Use the link above to access the most recent (2022) 10-K annual financial statement of The Progressive
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Question:
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.
- Who is PGR and what do they do?
- 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.
- What was their consolidated pre-tax net income? What was their after-tax net income? Anything interesting about their tax liabilities?
- 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?
- 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.
- What business segments are profitable? Not so profitable? Explain.
- How are they dealing with catastrophe exposures?
- Briefly describe their marketing strategy.
- 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?
Related Book For
Financial Reporting Financial Statement Analysis and Valuation a strategic perspective
ISBN: 978-1337614689
9th edition
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
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