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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
 
(Mark One)
ý
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2019
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: 1-9518
 
 
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)
 
 
 
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  ý    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  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 filer
 
ý
  
Accelerated filer
 
¨
Non-accelerated filer
 
¨ 
  
Smaller 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  ý
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: 583,985,804 outstanding at March 31, 2019
 

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,
 
2019

 
2018

(millions — except per share amounts)
 
 
 
 
Revenues
 
 
 
 
Net premiums earned
 
$
8,459.8

 
$
7,174.0

Investment income
 
252.9

 
166.3

Net realized gains (losses) on securities:
 
 
 
 
Net realized gains (losses) on security sales
 
46.1

 
107.0

Net holding period gains (losses) on securities
 
392.7

 
(155.2
)
Net impairment losses recognized in earnings
 
(24.3
)
 
0

Total net realized gains (losses) on securities
 
414.5

 
(48.2
)
Fees and other revenues
 
130.2

 
103.8

Service revenues
 
42.6

 
34.2

Total revenues
 
9,300.0

 
7,430.1

Expenses
 
 
 
 
Losses and loss adjustment expenses
 
5,759.0

 
4,870.8

Policy acquisition costs
 
710.6

 
596.2

Other underwriting expenses
 
1,171.2

 
980.2

Investment expenses
 
6.2

 
6.0

Service expenses
 
38.1

 
29.3

Interest expense
 
47.4

 
36.8

Total expenses
 
7,732.5

 
6,519.3

Net Income
 
 
 
 
Income before income taxes
 
1,567.5

 
910.8

Provision for income taxes
 
484.7

 
181.0

Net income
 
1,082.8

 
729.8

Net (income) loss attributable to noncontrolling interest (NCI)
 
(4.4
)
 
(11.8
)
Net income attributable to Progressive
 
1,078.4

 
718.0

Other Comprehensive Income (Loss)
 
 
 
 
Changes in:
 
 
 
 
Total net unrealized gains (losses) on fixed-maturity securities
 
301.1

 
(154.5
)
Net unrealized losses on forecasted transactions
 
0.2

 
0.2

Other comprehensive income (loss)
 
301.3

 
(154.3
)
Other comprehensive (income) loss attributable to NCI
 
(2.3
)
 
4.0

Comprehensive income attributable to Progressive
 
$
1,377.4

 
$
567.7

Computation of Earnings Per Common Share
 
 
 
 
Net income attributable to Progressive
 
$
1,078.4

 
$
718.0

Less: Preferred share dividends
 
6.7

 
1.2

Net income available to common shareholders
 
$
1,071.7

 
$
716.8

Average common shares outstanding - Basic
 
583.5

 
582.0

Net effect of dilutive stock-based compensation
 
3.1

 
3.6

Total average equivalent common shares - Diluted
 
586.6

 
585.6

Basic: Earnings per common share
 
$
1.84

 
$
1.23

Diluted: Earnings per common share
 
$
1.83

 
$
1.22



See notes to consolidated financial statements.

2


The Progressive Corporation and Subsidiaries
Consolidated Balance Sheets
(unaudited)
 
March 31,
 
December 31,
(millions — except per share amounts)
2019

 
2018

 
2018

Assets
 
 
 
 
 
Available-for-sale securities, at fair value:
 
 
 
 
 
Fixed maturities (amortized cost: $27,574.5, $22,627.2, and $28,255.9)
$
27,821.9

 
$
22,420.1

 
$
28,111.5

Short-term investments (amortized cost: $2,584.7, $3,052.4, and $1,795.9)
2,584.7

 
3,052.4

 
1,795.9

Total available-for-sale securities
30,406.6

 
25,472.5

 
29,907.4

Equity securities, at fair value:
 
 
 
 
 
Nonredeemable preferred stocks (cost: $1,021.1, $659.6, and $1,002.6)
1,095.4

 
745.9

 
1,033.9

Common equities (cost: $1,194.3, $1,265.5, and $1,148.9)
3,010.5

 
3,033.2

 
2,626.1

Total equity securities
4,105.9

 
3,779.1

 
3,660.0

Total investments
34,512.5

 
29,251.6

 
33,567.4

Cash and cash equivalents
158.0

 
190.1

 
69.5

Restricted cash
0.7

 
6.5

 
5.5

Total cash, cash equivalents, and restricted cash
158.7

 
196.6

 
75.0

Accrued investment income
172.1

 
139.2

 
190.8

Premiums receivable, net of allowance for doubtful accounts of $236.9, $205.4, and $252.1
7,189.8

 
6,043.8

 
6,497.1

Reinsurance recoverables
2,842.8

 
2,239.1

 
2,696.1

Prepaid reinsurance premiums
446.7

 
342.8

 
309.7

Deferred acquisition costs
999.1

 
842.3

 
951.6

Property and equipment, net of accumulated depreciation of $1,064.9, $973.8, and $1,033.2
1,127.3

 
1,112.0

 
1,131.7

Goodwill
452.7

 
452.7

 
452.7

Intangible assets, net of accumulated amortization of $265.6, $193.7, and $247.7
276.7

 
348.6

 
294.6

Net deferred income taxes
0

 
0

 
43.2

Other assets
671.9

 
362.2

 
365.1

Total assets
$
48,850.3

 
$
41,330.9

 
$
46,575.0

Liabilities
 
 
 
 
 
Unearned premiums
$
11,603.6

 
$
9,837.8

 
$
10,686.5

Loss and loss adjustment expense reserves
15,876.6

 
13,329.0

 
15,400.8

Net deferred income taxes
38.5

 
53.2

 
0

Accounts payable, accrued expenses, and other liabilities
4,594.3

 
3,414.3

 
5,046.5

Debt1
4,405.4

 
3,859.2

 
4,404.9

Total liabilities
36,518.4

 
30,493.5

 
35,538.7

Redeemable noncontrolling interest (NCI)2
221.2

 
514.2

 
214.5

Shareholders’ Equity
 
 
 
 
 
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 797.5, including treasury shares of 213.5, 215.1, and 214.3)
584.0


582.4


583.2

Paid-in capital
1,496.6


1,401.6


1,479.0

Retained earnings
9,358.1


8,017.9


8,386.6

Accumulated other comprehensive income (loss):





Net unrealized gains (losses) on fixed-maturity securities
195.5

 
(160.8
)
 
(105.6
)
Net unrealized losses on forecasted transactions
(17.0
)
 
(17.8
)
 
(17.2
)
Accumulated other comprehensive (income) loss attributable to NCI
(0.4
)
 
6.0

 
1.9

Total accumulated other comprehensive income (loss) attributable to Progressive
178.1

 
(172.6
)
 
(120.9
)
Total shareholders’ equity
12,110.7

 
10,323.2

 
10,821.8

Total liabilities, redeemable NCI, and shareholders’ equity
$
48,850.3

 
$
41,330.9

 
$
46,575.0


1 Consists of long-term debt. See Note 4 – Debt for further discussion.
2 See Note 12 – Redeemable Noncontrolling Interest for further discussion.
See notes to consolidated financial statements.

3


The Progressive Corporation and Subsidiaries
Consolidated Statements of Changes in Shareholders’ Equity
(unaudited)
 
Three Months Ended March 31,
 
 
 
(millions — except per share amounts)
2019

 
2018

Serial Preferred Shares, No Par Value
 
 
 
Balance, Beginning of period
$
493.9

 
$
0

Issuance of Serial Preferred Shares, Series B
0

 
493.9

Balance, End of period
493.9

 
493.9

Common Shares, $1.00 Par Value
 
 
 
Balance, Beginning of period
583.2

 
581.7

Treasury shares purchased
(0.4
)
 
(0.7
)
Net restricted equity awards issued/vested
1.2

 
1.4

Balance, End of period
584.0

 
582.4

Paid-In Capital
 
 
 
Balance, Beginning of period
1,479.0

 
1,389.2

Amortization of equity-based compensation
19.6

 
17.2

Treasury shares purchased
(1.1
)
 
(1.6
)
Net restricted equity awards issued/vested
(1.2
)
 
(1.4
)
Reinvested dividends on restricted stock units
0.3

 
(0.5
)
Adjustment to carrying amount of redeemable noncontrolling interest
0

 
(1.3
)
Balance, End of period
1,496.6

 
1,401.6

Retained Earnings
 
 
 
Balance, Beginning of period
8,386.6

 
6,031.7

Net income attributable to Progressive
1,078.4

 
718.0

Treasury shares purchased
(24.6
)
 
(34.9
)
Cash dividends declared on common shares ($0.10 per share and $0)
(58.3
)
 
0

Cash dividends declared on Serial Preferred Shares, Series B ($26.875 per share and $0)
(13.4
)
 
0

Reinvested dividends on restricted stock units
(0.3
)
 
0.5

Cumulative effect of change in accounting principle
0

 
1,300.2

Reclassification of disproportionate tax effects
0

 
4.3

Other, net
(10.3
)
 
(1.9
)
Balance, End of period
9,358.1

 
8,017.9

Accumulated Other Comprehensive Income (Loss) Attributable to Progressive
 
 
 
Balance, Beginning of period
(120.9
)
 
1,282.2

Attributable to noncontrolling interest
(2.3
)
 
4.0

Other comprehensive income
301.3

 
(154.3
)
Cumulative effect of change in accounting principle
0

 
(1,300.2
)
Reclassification of disproportionate tax effects
0

 
(4.3
)
Balance, End of period
178.1

 
(172.6
)
Total Shareholders’ Equity
$
12,110.7

 
$
10,323.2


There are 5.0 million Voting Preference Shares authorized; no such shares have been issued.
See notes to consolidated financial statements.

4


The Progressive Corporation and Subsidiaries
Consolidated Statements of Cash Flows        
(unaudited)
Three Months Ended March 31,
2019

 
2018

(millions)
 
 
 
Cash Flows From Operating Activities
 
 
 
Net income
$
1,082.8

 
$
729.8

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation
52.6

 
40.9

         Amortization of intangible assets
17.9

 
18.0

Net amortization of fixed-income securities
0.2

 
15.0

Amortization of equity-based compensation
19.2

 
17.4

Net realized (gains) losses on securities
(414.5
)
 
48.2

Net (gains) losses on disposition of property and equipment
5.1

 
1.2

Changes in:
 
 
 
Premiums receivable
(692.7
)
 
(621.3
)
Reinsurance recoverables
(146.7
)
 
34.3

Prepaid reinsurance premiums
(137.0
)
 
(139.5
)
Deferred acquisition costs
(47.5
)
 
(61.8
)
Income taxes
465.2

 
181.1

Unearned premiums
917.1

 
934.3

Loss and loss adjustment expense reserves
475.8

 
242.1

Accounts payable, accrued expenses, and other liabilities
291.5

 
283.2

Other, net
(20.5
)
 
24.2

Net cash provided by operating activities
1,868.5

 
1,747.1

Cash Flows From Investing Activities
 
 
 
Purchases:
 
 
 
Fixed maturities
(4,711.1
)
 
(5,563.0
)
Equity securities
(93.6
)
 
(39.9
)
Sales:
 
 
 
Fixed maturities
4,214.7

 
1,692.4

Equity securities
39.0

 
428.0

Maturities, paydowns, calls, and other:
 
 
 
Fixed maturities
1,199.7

 
1,422.6

Net sales (purchases) of short-term investments
(774.1
)
 
(175.8
)
Net unsettled security transactions
(82.4
)
 
89.4

Purchases of property and equipment
(75.8
)
 
(35.8
)
Sales of property and equipment
6.2

 
1.5

Net cash used in investing activities
(277.4
)
 
(2,180.6
)
Cash Flows From Financing Activities
 
 
 
Dividends paid to common shareholders
(1,467.9
)
 
(654.9
)
Dividends paid to preferred shareholders
(13.4
)
 
0

Acquisition of treasury shares for restricted stock tax liabilities
(26.1
)
 
(36.8
)
Acquisition of treasury shares acquired in open market
0

 
(0.4
)
Net proceeds from issuance of Serial Preferred Shares, Series B
0

 
493.9

Net proceeds from debt issuances
0

 
589.5

Payments of debt
0

 
(37.1
)
Proceeds from exercise of equity options
0

 
0.6

Net cash provided by (used in) financing activities
(1,507.4
)
 
354.8

Increase (decrease) in cash, cash equivalents, and restricted cash
83.7

 
(78.7
)
Cash, cash equivalents, and restricted cash – January 1
75.0

 
275.3

Cash, cash equivalents, and restricted cash – March 31
$
158.7

 
$
196.6


See notes to consolidated financial statements.

5


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 and ARX Holding Corp. (ARX), and their respective wholly owned insurance and non-insurance subsidiaries and affiliates in which Progressive or ARX has a controlling financial interest. The Progressive Corporation owned 86.8% of the outstanding capital stock of ARX at March 31, 2019 and December 31, 2018 and 68.9% at March 31, 2018. The increase in Progressive’s ownership of ARX since March 31, 2018 is primarily due to the minority ARX shareholders exercising their rights to “put” a portion of their shares, including exercised stock options to Progressive pursuant to the ARX stockholders’ agreement. See Note 12 – Redeemable Noncontrolling Interest for further discussion.
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, 2019, 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, 2018 (“2018 Annual Report to Shareholders”).
Other assets on the consolidated balance sheets include properties that are considered “held for sale,” if any. The fair value of these properties, less the estimated cost to sell them, was $52.6 million at March 31, 2019, $5.3 million at March 31, 2018, and $39.3 million at December 31, 2018.
Note 2 Investments — The following tables present the composition of our investment portfolio by major security type, consistent with our classification of how we manage, monitor, and measure the portfolio. Our securities are reported in our Consolidated Balance Sheets at fair value. The changes in fair value for our fixed-maturity securities (other than hybrid securities) are reported as a component of accumulated other comprehensive income, net of deferred income taxes, in our Consolidated Balance Sheets. The net holding period gains (losses) reported below represent the inception-to-date changes in fair value. The changes in the net holding period gains (losses) between periods for the hybrid securities and equity securities are recorded as a component of net realized gains (losses) on securities in our Consolidated Statements of Comprehensive Income.
($ in millions)
Cost

 
Gross
Unrealized Gains

 
Gross
Unrealized
Losses

 
Net
Holding Period Gains
(Losses)

 
Fair
Value

 
% of
Total
Fair
Value

March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities: