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Consolidated Statements of Income | Consolidated Balance Sheets | Consolidated Statements of Changes in Shareholders' Equity
Consolidated Statements of Cash Flows | Notes to Consolidated Financial Statements
The Progressive Corporation and Subsidiaries
Consolidated Statements of Income
(millions - except per share amounts)
| For the years ended December 31, | 2005 | 2004 | 2003 | |||
|---|---|---|---|---|---|---|
Revenues |
||||||
| Net premiums earned | $ | 13,764.4 | $ | 13,169.9 | $ | 11,341.0 |
| Investment income | 536.7 | 484.4 | 465.3 | |||
| Net realized gains (losses) on securities | (37.9) | 79.3 | 12.7 | |||
| Service revenues | 40.2 | 48.5 | 41.8 | |||
| Other income1 | -- | -- | 31.2 | |||
| Total revenues | 14,303.4 | 13,782.1 | 11,892.0 | |||
Expenses |
||||||
| Losses and loss adjustment expenses | 9,364.8 | 8,555.0 | 7,640.4 | |||
| Policy acquisition costs | 1,448.2 | 1,418.0 | 1,249.1 | |||
| Other underwriting expenses | 1,312.2 | 1,238.6 | 1,010.1 | |||
| Investment expenses | 12.1 | 13.9 | 11.5 | |||
| Service expenses | 24.6 | 25.0 | 25.7 | |||
| Interest expense | 82.6 | 80.8 | 95.5 | |||
| Total expenses | 12,244.5 | 11,331.3 | 10,032.3 | |||
Net Income |
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| Income before income taxes | 2,058.9 | 2,450.8 | 1,859.7 | |||
| Provision for income taxes | 665.0 | 802.1 | 604.3 | |||
| Net income | $ | 1,393.9 | $ | 1,648.7 | $ | 1,255.4 |
Computation of Earnings Per Share |
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| Basic: | ||||||
| Average shares outstanding | 196.9 | 212.9 | 216.8 | |||
| Per share | $ | 7.08 | $ | 7.74 | $ | 5.79 |
| Diluted: | ||||||
| Average shares outstanding | 196.9 | 212.9 | 216.8 | |||
| Net effect of dilutive stock-based compensation | 2.9 | 3.3 | 3.7 | |||
| Total equivalent shares | 199.8 | 216.2 | 220.5 | |||
| Per share | $ | 6.98 | $ | 7.63 | $ | 5.69 |
1) See Note 3 – Income Taxes for discussion.
See notes to consolidated financial statements.
CONTINUE TO Consolidated Balance Sheets
