Progressive corp/oh/ (PGR)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08Dec'07
Net income

3,980

2,621

1,598

1,057

1,300

1,281

1,165

902

1,015

1,068

1,057

-70

1,182

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

239

190

169

137

103

97

101

94

88

83

87

99

106

Amortization of intangible assets

66

72

66

62

46

0

0

-

-

-

-

-

-

Net amortization of fixed-income securities

-33

-34

-86

-77

-98

-78

-134

-186

-233

-229

-230

-249

-284

Amortization of equity-based compensation

90

77

95

85

66

51

64

63

50

45

40

34

26

Net realized (gains) losses on securities

1,029

-405

49

51

112

224

318

306

102

96

27

-1,445

106

Net (gains) losses on disposition of property and equipment

-11

-32

-7

-6

-2

-5

-5

-7

-8

-2

-13

-1

-0

Other (gains) losses

0

0

-1

1

-0

-4

-4

-1

-0

6

0

0

-

Net loss on exchange transaction

-

-

-

-4

0

0

-

-

-

-

-

-

-

Changes in:
Premiums receivable

1,010

1,074

913

518

421

227

127

253

191

283

46

13

-103

Reinsurance recoverables

682

422

388

388

202

141

189

83

76

176

276

-46

-98

Prepaid reinsurance premiums

316

106

32

-48

-32

10

8

-3

-18

18

6

-7

-19

Deferred acquisition costs

104

171

129

103

42

9

13

0

16

15

-11

-12

-14

Income taxes

227

-158

-172

-55

-107

97

57

19

28

48

29

-423

-30

Unearned premiums

1,702

1,783

1,434

830

632

266

244

351

225

180

-3

-34

-124

Loss and loss adjustment expense reserves

2,704

2,313

1,718

1,323

917

378

641

-592

-174

-418

-475

-234

-217

Accounts payable, accrued expenses, and other liabilities

611

746

400

308

37

92

165

123

35

210

-71

-101

2

Restricted cash

-

-

-

-

-

0

-

-

-

-

-

-

-

Other, net

260

57

134

90

60

13

28

10

-5

10

28

-61

4

Net cash provided by operating activities

6,261

6,284

3,756

2,732

2,292

1,725

1,899

1,691

1,497

1,679

1,486

1,549

1,791

Cash Flows From Investing Activities
Purchases:
Fixed maturities

28,765

21,153

14,587

11,610

9,311

7,967

7,100

5,199

6,032

4,491

10,046

7,593

8,184

Equity securities

379

538

255

434

647

369

322

463

582

511

624

598

1,490

Sales:
Short-term investments - auction rate securities

-

-

-

-

-

-

-

-

-

-

-

631

7,156

Fixed maturities

18,412

7,835

5,382

5,694

4,913

5,637

3,083

3,705

4,442

3,055

7,950

5,629

8,327

Equity securities

471

823

252

484

402

560

369

793

423

241

919

1,401

775

Maturities, paydowns, calls, and other:
Short-term investments - auction rate securities

-

-

-

-

-

-

-

-

-

-

-

631

7,325

Fixed maturities

6,145

5,099

5,215

4,907

3,579

2,296

1,859

1,488

1,540

1,341

842

505

557

Fixed maturities

49

26

50

0

12

14

21

16

0

0

15

34

10

Net sales of short-term investments

-31

-1,116

-727

1,357

-20

876

-716

438

461

11

-75

771

-30

Net unsettled security transactions

6

11

-33

50

-8

-30

152

-44

-0

-54

-246

177

35

Purchases of property and equipment

363

266

155

215

130

108

140

127

78

64

66

98

136

Sales of property and equipment

53

9

15

6

10

5

3

3

3

8

1

1

2

Acquisition of an insurance company, net of cash acquired

0

0

18

0

-

0

0

-

-

-

-

-

-

Net cash disposed in exchange transaction

-

-

-

7

0

0

-

-

-

-

-

-

-

Net cash used in investing activities

-4,338

-7,034

-3,406

-2,480

-1,923

-836

-1,356

-264

-744

-486

-1,178

-1,312

96

Cash Flows From Financing Activities
Proceeds from debt

-

-

-

-

-

-

-

-

-

-

-

-

1,021

Dividends paid to common shareholders

1,643

654

395

519

403

892

175

853

263

763

0

98

1,406

Dividends paid to preferred shareholders

26

13

0

0

-

-

-

-

-

-

-

-

-

Acquisition of treasury shares for restricted stock tax liabilities

84

78

57

25

30

-

-

-

-

-

-

-

-

Payments for Repurchase of Common Stock in the Open Market

6

0

4

167

177

-

-

-

-

-

-

-

-

Payments to Acquire Additional Interest in Subsidiaries

11

296

0

0

12

0

0

-

-

-

-

-

-

Net proceeds from debt issuances

0

1,134

841

495

382

344

0

0

491

0

0

-

-

Proceeds from Issuance of Preferred Stock and Preference Stock

0

493

0

0

-

-

-

-

-

-

-

-

-

Payments of debt

0

37

49

25

20

0

150

350

0

0

-

-

-

Proceeds from exercise of equity options

1

3

0

0

0

0

0

0

22

27

18

27

30

Early Repayment of Subordinated Debt

0

0

635

18

19

48

58

32

15

214

0

0

-

Tax benefit from vesting of equity-based compensation

-

-

-

9

16

12

10

5

6

14

9

11

15

Acquisition of treasury shares

-

-

-

-

-

271

273

174

997

258

180

179

1,548

Net cash used in financing activities

-1,770

549

-300

-250

-252

-855

-646

-1,404

-755

-1,195

-152

-239

-1,886

Effect of exchange rate changes on cash

0

0

-0

0

-0

0

-0

1

-0

0

1

0

0

Increase in cash, cash equivalents, and restricted cash

152

-200

48

2

116

33

-104

23

-3

-1

157

-2

0