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Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2017
Dec. 31, 2016
Jun. 30, 2016
Investments - Available-for-sale, at fair value:      
Fixed maturities (amortized cost: $18,311.7, $13,409.6, and $16,287.1) $ 18,388.1 $ 16,243.8 $ 13,589.5
Equity securities:      
Nonredeemable preferred stocks (cost: $666.0, $745.5, and $734.2) 783.1 853.5 858.5
Common equities (cost: $1,472.3, $1,558.6, and $1,437.5) 3,077.5 2,812.4 2,765.4
Short-term investments (amortized cost: $3,729.7, $5,166.4, and $3,572.9) 3,729.7 3,572.9 5,166.4
Total investments 25,978.4 23,482.6 22,379.8
Cash 161.0 211.5 134.7
Restricted cash1 [1] 0.8 14.9 0.0
Accrued investment income 112.1 103.9 93.9
Premiums receivable, net of allowance for doubtful accounts of $175.8, $159.1, and $186.8 5,091.3 4,509.2 4,522.2
Reinsurance recoverables, including $79.2, $73.8, and $83.8 on paid losses and loss adjustment expenses 2,027.1 1,884.8 1,669.7
Prepaid reinsurance premiums 212.6 170.5 178.0
Deferred acquisition costs 727.2 651.2 645.2
Property and equipment, net of accumulated depreciation of $894.7, $824.0, and $845.8 1,152.1 1,177.1 1,083.7
Goodwill 452.7 449.4 449.4
Intangible assets, net of accumulated amortization of $140.5, $78.5, and $109.5 401.8 432.8 463.8
Other assets 372.7 339.6 337.8
Total assets 36,689.8 33,427.5 31,958.2
Liabilities      
Unearned premiums 8,407.7 7,468.3 7,470.1
Loss and loss adjustment expense reserves 12,060.4 11,368.0 10,674.8
Net deferred income taxes 191.8 111.3 140.7
Dividends payable 0.0 395.4 0.0
Accounts payable, accrued expenses, and other liabilities 3,153.2 2,495.5 2,706.2
Debt [2] 3,383.4 3,148.2 2,664.1
Total liabilities 27,196.5 24,986.7 23,655.9
Redeemable noncontrolling interest (NCI)3 [3] 501.8 483.7 466.8
Common shares, $1.00 par value (authorized 900.0; issued 797.5, including treasury shares of 216.5, 215.6, and 217.6) 581.0 579.9 581.9
Paid-in capital 1,351.0 1,303.4 1,264.6
Retained earnings 5,908.8 5,140.4 5,031.2
Accumulated other comprehensive income:      
Net unrealized gains (losses) on securities 1,164.6 939.6 970.1
Net unrealized losses on forecasted transactions (15.1) (9.4) (8.8)
Foreign currency translation adjustment (0.9) (1.1) (1.1)
Accumulated other comprehensive (income) loss attributable to NCI 2.1 4.3 (2.4)
Total accumulated other comprehensive income attributable to Progressive 1,150.7 933.4 957.8
Total shareholders’ equity 8,991.5 7,957.1 7,835.5
Total liabilities, redeemable NCI, and shareholders’ equity $ 36,689.8 $ 33,427.5 $ 31,958.2
[1] See Note 7 – Supplemental Cash Flow Information for further discussion.
[2] Consists of both short-term and long-term debt. See Note 4 – Debt for further discussion.
[3] See Note 12 – Redeemable Noncontrolling Interest for further discussion.