end of period584.9 585.2 
Paid-In Capital
Balance, beginning of period1,772.9 1,672.9 
Amortization of equity-based compensation17.3 15.8 
Treasury shares purchased(0.8)(2.7)
Net restricted equity awards issued/vested(0.8)(0.9)
Reinvested dividends on restricted stock units0 0.4 
Balance, end of period1,788.6 1,685.5 
Retained Earnings
Balance, beginning of period15,339.7 13,354.9 
Net income 313.9 1,480.0 
Treasury shares purchased(27.6)(81.2)
Cash dividends declared on common shares ($0.10 and $0.10 per share)
(58.4)(58.4)
Reinvested dividends on restricted stock units0 (0.4)
Other, net2.0 (15.3)
Balance, end of period15,569.6 14,679.6 
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period40.7 931.7 
Other comprehensive income (loss)(1,426.5)(539.4)
Balance, end of period(1,385.8)392.3 
Total shareholders’ equity$17,051.2 $17,836.5 
There are 5.0 million Voting Preference Shares authorized; no such shares have been issued.

See notes to consolidated financial statements.
5


The Progressive Corporation and Subsidiaries
Consolidated Statements of Cash Flows        
(unaudited)
Three Months Ended March 31,20222021
(millions)
Cash Flows From Operating Activities
Net income $313.9 $1,480.0 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation71.1 62.9 
         Amortization of intangible assets14.6 14.2 
Net amortization of fixed-income securities27.0 31.7 
Amortization of equity-based compensation17.3 15.8 
Net realized (gains) losses on securities445.3 (585.3)
Net (gains) losses on disposition of property and equipment3.3 (1.1)
Changes in:
Premiums receivable(1,119.5)(1,058.7)
Reinsurance recoverables(44.5)(123.8)
Prepaid reinsurance premiums2.5 (299.5)
Deferred acquisition costs(52.1)(71.9)
Income taxes76.2 283.8 
Unearned premiums1,375.6 1,608.4 
Loss and loss adjustment expense reserves590.1 797.9 
Accounts payable, accrued expenses, and other liabilities545.1 380.1 
Other, net236.4 80.0 
Net cash provided by operating activities2,502.3 2,614.5 
Cash Flows From Investing Activities
Purchases:
Fixed maturities(11,453.4)(10,421.4)
Equity securities(74.3)(196.7)
Sales:
Fixed maturities5,889.9 5,590.3 
Equity securities59.2 63.0 
Maturities, paydowns, calls, and other:
Fixed maturities1,177.6 1,948.6 
Equity securities39.3 39.7 
Net (purchases) sales of short-term investments413.1 2,976.8 
Net unsettled security transactions212.6 267.6 
Purchases of property and equipment(73.0)(50.5)
Sales of property and equipment6.5 7.5 
Net cash provided by (used in) investing activities(3,802.5)224.9 
Cash Flows From Financing Activities
Dividends paid to common shareholders(58.5)(2,694.5)
Dividends paid to preferred shareholders(13.4)(13.4)
Acquisition of treasury shares for restricted stock tax liabilities(28.7)(30.0)
Acquisition of treasury shares acquired in open market0 (54.8)
Net proceeds from debt issuances1,486.0 0 
Net cash provided by (used in) financing activities1,385.4 (2,792.7)
Increase in cash, cash equivalents, restricted cash, and restricted cash equivalents85.2 46.7 
Cash, cash equivalents, restricted cash, and restricted cash equivalents January 1
202.1 76.5 
Cash, cash equivalents, restricted cash, and restricted cash equivalents – March 31
$287.3 $123.2 


See notes to consolidated financial statements.
6


The Progressive Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(unaudited)
Note 1 Basis of Presentation — The accompanying consolidated financial statements include the accounts of The Progressive Corporation, our wholly owned insurance and non-insurance subsidiaries, and affiliates, in which we have a controlling financial interest (Progressive).
The consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, were necessary for a fair statement of the results for the interim periods presented. The results of operations for the period ended March 31, 2022, are not necessarily indicative of the results expected for the full year. These consolidated financial statements and the notes thereto should be read in conjunction with Progressive’s audited financial statements and accompanying notes included in Exhibit 13 to our Annual Report on Form 10-K for the year ended December 31, 2021 (2021 Annual Report to Shareholders).
We perform analyses to evaluate our premiums receivable for expected credit losses. See the 2021 Annual Report to Shareholders for a discussion on our premiums receivable allowance for credit loss policy. The following table summarizes changes in our allowance for credit loss exposure on our premiums receivable:
Three Months Ended March 31,
(millions)20222021
Allowance for credit losses, beginning of period$280.4 $356.2 
       Increase in allowance1
93.9 60.9 
       Write-offs2
(98.1)(151.8)
Allowance for credit losses, end of period$276.2 $265.3 
1 Represents the incremental increase in other underwriting expenses.
2 Represents portion of allowance that is reversed when premiums receivable are written off.
Premium receivable balances are written off once we have exhausted our collection efforts. The higher write-offs during the first quarter 2021, along with experiencing greater collections than anticipated, resulting in part from changes in consumer spending habits and government stimulus spending during the period, contributed to the lower increase in the credit loss allowance taken during the period, compared to the first quarter 2022. During the first quarter 2021, we wrote off premium receivables that were reserved during 2020, when moratoriums and billing leniency efforts were put into place during the novel coronavirus, COVID-19, pandemic. The year-over-year increase in the balance of the allowance for credit losses at March 31, 2022, compared to March 31, 2021, primarily reflects a higher amount of premium receivables determined to be at risk of being uncollectible, driven by the growth in our premiums receivable balance.
Other assets on the consolidated balance sheets include certain long-lived assets that are considered held for sale. The fair value of these held-for-sale assets, less the estimated costs to sell, was $20.2 million at March 31, 2022, $55.1 million at March 31, 2021, and $10.8 million at December 31, 2021.


7


Note 2 InvestmentsThe following tables present the composition of our investment portfolio by major security type. Our securities are reported in our consolidated balance sheets at fair value. The changes in fair value for our fixed-maturity securities (other than hybrid securities) are reported as a component of accumulated other comprehensive income (loss), net of deferred income taxes, in our consolidated balance sheets. The net holding period gains (losses) reported below represent the inception-to-date changes in fair value of the securities. The changes in the net holding period gains (losses) between periods for the hybrid securities and equity securities are recorded as a component of net realized gains (losses) on securities in our consolidated statements of comprehensive income.
($ in millions)CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Net
Holding
Period
Gains
(Losses)
Fair
Value
% of
Total
Fair
Value
March 31, 2022
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$20,399.6 $5.9 $(876.7)$0 $19,528.8 36.7 %
State and local government obligations2,236.9 4.4 (97.1)0 2,144.2 4.0 
Foreign government obligations18.3 0 (0.9)0 17.4 0.1 
Corporate debt securities11,590.2 31.2 (315.5)(25.9)11,280.0 21.2 
Residential mortgage-backed securities962.3 1.1 (5.1)(7.2)951.1 1.8 
Commercial mortgage-backed securities7,296.4 2.2 (380.1)0 6,918.5 13.0 
Other asset-backed securities5,359.9 1.1 (103.6)(1.5)5,255.9 9.9 
Redeemable preferred stocks219.1 0.1 (1.8)3.1 220.5 0.4 
Total fixed maturities48,082.7 46.0 (1,780.8)(31.5)46,316.4 87.1 
Short-term investments529.9 0 0 0 529.9 1.0 
       Total available-for-sale securities48,612.6 46.0 (1,780.8)(31.5)