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 premium amounts in light of the claim trends 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.