PGR Progressive Corporation

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☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                     to                     

Commission File Number: 001-09518

Ohio

34-0963169

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

6300 Wilson Mills Road,

Mayfield Village,

Ohio

44143

(Address of principal executive offices)

(Zip Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Shares, $1.00 Par Value			PGR			New York Stock Exchange

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ☐  Yes   ☒ No  

Three Months Ended March 31,															2023						2022
(millions — except per share amounts)
Revenues
Net premiums earned															$	13,533.1					$	11,802.9
Investment income															419.6						242.2
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales															(30.3)						(54.5)
Net holding period gains (losses) on securities															104.4						(388.6)
Net impairment losses recognized in earnings															(2.3)						(2.2)
Total net realized gains (losses) on securities															71.8						(445.3)
Fees and other revenues															206.2						174.0
Service revenues															72.5						67.7
Total revenues															14,303.2						11,841.5
Expenses
Losses and loss adjustment expenses															10,624.0						8,858.4
Policy acquisition costs															1,115.8						963.4
Other underwriting expenses															1,857.9						1,506.3
Investment expenses															5.5						5.7
Service expenses															82.3						63.2
Interest expense															63.3						54.3
Total expenses															13,748.8						11,451.3
Net Income
Income before income taxes															554.4						390.2
Provision for income taxes															106.5						76.3
Net income															447.9						313.9
Other Comprehensive Income (Loss)
Changes in:
Total net unrealized gains (losses) on fixed-maturity securities															603.2						(1,426.9)
Net unrealized losses on forecasted transactions															0.1						0.2
Foreign currency translation adjustment															0						0.2
Other comprehensive income (loss)															603.3						(1,426.5)
Comprehensive income (loss)															$	1,051.2					$	(1,112.6)
Computation of Earnings Per Common Share
Net income															$	447.9					$	313.9
Less: Preferred share dividends1															7.3						6.7
Net income available to common shareholders															$	440.6					$	307.2
Average common shares outstanding - Basic															584.9						584.3
Net effect of dilutive stock-based compensation															2.1						2.0
Total average equivalent common shares - Diluted															587.0						586.3
Basic: Earnings per common share															$	0.75					$	0.53
Diluted: Earnings per common share															$	0.75					$	0.52

1 Changed to a floating dividend rate. See Note 1 – Basis of Presentation for further discussion.

See notes to consolidated financial statements.

			March 31,												December 31,
(millions — except per share amounts)			2023						2022						2022
Assets
Available-for-sale securities, at fair value:
Fixed maturities (amortized cost: $53,123.9, $48,082.7, and $50,264.0)			$	50,289.2					$	46,316.4					$	46,651.9
Short-term investments (amortized cost: $2,524.1, $529.9, and $2,861.7)			2,524.1						529.9						2,861.7
Total available-for-sale securities			52,813.3						46,846.3						49,513.6
Equity securities, at fair value:
Nonredeemable preferred stocks (cost: $1,197.7, $1,545.5, and $1,364.2)			1,078.8						1,527.5						1,213.2
Common equities (cost: $740.5, $1,281.7, and $826.1)			2,794.3						4,812.6						2,821.5
Total equity securities			3,873.1						6,340.1						4,034.7
Total investments			56,686.4						53,186.4						53,548.3
Cash and cash equivalents			273.7						272.7						203.5
Restricted cash and cash equivalents			14.9						14.6						17.4
Total cash, cash equivalents, restricted cash, and restricted cash equivalents			288.6						287.3						220.9
Accrued investment income			299.5						193.4						282.5
Premiums receivable, net of allowance for credit losses of $340.9, $276.2, and $343.3			12,411.4						10,519.0						10,416.9
Reinsurance recoverables			5,616.2						5,025.0						5,832.1
Prepaid reinsurance premiums			269.6						455.1						295.5
Deferred acquisition costs			1,626.8						1,407.7						1,544.4
Property and equipment, net of accumulated depreciation of $1,576.2, $1,455.7, and $1,551.1			949.0						1,104.4						1,034.0
Goodwill			227.9						452.7						227.9
Intangible assets, net of accumulated amortization of $164.0, $142.2, and $158.6			80.9						102.7						86.3
Net federal deferred income taxes			1,057.0						370.5						1,131.5
Other assets			893.8						825.4						844.7
Total assets			$	80,407.1					$	73,929.6					$	75,465.0
Liabilities and Shareholders’ Equity
Unearned premiums			$	19,844.3					$	16,991.4					$	17,293.6
Loss and loss adjustment expense reserves			31,026.4						26,754.2						30,359.3
Accounts payable, accrued expenses, and other liabilities			6,278.7						6,747.2						5,532.8
Debt1			6,389.3						6,385.6						6,388.3
Total liabilities			63,538.7						56,878.4						59,574.0
Serial Preferred Shares (authorized 20.0)
Serial Preferred Shares, Series B, no par value (cumulative, liquidation preference $1,000 per share) (authorized, issued, and outstanding 0.5)			493.9						493.9						493.9
Common shares, $1.00 par value (authorized 900.0; issued 797.6, including treasury shares of 212.2, 212.7, and 212.7)			585.4						584.9						584.9
Paid-in capital			1,907.7						1,788.6						1,893.0
Retained earnings			16,080.1						15,569.6						15,721.2
Accumulated other comprehensive income (loss):
Net unrealized gains (losses) on fixed-maturity securities			(2,183.1)						(1,370.7)						(2,786.3)
Net unrealized losses on forecasted transactions			(14.4)						(14.7)						(14.5)
Foreign currency translation adjustment			(1.2)						(0.4)						(1.2)
Total accumulated other comprehensive income (loss)			(2,198.7)						(1,385.8)						(2,802.0)
Total shareholders’ equity			16,868.4						17,051.2						15,891.0
Total liabilities and shareholders’ equity			$	80,407.1					$	73,929.6					$	75,465.0

1 Consists of long-term debt. See Note 4 – Debt for further discussion.

Three Months Ended March 31,															2023						2022
(millions — except per share amounts)
Serial Preferred Shares, No Par Value
Balance, beginning of period															$	493.9					$	493.9
Balance, end of period															493.9						493.9
Common Shares, $1.00 Par Value
Balance, beginning of period															584.9						584.4
Treasury shares purchased															(0.2)						(0.3)
Net restricted equity awards issued/vested															0.7						0.8
Balance, end of period															585.4						584.9
Paid-In Capital
Balance, beginning of period															1,893.0						1,772.9
Amortization of equity-based compensation															15.9						17.3
Treasury shares purchased															(0.8)						(0.8)
Net restricted equity awards issued/vested															(0.7)						(0.8)
Reinvested dividends on restricted stock units															0.3						0
Balance, end of period															1,907.7						1,788.6
Retained Earnings
Balance, beginning of period															15,721.2						15,339.7
Net income															447.9						313.9
Treasury shares purchased															(31.7)						(27.6)
Cash dividends declared on common shares ($0.10 and $0.10 per share)															(58.5)						(58.4)
Reinvested dividends on restricted stock units															(0.3)						0
Other, net															1.5						2.0
Balance, end of period															16,080.1						15,569.6
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period															(2,802.0)						40.7
Other comprehensive income (loss)															603.3						(1,426.5)
Balance, end of period															(2,198.7)						(1,385.8)
Total shareholders’ equity															$	16,868.4					$	17,051.2

Three Months Ended March 31,			2023						2022
(millions)
Cash Flows From Operating Activities
Net income			$	447.9					$	313.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			68.0						71.1
Amortization of intangible assets			5.4						14.6
Net amortization (accretion) of fixed-income securities			(5.0)						27.0
Amortization of equity-based compensation			15.9						17.3
Net realized (gains) losses on securities			(71.8)						445.3
Net (gains) losses on disposition of property and equipment			16.5						3.3
Changes in:
Premiums receivable			(1,994.5)						(1,119.5)
Reinsurance recoverables			215.9						(44.5)
Prepaid reinsurance premiums			25.9						2.5
Deferred acquisition costs			(82.4)						(52.1)
Income taxes			106.6						76.2
Unearned premiums			2,550.7						1,375.6
Loss and loss adjustment expense reserves			667.1						590.1
Accounts payable, accrued expenses, and other liabilities			565.5						545.1
Other, net			(82.2)						236.4
Net cash provided by operating activities			2,449.5						2,502.3
Cash Flows From Investing Activities
Purchases:
Fixed maturities			(6,119.5)						(11,453.4)
Equity securities			(17.8)						(74.3)
Sales:
Fixed maturities			2,202.6						5,889.9
Equity securities			277.3						59.2
Maturities, paydowns, calls, and other:
Fixed maturities			976.0						1,177.6
Equity securities			25.1						39.3
Net (purchases) sales of short-term investments			360.8						413.1
Net change in unsettled security transactions			57.2						212.6
Purchases of property and equipment			(43.2)						(73.0)
Sales of property and equipment			4.3						6.5
Net cash used in investing activities			(2,277.2)						(3,802.5)
Cash Flows From Financing Activities
Dividends paid to common shareholders			(58.5)						(58.5)
Dividends paid to preferred shareholders			(13.4)						(13.4)
Acquisition of treasury shares for restricted stock tax liabilities			(32.7)						(28.7)
Net proceeds from debt issuances			0						1,486.0
Net cash provided by (used in) financing activities			(104.6)						1,385.4
Increase in cash, cash equivalents, restricted cash, and restricted cash equivalents			67.7						85.2
Cash, cash equivalents, restricted cash, and restricted cash equivalents – January 1			220.9						202.1
Cash, cash equivalents, restricted cash, and restricted cash equivalents – March 31			$	288.6					$	287.3

									Three Months Ended March 31,
(millions)												2023			2022
Allowance for credit losses, beginning of period												$	343.3		$	280.4
Increase in allowance1												116.9			93.9
Write-offs2												(119.3)			(98.1)
Allowance for credit losses, end of period												$	340.9		$	276.2

1 Represents the incremental increase in other underwriting expenses.

2 Represents the portion of allowance that is reversed when premiums receivable are written off. Premiums receivable balances are written off once we have exhausted our collection efforts.

($ in millions)			Cost						Gross Unrealized Gains						Gross Unrealized Losses						Net Holding Period Gains (Losses)						Fair Value						% of Total Fair Value
March 31, 2023
Available-for-sale securities:
Fixed maturities:
U.S. government obligations			$	28,490.9					$	68.8					$	(1,209.6)					$	0					$	27,350.1					48.3		%
State and local government obligations			2,222.4						0.9						(161.7)						0						2,061.6						3.6
Foreign government obligations			16.9						0						(1.1)						0						15.8						0.1
Corporate debt securities			11,195.8						45.6						(525.4)						(34.7)						10,681.3						18.8
Residential mortgage-backed securities			655.0						0.2						(16.3)						(8.9)						630.0						1.1
Commercial mortgage-backed securities			5,252.6						1.6						(751.2)						0						4,503.0						7.9
Other asset-backed securities			5,087.8						1.8						(222.5)						(1.3)						4,865.8						8.6
Redeemable preferred stocks			202.5						0						(5.2)						(15.7)						181.6						0.3
Total fixed maturities			53,123.9						118.9						(2,893.0)						(60.6)						50,289.2						88.7
Short-term investments			2,524.1						0						0						0						2,524.1						4.5
Total available-for-sale securities			55,648.0						118.9						(2,893.0)						(60.6)						52,813.3						93.2
Equity securities:
Nonredeemable preferred stocks			1,197.7						0						0						(118.9)						1,078.8						1.9
Common equities			740.5						0						0						2,053.8						2,794.3						4.9
Total equity securities			1,938.2						0						0						1,934.9						3,873.1						6.8
Total portfolio1			$	57,586.2					$	118.9					$	(2,893.0)					$	1,874.3					$	56,686.4					100.0		%

($ in millions)			Cost						Gross Unrealized Gains						Gross Unrealized Losses						Net Holding Period Gains (Losses)						Fair Value						% of Total Fair Value
March 31, 2022
Available-for-sale securities:
Fixed maturities:
U.S. government obligations			$	20,399.6					$	5.9					$	(876.7)					$	0					$	19,528.8					36.7		%
State and local government obligations			2,236.9						4.4						(97.1)						0						2,144.2						4.0
Foreign government obligations			18.3						0						(0.9)						0						17.4						0.1
Corporate debt securities			11,590.2						31.2						(315.5)						(25.9)						11,280.0						21.2
Residential mortgage-backed securities			962.3						1.1						(5.1)						(7.2)						951.1						1.8
Commercial mortgage-backed securities			7,296.4						2.2						(380.1)						0						6,918.5						13.0
Other asset-backed securities			5,359.9						1.1						(103.6)						(1.5)						5,255.9						9.9
Redeemable preferred stocks			219.1						0.1						(1.8)						3.1						220.5						0.4
Total fixed maturities			48,082.7						46.0						(1,780.8)						(31.5)						46,316.4						87.1
Short-term investments			529.9						0						0						0						529.9						1.0
Total available-for-sale securities			48,612.6						46.0						(1,780.8)						(31.5)						46,846.3						88.1
Equity securities:
Nonredeemable preferred stocks			1,545.5						0						0						(18.0)						1,527.5						2.9
Common equities			1,281.7						0						0						3,530.9						4,812.6						9.0
Total equity securities			2,827.2						0						0						3,512.9						6,340.1						11.9
Total portfolio1			$	51,439.8					$	46.0					$	(1,780.8)					$	3,481.4					$	53,186.4					100.0		%

($ in millions)			Cost						Gross Unrealized Gains						Gross Unrealized Losses						Net Holding Period Gains (Losses)						Fair Value						% of Total Fair Value
December 31, 2022
Available-for-sale securities:
Fixed maturities:
U.S. government obligations			$	26,770.7					$	1.4					$	(1,604.7)					$	0					$	25,167.4					47.0		%
State and local government obligations			2,180.0						0						(202.9)						0						1,977.1						3.7
Foreign government obligations			16.8						0						(1.3)						0						15.5						0.1
Corporate debt securities			10,125.8						9.8						(676.1)						(46.8)						9,412.7						17.6
Residential mortgage-backed securities			696.1						0.3						(17.5)						(12.1)						666.8						1.2
Commercial mortgage-backed securities			5,446.0						1.5						(784.0)						0						4,663.5						8.7
Other asset-backed securities			4,826.0						0.9						(260.5)						(1.8)						4,564.6						8.5
Redeemable preferred stocks			202.6						0						(4.5)						(13.8)						184.3						0.3
Total fixed maturities			50,264.0						13.9						(3,551.5)						(74.5)						46,651.9						87.1
Short-term investments			2,861.7						0						0						0						2,861.7						5.4
Total available-for-sale securities			53,125.7						13.9						(3,551.5)						(74.5)						49,513.6						92.5
Equity securities:
Nonredeemable preferred stocks			1,364.2						0						0						(151.0)						1,213.2						2.3
Common equities			826.1						0						0						1,995.4						2,821.5						5.2
Total equity securities			2,190.3						0						0						1,844.4						4,034.7						7.5
Total portfolio1			$	55,316.0					$	13.9					$	(3,551.5)					$	1,769.9					$	53,548.3					100.0		%

1 At March 31, 2023 and 2022, we had $22.8 million and $356.0 million, respectively, of net unsettled security purchase transactions included in other liabilities, compared to $34.4 million included in other assets at December 31, 2022.

Gross Unrealized Losses The following tables show the composition of gross unrealized losses by major security type and by the length of time that individual securities have been in a continuous unrealized loss position:

			Total No. of Sec.			Total Fair Value			Gross Unrealized Losses			Less than 12 Months															12 Months or Greater
($ in millions)												No. of Sec.			Fair Value			Unrealized Losses									No. of Sec.			Fair  Value			Unrealized Losses
March 31, 2023
U.S. government obligations			148			$	19,446.8		$	(1,209.6)		40			$	5,938.5		$	(127.5)								108			$	13,508.3		$	(1,082.1)
State and local government obligations			343			1,943.6			(161.7)			72			350.7			(7.4)									271			1,592.9			(154.3)
Foreign government obligations			1			15.8			(1.1)			0			0			0									1			15.8			(1.1)
Corporate debt securities			390			8,129.9			(525.4)			93			2,239.3			(75.5)									297			5,890.6			(449.9)
Residential mortgage-backed securities			43			141.7			(16.3)			13			10.0			(0.4)									30			131.7			(15.9)
Commercial mortgage-backed securities			220			4,484.5			(751.2)			11			53.4			(1.5)									209			4,431.1			(749.7)
Other asset-backed securities			267			4,391.9			(222.5)			61			884.8			(6.2)									206			3,507.1			(216.3)
Redeemable preferred stocks			4			48.8			(5.2)			1			10.6			(1.4)									3			38.2			(3.8)
Total fixed maturities			1,416			$	38,603.0		$	(2,893.0)		291			$	9,487.3		$	(219.9)								1,125			$	29,115.7		$	(2,673.1)

			Total No. of Sec.			Total Fair Value			Gross Unrealized Losses			Less than 12 Months												12 Months or Greater
($ in millions)												No. of Sec.			Fair Value			Unrealized Losses						No. of Sec.			Fair  Value			Unrealized Losses
March 31, 2022
U.S. government obligations			116			$	18,478.0		$	(876.7)		97			$	15,467.4		$	(649.4)					19			$	3,010.6		$	(227.3)
State and local government obligations			290			1,767.7			(97.1)			279			1,627.3			(82.1)						11			140.4			(15.0)
Foreign government obligations			1			17.4			(0.9)			1			17.4			(0.9)						0			0			0
Corporate debt securities			416			7,830.6			(315.5)			407			7,623.8			(294.2)						9			206.8			(21.3)
Residential mortgage-backed securities			32			201.8			(5.1)			26			189.0			(4.1)						6			12.8			(1.0)
Commercial mortgage-backed securities			264			6,584.4			(380.1)			245			6,133.0			(327.9)						19			451.4			(52.2)
Other asset-backed securities			269			4,927.4			(103.6)			263			4,873.8			(102.7)						6			53.6			(0.9)
Redeemable preferred stocks			3			37.4			(1.8)			2			26.4			(0.3)						1			11.0			(1.5)
Total fixed maturities			1,391			$	39,844.7		$	(1,780.8)		1,320			$	35,958.1		$	(1,461.6)					71			$	3,886.6		$	(319.2)

			Total No. of Sec.			Total Fair Value			Gross Unrealized Losses			Less than 12 Months												12 Months or Greater
($ in millions)												No. of Sec.			Fair Value			Unrealized Losses						No. of Sec.			Fair  Value			Unrealized Losses
December 31, 2022
U.S. government obligations			160			$	24,802.5		$	(1,604.7)		90			$	17,327.2		$	(699.2)					70			$	7,475.3		$	(905.5)
State and local government obligations			348			1,948.8			(202.9)			239			1,124.2			(76.8)						109			824.6			(126.1)
Foreign government obligations			1			15.5			(1.3)			0			0			0						1			15.5			(1.3)
Corporate debt securities			422			8,449.6			(676.1)			285			5,717.6			(426.1)						137			2,732.0			(250.0)
Residential mortgage-backed securities			45			151.0			(17.5)			27			65.1			(6.8)						18			85.9			(10.7)
Commercial mortgage-backed securities			226			4,651.1			(784.0)			99			1,702.0			(192.1)						127			2,949.1			(591.9)
Other asset-backed securities			262			4,247.8			(260.5)			130			2,144.8			(100.9)						132			2,103.0			(159.6)
Redeemable preferred stocks			4			49.6			(4.5)			3			38.5			(3.1)						1			11.1			(1.4)
Total fixed maturities			1,468			$	44,315.9		$	(3,551.5)		873			$	28,119.4		$	(1,505.0)					595			$	16,196.5		$	(2,046.5)

Realized Gains (Losses) The components of net realized gains (losses) for the three months ended March 31, were:

									Three Months
(millions)															2023						2022
Gross realized gains on security sales
Available-for-sale securities:
U.S. government obligations															$	3.8					$	3.3
Corporate debt securities															0.1						4.5
Residential mortgage-backed securities															0						0.1
Other asset-backed securities															0						0.1
Total available-for-sale securities															3.9						8.0
Equity securities:
Nonredeemable preferred stocks															0.1						17.3
Common equities															132.0						0.5
Total equity securities															132.1						17.8
Subtotal gross realized gains on security sales															136.0						25.8
Gross realized losses on security sales
Available-for-sale securities:
U.S. government obligations															(11.5)						(69.2)
State and local government obligations															0						(1.0)
Corporate debt securities															(20.4)						(7.7)
Commercial mortgage-backed securities															(34.5)						0
Other asset-backed securities															(0.2)						(0.1)
Short-term investments															(0.1)						0
Total available-for-sale securities															(66.7)						(78.0)
Equity securities:
Nonredeemable preferred stocks															(101.0)						(1.7)
Common equities															(11.8)						(0.6)
Total equity securities															(112.8)						(2.3)
Subtotal gross realized losses on security sales															(179.5)						(80.3)
Net realized gains (losses) on security sales
Available-for-sale securities:
U.S. government obligations															(7.7)						(65.9)
State and local government obligations															0						(1.0)
Corporate debt securities															(20.3)						(3.2)
Residential mortgage-backed securities															0						0.1
Commercial mortgage-backed securities															(34.5)						0
Other asset-backed securities															(0.2)						0
Short-term investments															(0.1)						0
Total available-for-sale securities															(62.8)						(70.0)
Equity securities:
Nonredeemable preferred stocks															(100.9)						15.6
Common equities															120.2						(0.1)
Total equity securities															19.3						15.5
Subtotal net realized gains (losses) on security sales															(43.5)						(54.5)
Other assets
Gain															13.2						0
Impairment															(2.3)						(2.2)
Subtotal net realized gains (losses) on other assets															10.9						(2.2)
Net holding period gains (losses)
Hybrid securities															13.9						(39.0)
Equity securities															90.5						(349.6)
Subtotal net holding period gains (losses)															104.4						(388.6)
Total net realized gains (losses) on securities															$	71.8					$	(445.3)

									Three Months
(millions)												2023			2022
Total net gains (losses) recognized during the period on equity securities												$	109.8		$	(334.1)
Less: Net gains (losses) recognized on equity securities sold during the period												19.3			15.5
Net holding period gains (losses) recognized during the period on equity securities held at period end												$	90.5		$	(349.6)

									Three Months
(millions)												2023			2022
Available-for-sale securities:
Fixed maturities:
U.S. government obligations												$	163.2		$	51.4
State and local government obligations												10.6			9.2
Foreign government obligations												0.1			0.1
Corporate debt securities												83.6			68.1
Residential mortgage-backed securities												9.2			4.8
Commercial mortgage-backed securities												50.0			43.3
Other asset-backed securities												48.5			25.1
Redeemable preferred stocks												2.9			2.5
Total fixed maturities												368.1			204.5
Short-term investments												24.7			0.4
Total available-for-sale securities												392.8			204.9
Equity securities:
Nonredeemable preferred stocks												15.1			18.2
Common equities												11.7			19.1
Total equity securities												26.8			37.3
Investment income												419.6			242.2
Investment expenses												(5.5)			(5.7)
Net investment income												$	414.1		$	236.5

			Fair Value
(millions)			Level 1						Level 2						Level 3						Total						Cost
March 31, 2023
Fixed maturities:
U.S. government obligations			$	27,350.1					$	0					$	0					$	27,350.1					$	28,490.9
State and local government obligations			0						2,061.6						0						2,061.6						2,222.4
Foreign government obligations			0						15.8						0						15.8						16.9
Corporate debt securities			0						10,681.3						0						10,681.3						11,195.8
Subtotal			27,350.1						12,758.7						0						40,108.8						41,926.0
Asset-backed securities:
Residential mortgage-backed			0						630.0						0						630.0						655.0
Commercial mortgage-backed			0						4,503.0						0						4,503.0						5,252.6
Other asset-backed			0						4,865.8						0						4,865.8						5,087.8
Subtotal asset-backed securities			0						9,998.8						0						9,998.8						10,995.4
Redeemable preferred stocks:
Financials			0						40.0						0						40.0						43.5
Utilities			0						8.8						0						8.8						10.5
Industrials			9.6						123.2						0						132.8						148.5
Subtotal redeemable preferred stocks			9.6						172.0						0						181.6						202.5
Total fixed maturities			27,359.7						22,929.5						0						50,289.2						53,123.9
Short-term investments			2,524.1						0						0						2,524.1						2,524.1
Total available-for-sale securities			29,883.8						22,929.5						0						52,813.3						55,648.0
Equity securities:
Nonredeemable preferred stocks:
Financials			40.0						884.5						67.4						991.9						1,102.7
Utilities			0						70.5						0						70.5						80.0
Industrials			0						0						16.4						16.4						15.0
Subtotal nonredeemable preferred stocks			40.0						955.0						83.8						1,078.8						1,197.7
Common equities:
Common stocks			2,755.7						0						18.3						2,774.0						720.2
Other risk investments			0						0						20.3						20.3						20.3
Subtotal common equities			2,755.7						0						38.6						2,794.3						740.5
Total equity securities			2,795.7						955.0						122.4						3,873.1						1,938.2
Total portfolio			$	32,679.5					$	23,884.5					$	122.4					$	56,686.4					$	57,586.2
Debt			$	0					$	5,881.0					$	0					$	5,881.0					$	6,389.3