Use the link above to access the most recent (2022) 10-K annual financial statement of The Progressive Corporation. (PGR). Note that the dollar amounts in the financial reports of large companies are normally reported in $millions. [Thus, if you see $50,000 that really means $50 Billion] When answering a question, indicate the page number(s) on which you found the information.

1. Who is PGR and what do they do?
2. How much premium did the company (consolidated) write in the most recent complete fiscal year? Was it a good, average, or bad year for them? Comment on the results in light of the recent weather events and economic issues.
3. What was their consolidated pre-tax net income? What was their after-tax net income? Anything interesting about their tax liabilities?
4. What is management most worried about (there is a long section in the 10-K covering risks)? What are they doing to mitigate these primary risks?
5. Over the past 3 years, what kinds of important trends do you see? Sales? Profitability? Investment returns? Loss ratios? Discuss your findings, referring to specific financial metrics.
6. What business segments are profitable? Not so profitable? Explain.
7. How are they dealing with catastrophe exposures?
8. Briefly describe their marketing strategy.
9. How much did they have invested at the end of the most recent year (look at the consolidated balance sheet -- not the holding company or a subsidiary)? What asset class was largest? Why might that be?