Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-09518 | ||
Entity Registrant Name | PROGRESSIVE CORP/OH/ | ||
Entity Incorporation, State or Country Code | OH | ||
Entity Tax Identification Number | 34-0963169 | ||
Entity Address, Address Line One | 6300 Wilson Mills Road, | ||
Entity Address, City or Town | Mayfield Village, | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 44143 | ||
City Area Code | 440 | ||
Local Phone Number | 461-5000 | ||
Title of 12(b) Security | Common Shares, $1.00 Par Value | ||
Trading Symbol | PGR | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 76,906,833,454 | ||
Entity Common Stock, Shares Outstanding | 585,677,464 | ||
Entity Central Index Key | 0000080661 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Amendment Flag | false | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Proxy Statement for the Annual Meeting of Shareholders to be held on May 10, 2024, and the Annual Report to Shareholders of The Progressive Corporation and subsidiaries for the year ended December 31, 2023, included as Exhibit 13 to this Form 10-K, are incorporated by reference in Parts I, II, III, and IV hereof. |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Cleveland, Ohio |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues | ||||
Net premiums earned | $ 58,664.4 | $ 49,241.2 | $ 44,368.7 | |
Investment income | 1,891.8 | 1,260.3 | 860.9 | |
Net realized gains (losses) on securities: | ||||
Net realized gains (losses) on security sales | 13.7 | 196.5 | 614.3 | |
Net holding period gains (losses) on securities | 348.4 | (2,100.1) | 899.9 | |
Net impairment losses recognized in earnings | (9) | (8.6) | (5) | |
Total net realized gains (losses) on securities | 353.1 | (1,912.2) | 1,509.2 | |
Fees and other revenues | 889.1 | 722.1 | 691.8 | |
Service revenues | 310.1 | 299.3 | 271.4 | |
Total revenues | 62,108.5 | 49,610.7 | 47,702 | |
Expenses | ||||
Losses and loss adjustment expenses | 45,654.6 | 38,122.7 | 33,627.6 | |
Policy acquisition costs | 4,665.1 | 3,917 | 3,712.8 | |
Other underwriting expenses | 6,241.5 | 5,859.6 | 5,654.7 | |
Investment expenses | 26.2 | 24.3 | 25.5 | |
Service expenses | 349 | 296.7 | 252.8 | |
Interest expense | 268.4 | 243.5 | 218.6 | |
Goodwill impairment | 0 | 224.8 | 0 | |
Total expenses | 57,204.8 | 48,688.6 | 43,492 | |
Net Income | ||||
Income before income taxes | 4,903.7 | 922.1 | 4,210 | |
Provision for income taxes | 1,001.3 | 200.6 | 859.1 | |
Net income | 3,902.4 | 721.5 | 3,350.9 | |
Changes in: | ||||
Total net unrealized gains (losses) on fixed-maturity securities | 1,185.5 | (2,842.5) | (891.1) | |
Net unrealized losses on forecasted transactions | 0.5 | 0.4 | 0.7 | |
Foreign currency translation adjustment | 0.3 | (0.6) | (0.6) | |
Other comprehensive income (loss) | 1,186.3 | (2,842.7) | (891) | |
Comprehensive income (loss) | 5,088.7 | (2,121.2) | 2,459.9 | |
Computation of Earnings Per Common Share | ||||
Net income | 3,902.4 | 721.5 | 3,350.9 | |
Less: Preferred share dividends | [1] | 37.6 | 26.9 | 26.9 |
Net income available to common shareholders | $ 3,864.8 | $ 694.6 | $ 3,324 | |
Average common shares outstanding - Basic | 584.9 | 584.4 | 584.5 | |
Net effect of dilutive stock-based compensation | 2.6 | 2.7 | 2.6 | |
Total average equivalent common shares - Diluted | 587.5 | 587.1 | 587.1 | |
Basic: Earnings per share (usd per share) | $ 6.61 | $ 1.19 | $ 5.69 | |
Diluted: Earnings per share (usd per share) | $ 6.58 | $ 1.18 | $ 5.66 | |
[1]Changed to a floating dividend rate in March 2023. See Note 14 – Dividends for further discussion. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Available-for-sale securities, at fair value: | |||
Fixed maturities (amortized cost: $62,441.9 and $50,264.0) | $ 60,378.2 | $ 46,651.9 | |
Short-term investments (amortized cost: $1,789.9 and $2,861.7) | 1,789.9 | 2,861.7 | |
Total available-for-sale securities | 62,168.1 | 49,513.6 | |
Equity securities, at fair value: | |||
Nonredeemable preferred stocks (cost: $977.1 and $1,364.2) | 902.1 | 1,213.2 | |
Common equities (cost: $706.0 and $826.1) | 2,928.4 | 2,821.5 | |
Total equity securities | 3,830.5 | 4,034.7 | |
Total investments | 65,998.6 | 53,548.3 | |
Cash and cash equivalents | 84.9 | 203.5 | |
Restricted cash and cash equivalents | 14.7 | 17.4 | |
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 99.6 | 220.9 | |
Accrued investment income | 438 | 282.5 | |
Premiums receivable, net of allowance for credit losses of $369.1 and $343.3 | 11,958.2 | 10,416.9 | |
Reinsurance recoverables | 5,093.9 | 5,832.1 | |
Prepaid reinsurance premiums | 249.8 | 295.5 | |
Deferred acquisition costs | 1,687.4 | 1,544.4 | |
Property and equipment, net of accumulated depreciation of $1,655.1 and $1,551.1 | 880.8 | 1,034 | |
Net federal deferred income taxes | 936 | 1,131.5 | |
Other assets | 1,348.5 | 1,158.9 | |
Total assets | 88,690.8 | 75,465 | |
Liabilities | |||
Unearned premiums | 20,133.7 | 17,293.6 | |
Loss and loss adjustment expense reserves | 34,389.2 | 30,359.3 | |
Accounts payable, accrued expenses, and other liabilities | [1] | 7,002.2 | 5,532.8 |
Debt | [2] | 6,888.6 | 6,388.3 |
Total liabilities | 68,413.7 | 59,574 | |
Shareholders' Equity | |||
Serial Preferred Shares, Series B, no par value (cumulative, liquidation preference of $1,000 per share) (authorized, issued, and outstanding 0.5) | 493.9 | 493.9 | |
Common shares, $1.00 par value (authorized 900.0; issued 797.6, including treasury shares of 212.3 and 212.7) | 585.3 | 584.9 | |
Paid-in capital | 2,013.1 | 1,893 | |
Retained earnings | 18,800.5 | 15,721.2 | |
Accumulated other comprehensive income (loss): | |||
Net unrealized gains (losses) on fixed-maturity securities | (1,600.8) | (2,786.3) | |
Net unrealized losses on forecasted transactions | (14) | (14.5) | |
Foreign currency translation adjustment | (0.9) | (1.2) | |
Total accumulated other comprehensive income (loss) | (1,615.7) | (2,802) | |
Total shareholders’ equity | 20,277.1 | 15,891 | |
Total liabilities and shareholders’ equity | $ 88,690.8 | $ 75,465 | |
[1] See Note 1 – Reporting and Accounting Policies, Commitments and Contingencies and Note 12 – Litigation Consists of long-term debt. See Note 4 – Debt for further discussion . |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fixed maturities, amortized cost | $ 62,441.9 | $ 50,264 |
Short-term investments, amortized cost | 1,789.9 | 2,861.7 |
Nonredeemable preferred stocks, cost | 977.1 | 1,364.2 |
Equity Securities Common Equities Cost | 706 | 826.1 |
Premium receivable, allowance for credit loss | 369.1 | 343.3 |
Property and equipment, accumulated depreciation | $ 1,655.1 | $ 1,551.1 |
Common Shares, par value (USD per share) | $ 1 | $ 1 |
Common Shares, authorized (shares) | 900,000,000 | 900,000,000 |
Common Shares, issued (shares) | 797,600,000 | 797,600,000 |
Treasury Stock, Common, Shares | 212,300,000 | 212,700,000 |
Serial Preferred Stock | ||
Preferred shares, authorized (in shares) | 20,000,000 | 20,000,000 |
Series B Preferred Stock | Serial Preferred Stock | ||
Preferred shares, authorized (in shares) | 500,000 | 500,000 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 |
Preferred shares, issued (in shares) | 500,000 | 500,000 |
Preferred Stock, Shares Outstanding (in shares) | 500,000 | 500,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Preferred Shares, No Par Value | Common Shares, $1.00 Par Value | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | |
Balance, beginning of year at Dec. 31, 2020 | $ 493.9 | $ 585.2 | $ 1,672.9 | $ 13,354.9 | $ 931.7 | ||
Treasury shares purchased | (2.4) | (7.1) | (213.5) | ||||
Net restricted equity awards issued/vested | 1.6 | (1.6) | |||||
Amortization of equity-based compensation | 100.7 | ||||||
Reinvested dividends on restricted stock units | 8 | (8) | |||||
Net income | $ 3,350.9 | 3,350.9 | |||||
Cash dividends declared on common shares ($1.15, $0.40, and $1.90 per share)1 | [1] | (1,109) | |||||
Cash dividends declared on Serial Preferred Shares, Series B ($60.354787, $53.75, and $53.75 per share)1 | [1] | (26.8) | |||||
Other, net | (8.8) | ||||||
Other comprehensive income (loss) | (891) | (891) | |||||
Balance, end of year at Dec. 31, 2021 | 18,231.6 | 493.9 | 584.4 | 1,772.9 | 15,339.7 | 40.7 | |
Treasury shares purchased | (0.9) | (2.6) | (95.5) | ||||
Net restricted equity awards issued/vested | 1.4 | (1.4) | |||||
Amortization of equity-based compensation | 122.7 | ||||||
Reinvested dividends on restricted stock units | 1.4 | (1.4) | |||||
Net income | 721.5 | 721.5 | |||||
Cash dividends declared on common shares ($1.15, $0.40, and $1.90 per share)1 | [1] | (233.7) | |||||
Cash dividends declared on Serial Preferred Shares, Series B ($60.354787, $53.75, and $53.75 per share)1 | [1] | (26.8) | |||||
Other, net | 17.4 | ||||||
Other comprehensive income (loss) | (2,842.7) | (2,842.7) | |||||
Balance, end of year at Dec. 31, 2022 | 15,891 | 493.9 | 584.9 | 1,893 | 15,721.2 | (2,802) | |
Treasury shares purchased | (1) | (3.3) | (136.4) | ||||
Net restricted equity awards issued/vested | 1.4 | (1.4) | |||||
Amortization of equity-based compensation | 121.3 | ||||||
Reinvested dividends on restricted stock units | 3.5 | (3.5) | |||||
Net income | 3,902.4 | 3,902.4 | |||||
Cash dividends declared on common shares ($1.15, $0.40, and $1.90 per share)1 | [1] | (672.7) | |||||
Cash dividends declared on Serial Preferred Shares, Series B ($60.354787, $53.75, and $53.75 per share)1 | [1] | (30.2) | |||||
Other, net | 19.7 | ||||||
Other comprehensive income (loss) | 1,186.3 | 1,186.3 | |||||
Balance, end of year at Dec. 31, 2023 | $ 20,277.1 | $ 493.9 | $ 585.3 | $ 2,013.1 | $ 18,800.5 | $ (1,615.7) | |
[1] See Note 14 – Dividends for further discussion. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Cash Flows From Operating Activities | ||||
Net income | $ 3,902.4 | $ 721.5 | $ 3,350.9 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation | 285.5 | 305.6 | 279.7 | |
Amortization of intangible assets | 14.2 | 31 | 57.7 | |
Net amortization (accretion) of fixed-income securities | 41.4 | (25.2) | 130.3 | |
Amortization of equity-based compensation | 121.3 | 122.7 | 100.7 | |
Net realized (gains) losses on securities | (353.1) | 1,912.2 | (1,509.2) | |
Net (gains) losses on disposition of property and equipment | 36.2 | (0.6) | (3.6) | |
Goodwill impairment | 0 | 224.8 | 0 | |
Changes in: | ||||
Premiums receivable | (1,541.3) | (1,017.4) | (1,146.8) | |
Reinsurance recoverables | 738.2 | (851.6) | (508.7) | |
Prepaid reinsurance premiums | 45.7 | 162.1 | (74.9) | |
Deferred acquisition costs | (143) | (188.8) | (118.4) | |
Income taxes | 181.2 | (515.3) | (86) | |
Unearned premiums | 2,840.1 | 1,677.8 | 2,111.4 | |
Loss and loss adjustment expense reserves | 4,029.9 | 4,195.2 | 4,752.8 | |
Accounts payable, accrued expenses, and other liabilities | 699.6 | 199.5 | 399.7 | |
Other, net | (255) | (104.7) | 26.1 | |
Net cash provided by operating activities | 10,643.3 | 6,848.8 | 7,761.7 | |
Purchases: | ||||
Fixed maturities | (25,776.9) | (26,510.4) | (33,177.5) | |
Equity securities | (86.6) | (158.1) | (838.1) | |
Sales: | ||||
Fixed maturities | 8,234.4 | 14,055.2 | 18,965.2 | |
Equity securities | 791.3 | 1,496.1 | 780.6 | |
Maturities, paydowns, calls, and other: | ||||
Fixed maturities | 4,990.3 | 5,380.3 | 7,013.8 | |
Equity securities | 65.2 | 83.6 | 223.1 | |
Net (purchases) sales of short-term investments | 1,155.7 | (1,868.2) | 4,355.7 | |
Net change in unsettled security transactions | (11.2) | (177.8) | 47.9 | |
Acquisition of Protective Insurance Corporation, net of cash, cash equivalents, and restricted cash equivalents acquired | 0 | 0 | (313.2) | |
Purchases of property and equipment | (252) | (292) | (243.5) | |
Sales of property and equipment | 47.2 | 35.1 | 66.2 | |
Net cash used in investing activities | (10,842.6) | (7,956.2) | (3,119.8) | |
Cash Flows From Financing Activities | ||||
Dividends paid to common shareholders | [1] | (234) | (234) | (3,746.5) |
Dividends paid to preferred shareholders | [1] | (43.6) | (26.8) | (26.8) |
Acquisition of treasury shares for restricted stock tax liabilities | (95) | (76.7) | (67.2) | |
Acquisition of treasury shares acquired in open market | (45.7) | (22.3) | (155.8) | |
Net proceeds from debt issuance | 496.3 | 1,486 | 0 | |
Payment of acquired company debt | 0 | 0 | (20) | |
Payments of debt | 0 | 0 | (500) | |
Net cash provided by (used in) financing activities | 78 | 1,126.2 | (4,516.3) | |
Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | (121.3) | 18.8 | 125.6 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of year | 220.9 | 202.1 | 76.5 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of year | $ 99.6 | $ 220.9 | $ 202.1 | |
[1] See Note 14 – Dividends for further discussion. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common Shares, par value (USD per share) | $ 1 | $ 1 | $ 1 |
Common shares, dividends declared (USD per share) | $ 1.15 | $ 0.40 | $ 1.90 |
Voting Preferred Stock | |||
Preferred shares, authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred shares, issued (in shares) | 0 | 0 | 0 |
Serial Preferred Stock | |||
Preferred shares, authorized (in shares) | 20,000,000 | 20,000,000 | |
Serial Preferred Stock | Series B Preferred Stock | |||
Preferred stock, par value | $ 0 | $ 0 | $ 0 |
Preferred shares, dividends declared (USD per share) | $ 60.354787 | $ 53.75 | $ 53.75 |
Preferred shares, authorized (in shares) | 500,000 | 500,000 | |
Preferred shares, issued (in shares) | 500,000 | 500,000 |
SCHEDULE I - Summary Of Investm
SCHEDULE I - Summary Of Investments - Other Than Investments in Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
SCHEDULE I - Summary Of Investments - Other Than Investments In Related Parties | SCHEDULE I — SUMMARY OF INVESTMENTS — OTHER THAN INVESTMENTS IN RELATED PARTIES THE PROGRESSIVE CORPORATION AND SUBSIDIARIES (millions) December 31, 2023 Type of Investment Cost Fair Value Amount At Fixed maturities: Bonds: United States Government and government agencies and authorities $ 37,823.2 $ 36,869.4 $ 36,869.4 States, municipalities, and political subdivisions 2,338.4 2,202.8 2,202.8 Foreign government obligations 17.3 16.3 16.3 Public utilities 1,378.5 1,352.3 1,352.3 Corporate and other debt securities 10,067.5 9,831.4 9,831.4 Asset-backed securities 10,629.3 9,932.3 9,932.3 Redeemable preferred stocks 187.7 173.7 173.7 Total fixed maturities 62,441.9 60,378.2 60,378.2 Equity securities: Common stocks: Public utilities 39.0 97.5 97.5 Banks, trusts, and insurance companies 130.8 480.0 480.0 Industrial, miscellaneous, and all other 536.2 2,350.9 2,350.9 Nonredeemable preferred stocks 977.1 902.1 902.1 Total equity securities 1,683.1 3,830.5 3,830.5 Short-term investments 1,789.9 1,789.9 1,789.9 Total investments $ 65,914.9 $ 65,998.6 $ 65,998.6 Progressive did not have any securities of any one issuer, excluding U.S. government obligations, with an aggregate cost or fair value exceeding 10% of total shareholders’ equity at December 31, 2023. |
SCHEDULE II - Condensed Financi
SCHEDULE II - Condensed Financial Information Of Registrant | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
SCHEDULE II - Condensed Financial Information Of Registrant | SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF COMPREHENSIVE INCOME THE PROGRESSIVE CORPORATION (PARENT COMPANY) (millions) Years Ended December 31, 2023 2022 2021 Revenues Dividends from subsidiaries $ 399.0 $ 540.5 $ 2,847.0 Undistributed income from subsidiaries 3,572.3 325.0 674.9 Equity in net income of subsidiaries 3,971.3 865.5 3,521.9 Intercompany investment income 204.3 92.7 4.5 Total revenues 4,175.6 958.2 3,526.4 Expenses Interest expense 270.0 246.0 220.0 Deferred compensation 1 20.4 25.3 8.8 Other operating costs and expenses 7.6 6.8 6.8 Total expenses 298.0 278.1 235.6 Income before income taxes 3,877.6 680.1 3,290.8 Benefit for income taxes 24.8 41.4 60.1 Net income 3,902.4 721.5 3,350.9 Other comprehensive income (loss) 1,186.3 (2,842.7) (891.0) Comprehensive income (loss) $ 5,088.7 $ (2,121.2) $ 2,459.9 1 See Note 4 – Employee Benefit Plans in these condensed financial statements. See notes to condensed financial statements. CONDENSED BALANCE SHEETS THE PROGRESSIVE CORPORATION (PARENT COMPANY) (millions - except per share amounts) December 31, 2023 2022 Assets Investment in affiliate $ 5.0 $ 5.0 Investment in subsidiaries 23,409.9 17,911.8 Receivable from investment subsidiary 3,791.4 4,098.7 Intercompany receivable 886.7 466.2 Net federal deferred income taxes 65.6 64.3 Other assets 165.4 150.6 Total assets $ 28,324.0 $ 22,696.6 Liabilities and Shareholders’ Equity Accounts payable, accrued expenses, and other liabilities $ 1,158.3 $ 417.3 Debt 1 6,888.6 6,388.3 Total liabilities 8,046.9 6,805.6 Serial Preferred Shares (authorized 20.0) Serial Preferred Shares, Series B, no par value (cumulative, liquidation preference of $1,000 per share) (authorized, issued, and outstanding 0.5) 2 493.9 493.9 Common shares, $1.00 par value (authorized 900.0; issued 797.6, including treasury shares of 212.3 and 212.7) 585.3 584.9 Paid-in capital 2,013.1 1,893.0 Retained earnings 18,800.5 15,721.2 Total accumulated other comprehensive income (loss) (1,615.7) (2,802.0) Total shareholders’ equity 20,277.1 15,891.0 Total liabilities and shareholders’ equity $ 28,324.0 $ 22,696.6 1 Consists of long-term debt. See Note 4 – Debt in our Annual Report for further discussion. 2 See Note 7 – Subsequent Event in these condensed financial statements. See notes to condensed financial statements. CONDENSED STATEMENTS OF CASH FLOWS THE PROGRESSIVE CORPORATION (PARENT COMPANY) (millions) Years Ended December 31, 2023 2022 2021 Cash Flows From Operating Activities: Net income $ 3,902.4 $ 721.5 $ 3,350.9 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed income from subsidiaries (3,572.3) (325.0) (674.9) Amortization of equity-based compensation 3.3 3.2 3.1 Changes in: Intercompany receivable (420.5) (79.0) 86.6 Accounts payable, accrued expenses, and other liabilities 12.5 (21.5) 23.8 Income taxes 301.2 28.9 (154.8) Other, net 9.6 60.1 76.8 Net cash provided by operating activities 236.2 388.2 2,711.5 Cash Flows From Investing Activities: Additional investments in equity securities of consolidated subsidiaries (621.5) (797.8) (397.3) Received from (paid to) investment subsidiary 307.3 (716.6) 2,519.6 Acquisition of Protective Insurance Corporation 0 0 (337.5) Net cash provided by (used in) investing activities (314.2) (1,514.4) 1,784.8 Cash Flows From Financing Activities: Dividends paid to common shareholders (234.0) (234.0) (3,746.5) Dividends paid to preferred shareholders (43.6) (26.8) (26.8) Acquisition of treasury shares for restricted stock tax liabilities (95.0) (76.7) (67.2) Acquisition of treasury shares acquired in open market (45.7) (22.3) (155.8) Net proceeds from debt issuance 496.3 1,486.0 0 Payments of debt 0 0 (500.0) Net cash provided by (used in) financing activities 78.0 1,126.2 (4,496.3) Change in cash 0 0 0 Cash - beginning of year 0 0 0 Cash - end of year $ 0 $ 0 $ 0 See notes to condensed financial statements. NOTES TO CONDENSED FINANCIAL STATEMENTS The accompanying condensed financial statements of The Progressive Corporation (parent company) should be read in conjunction with the consolidated financial statements and notes thereto in the Annual Report to Shareholders of The Progressive Corporation and its subsidiaries, which is included as Exhibit 13 to this Form 10-K. Note 1. Statements of Cash Flows — For the purpose of the condensed statements of cash flows, cash includes only bank demand deposits. The Progressive Corporation does not hold any cash but has unrestricted access to funds maintained in a non-insurance investment subsidiary to meet its holding company obligations; at December 31, 2023, 2022, and 2021, $4.2 billion, $4.4 billion, and $4.2 billion, respectively, of marketable securities were available in this subsidiary. For the years ended December 31, non-cash activity included the following: (millions) 2023 2022 2021 Common share dividends 1 $ 497.9 $ 58.5 $ 58.5 Preferred share dividends 1 0 13.4 13.4 1 Declared but unpaid. See Note 14 – Dividends in the Annual Report for further discussion. For the years ended December 31, The Progressive Corporation paid the following: (millions) 2023 2022 2021 Income taxes $ 800.0 $ 705.0 $ 815.0 Interest 264.9 228.9 223.9 Note 2. Income Taxes — The Progressive Corporation files a consolidated federal income tax return with its eligible subsidiaries and acts as an agent for the consolidated tax group when making payments to the Internal Revenue Service. The Progressive Corporation consolidated group’s net income taxes currently payable/recoverable are included in other liabilities/assets, respectively, in the accompanying condensed balance sheets based on the balance at the end of the year. The Progressive Corporation and its eligible subsidiaries have adopted, pursuant to a written agreement, a method of allocating consolidated federal income taxes. Amounts allocated to the eligible subsidiaries under the written agreement are included in intercompany receivable in the accompanying condensed balance sheets. Note 3. Debt — The information relating to debt is incorporated by reference from Note 4 – Debt in our Annual Report. Note 4. Employee Benefit Plans — The information relating to incentive compensation and deferred compensation plans is incorporated by reference from Note 9 – Employee Benefit Plans in our Annual Report. Note 5. Other Comprehensive Income (Loss) — On the condensed statements of comprehensive income, other comprehensive income (loss) represents activity of the subsidiaries of The Progressive Corporation and includes net unrealized gains (losses) on fixed-maturity securities, net unrealized losses on forecasted transactions, and foreign currency translation adjustments. Note 6. Dividends — The information relating to our dividend policy is incorporated by reference from Note 14 – Dividends Note 7. Subsequent Event |
SCHEDULE III - Supplementary In
SCHEDULE III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
SCHEDULE III - Supplementary Insurance Information | SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION THE PROGRESSIVE CORPORATION AND SUBSIDIARIES (millions) Segment Deferred 1 Future 1 Unearned premiums 1 Other 1 Premium revenue Net 1,2 Benefits, Amortization Other 1 Net premiums Year ended December 31, 2023: Personal Lines $ 46,213.3 $ 35,972.4 $ 3,169.1 $ 4,928.6 $ 48,581.0 Commercial Lines 9,898.7 7,899.7 1,004.7 1,020.8 10,138.3 Property 2,551.4 1,776.3 491.0 281.4 2,830.6 Other indemnity 1.0 6.2 0.3 10.7 0.3 Total $ 1,687.4 $ 34,389.2 $ 20,133.7 $ 0 $ 58,664.4 $ 1,865.6 $ 45,654.6 $ 4,665.1 $ 6,241.5 $ 61,550.2 Year ended December 31, 2022: Personal Lines $ 37,880.2 $ 29,680.8 $ 2,592.1 $ 4,668.9 $ 39,278.5 Commercial Lines 9,088.3 6,544.7 913.3 947.7 9,398.8 Property 2,270.0 1,891.3 411.1 235.3 2,401.7 Other indemnity 2.7 5.9 0.5 7.7 2.1 Total $ 1,544.4 $ 30,359.3 $ 17,293.6 $ 0 $ 49,241.2 $ 1,236.0 $ 38,122.7 $ 3,917.0 $ 5,859.6 $ 51,081.1 Year ended December 31, 2021: Personal Lines $ 35,373.3 $ 27,043.1 $ 2,614.7 $ 4,656.8 $ 36,168.8 Commercial Lines 6,945.2 4,814.5 734.1 742.3 8,015.9 Property 2,042.5 1,764.6 362.9 253.0 2,216.2 Other indemnity 7.7 5.4 1.1 2.6 4.3 Total $ 1,355.6 $ 26,164.1 $ 15,615.8 $ 0 $ 44,368.7 $ 835.4 $ 33,627.6 $ 3,712.8 $ 5,654.7 $ 46,405.2 1 Progressive does not allocate assets, liabilities, or investment income to operating segments. Expense allocations are based on certain assumptions and estimates primarily related to revenue and volume; stated segment operating results would change if different methods were applied. 2 Excludes total net realized gains (losses) on securities. |
SCHEDULE IV - Reinsurance
SCHEDULE IV - Reinsurance | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
SCHEDULE IV - Reinsurance | SCHEDULE IV — REINSURANCE THE PROGRESSIVE CORPORATION AND SUBSIDIARIES (millions) Year Ended: Gross Amount Ceded to Assumed Net Amount Percentage December 31, 2023 Premiums earned: Property and liability insurance $ 59,881.1 $ 1,216.7 $ 0 $ 58,664.4 0 % December 31, 2022 Premiums earned: Property and liability insurance $ 50,650.2 $ 1,409.0 $ 0 $ 49,241.2 0 % December 31, 2021 Premiums earned: Property and liability insurance $ 46,018.6 $ 1,649.9 $ 0 $ 44,368.7 0 % |
Reporting and Accounting Polici
Reporting and Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Reporting and Accounting Policies | REPORTING AND ACCOUNTING POLICIES Nature of Operations The Progressive insurance organization began business in 1937. The financial results of The Progressive Corporation include its subsidiaries and affiliates (references to “subsidiaries” in these notes include affiliates as well). Our insurance subsidiaries write personal and commercial auto insurance, personal residential property insurance, business-related general liability and commercial property insurance predominantly for small businesses, workers’ compensation insurance primarily for the transportation industry, and other specialty property-casualty insurance and provide related services. We report three operating segments. Our Personal Lines segment writes insurance for personal autos and recreational vehicles, which we refer to as our special lines products. Our Commercial Lines segment writes auto-related liability and physical damage insurance, business-related general liability and property insurance predominately for small businesses, and workers’ compensation insurance primarily for the transportation industry. Our Property segment writes residential property insurance for homeowners, other property owners, and renters. We operate our businesses throughout the United States, through both the independent agency and direct channels. Basis of Consolidation and Reporting The accompanying consolidated financial statements include the accounts of The Progressive Corporation and our wholly owned insurance and non-insurance subsidiaries and affiliates in which we have a controlling financial interest. All intercompany accounts and transactions are eliminated in consolidation. All revenues are generated from external customers and we do not have a reliance on any major customer. Estimates We are required to make estimates and assumptions when preparing our financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (GAAP). As estimates develop into fact, results may, and will likely, differ from those estimates. Investments Our fixed-maturity securities and short-term investments are accounted for on an available-for-sale basis. Fixed-maturity securities include debt securities and redeemable preferred stocks, which may have fixed or variable principal payment schedules, may be held for indefinite periods of time, and may be used as a part of our asset/liability strategy or sold in response to changes in interest rates, anticipated prepayments, risk/reward characteristics, liquidity needs, or other economic factors. These securities are carried at fair value with the corresponding unrealized gains (losses), net of deferred income taxes, reported in accumulated other comprehensive income. Short-term investments may include commercial paper, repurchase transactions, and other securities expected to mature within one year. From time to time, we may also invest in municipal bonds that have maturity dates that are longer than one year but have either liquidity facilities or mandatory put features within one year. Equity securities include common stocks, nonredeemable preferred stocks, and other risk investments. Common stocks and nonredeemable preferred stocks are carried at fair value, with the changes in fair value reported in net holding period gains (losses) on securities on the consolidated statements of comprehensive income. Our other risk investments are accounted for under the equity method of accounting. These securities are carried at cost and adjusted for our share of the investee’s earnings or losses, with the changes in carrying value reported in investment income. We did not have any open derivative instruments at December 31, 2023, 2022, or 2021. From time to time, we entered into interest rate swaps to hedge the exposure to variable cash flows of a forecasted transaction (i.e., cash flow hedge). Derivatives designated as hedges are required to be evaluated on established criteria to determine the effectiveness of their correlation to, and ability to reduce the designated risk of, specific securities or transactions. Effectiveness is required to be reassessed regularly. For cash flow hedges that are deemed to be effective, the changes in fair value of the hedge would be reported as a component of accumulated other comprehensive income and subsequently amortized into earnings over the life of the hedged transaction. If a hedge is deemed to become ineffective or discontinued, changes in fair value of the derivative instrument would be reported in income for the current period. See Note 4 – Debt for a summary of our closed debt issuance cash flow hedges. Investment securities are exposed to various risks such as interest rate, market, credit, and liquidity risk. Fair values of securities fluctuate based on the nature and magnitude of changing market conditions; significant changes in market conditions could materially affect the portfolio’s value in the near term. We routinely monitor our fixed-maturity portfolio for pricing changes that might indicate potential credit losses exist and perform detailed reviews of securities with unrealized losses. For an unrealized loss that we determined to be related to current market conditions, we will not record an allowance for credit losses or write off the unrealized loss for the securities we do not intend to sell. We will continue to monitor these securities to determine if the unrealized loss is due to credit deterioration. If we believe that a potential credit loss exists, we will record an allowance for the credit loss and recognize the realized loss as a component of realized gains (losses) in the income statement. Once a credit loss allowance has been established, we will continue to evaluate the security, at least quarterly, to determine if changes in conditions have created the need to either increase or decrease the allowance recorded. If we determine that a security with a credit loss allowance previously recorded is likely to be sold prior to the potential recovery of the credit loss, or if we determine that the loss is uncollectible, we will reverse the allowance and write down the security to its fair value. Investment income consists of interest, dividends, accretion, and amortization. Interest is recognized on an accrual basis using the effective yield method, except for asset-backed securities, discussed below. Depending on the nature of the equity instruments, dividends are recorded at either the ex-dividend date or on an accrual basis. Asset-backed securities, which are included in our fixed-maturity portfolio, are generally accounted for under the retrospective method. The retrospective method recalculates yield assumptions (based on changes in interest rates or cash flow expectations) historically to the inception of the investment holding period, and applies the required adjustment, if any, to the cost basis, with the offset recorded to investment income on a quarterly basis. The prospective method is used primarily for interest-only securities, asset-backed securities below high investment-grade status (i.e., below AA-), and certain asset-backed securities with sub-prime loan exposure or where there is a greater risk of non-performance and where it is possible the initial investment may not be substantially recovered. The prospective method requires a calculation of expected future repayments and resets the yield to allow for future period adjustments; no current period impact to investment income or the security’s cost is made based on the cash flow update. Prepayment assumptions are updated quarterly. Realized gains (losses) on securities are computed based on the first-in first-out method. Realized gains (losses) also include holding period valuation changes on equity securities and hybrid instruments (e.g., securities with embedded options, where the option is a feature of the overall change in the value of the instrument), as well as initial and subsequent changes in credit allowance losses and write-offs for losses deemed uncollectible or securities in a loss position that are expected to be sold prior to the recovery of the credit loss. Insurance Premiums and Receivables Insurance premiums written are earned into income on a pro rata basis over the period of risk, based on a daily earnings convention. Accordingly, unearned premiums represent the portion of premiums written with unexpired risk. We write insurance and provide related services to individuals and commercial accounts and offer a variety of payment plans. Generally, premiums are collected prior to providing risk coverage, minimizing our exposure to credit risk. For our Personal Lines and Commercial Lines businesses, we perform a policy-level evaluation to determine the extent to which the premiums receivable balance exceeds the unearned premiums balance. To determine an allowance for credit losses, we evaluate the collectibility of premiums receivables based on historical and current collections experience of the aged exposures, using actuarial analysis. Our estimate of the future recoverability of our projected ultimate at-risk exposures also takes into consideration any unusual circumstances that we may encounter, such as moratoriums or other programs that may suspend collections. For our Property business, the risk of uncollectibility is relatively low. If premiums are unpaid by the policy due date, we provide advance notice of cancellation in accordance with each state’s requirements and, if the premiums remain unpaid after receipt of notice, we cancel the policy and write off any remaining balance. The following table summarizes changes in our allowance for credit loss exposure on our premiums receivable: (millions) 2023 2022 Balance at January 1 $ 343.3 $ 280.4 Increase in allowance 1 540.3 471.1 Write-offs 2 (514.5) (408.2) Balance at December 31 $ 369.1 $ 343.3 1 Represents the incremental increase in other underwriting expenses. 2 Represents the portion of allowance that is reversed when premiums receivables are written off. Premiums receivable balances are written off once we have exhausted our collection efforts. Deferred Acquisition Costs Deferred acquisition costs include commissions, premium taxes, and other variable underwriting and direct sales costs incurred in connection with the successful acquisition or renewal of insurance contracts. These acquisition costs, net of ceding allowances, are deferred and amortized over the policy period in which the related premiums are earned. We consider anticipated investment income in determining recoverability of these costs. Management believes these costs will be fully recoverable in the near term. We do not defer any advertising costs. Total advertising costs, which are expensed as incurred, for the years ended December 31, were: (millions) Advertising Costs 2023 $ 1,599.7 2022 2,032.5 2021 2,139.5 Loss and Loss Adjustment Expense Reserves Loss reserves represent the estimated liability on claims reported to us, plus reserves for losses incurred but not recorded. These estimates are reported net of amounts estimated to be recoverable from salvage and subrogation. Loss adjustment expense reserves represent the estimated expenses required to settle these claims. The methods of making estimates and establishing these reserves are reviewed regularly and resulting adjustments are reflected in income in the current period. Such loss and loss adjustment expense reserves are susceptible to change. Reinsurance Our reinsurance activity includes transactions which are categorized as Regulated and Non-Regulated. Regulated refers to plans in which we participate that are governed by insurance regulations and include state-provided reinsurance facilities (e.g., Michigan Catastrophic Claims Association, North Carolina Reinsurance Facility, Florida Hurricane Catastrophe Fund), as well as state-mandated involuntary plans for commercial vehicles (Commercial Automobile Insurance Procedures/Plans – CAIP) and federally regulated plans for flood (National Flood Insurance Program – NFIP); we act as a participant in the “Write Your Own” program for the NFIP. Non-Regulated includes voluntary contractual arrangements primarily related to our Property business and to the transportation network company (TNC) business written by our Commercial Lines segment. Prepaid reinsurance premiums are earned on a pro rata basis over the period of risk, based on a daily earnings convention, which is consistent with premiums earned. See Note 7 – Reinsurance for further discussion. We routinely monitor changes in the credit quality and concentration risks of the reinsurers who are counterparties to our reinsurance recoverables to determine if an allowance for credit losses should be established. Income Taxes The income tax provision is calculated under the balance sheet approach. Deferred tax assets and liabilities are recorded based on the temporary difference between the financial statement and tax bases of assets and liabilities at the enacted tax rates. The principal items giving rise to such differences include: • unearned premiums reserves; • investment securities (e.g., net unrealized gains (losses) and net holding period gains (losses) on securities); • deferred acquisition costs; • loss and loss adjustment expense reserves; • non-deductible accruals; • property and equipment; and • software development costs. We review our deferred tax assets regularly for recoverability. See Note 5 – Income Taxes for further discussion. Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is recognized over the estimated useful lives of the assets using accelerated methods for computer equipment and the straight-line method for all other fixed assets. We evaluate impairment whenever events or circumstances warrant such a review and write off the impaired assets if appropriate. The cost and useful lives for property and equipment at December 31, were: ($ in millions) 2023 2022 Useful Lives Land $ 102.6 $ 123.1 NA Buildings, improvements, and integrated components 732.9 844.1 7-40 years Capitalized software 467.5 475.4 3-10 years Software licenses (internal use) 486.4 427.6 1-6 years Computer equipment 353.3 318.1 3 years All other property and equipment 393.2 396.8 3-10 years Total cost 2,535.9 2,585.1 Accumulated depreciation (1,655.1) (1,551.1) Balance at end of year $ 880.8 $ 1,034.0 NA = Not applicable; land is not a depreciable asset. Included in other assets in our consolidated balance sheets are “held for sale” properties of $77.2 million and $48.7 million at December 31, 2023 and 2022, respectively, and capitalized cloud computing arrangement implementation costs, net of amortization, of $88.1 million and $63.4 million. When properties are determined to be “held for sale,” they are written down to their fair values less the estimated costs to sell, as applicable. Goodwill and Intangible Assets Goodwill is the excess of the purchase price over the estimated fair value of the assets and liabilities acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. At December 31, 2023 and 2022, we had goodwill of $227.9 million, which is primarily attributable to our Agency Personal Lines business and related to the April 1, 2015, acquisition of a controlling interest in ARX Holding Corp. (ARX). There were no changes to the carrying amount of goodwill during the year ended December 31, 2023. We evaluate our goodwill for impairment at least annually using a qualitative approach. If events or changes in circumstances indicate that the carrying value of goodwill or intangible assets may not be recoverable, we will evaluate such items for impairment using a quantitative approach. In 2022, we recorded an impairment loss of $224.8 million, related to the goodwill assigned to the ARX reporting unit of our Property operating segment. As a result of our annual impairment testing, we determined that impairment was necessary given the magnitude of weather events relative to forecasted expectations during the first half of 2022, as well as other factors impacting our plans to restore our Property business to target profitability in a timely fashion. There were no previously recorded goodwill impairment losses on any of the outstanding goodwill. Intangible assets are non-financial assets lacking physical substance (e.g., customer and agency relationships, trade names, software rights) and represent the future economic benefit of those acquired assets. Amortization expense related to intangible assets was $14.2 million, $31.0 million, and $57.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. Goodwill and intangible assets are included in other assets in our consolidated balance sheets; the prior-year amounts, which were presented separately on the balance sheet in the prior year, were reclassified into this line item to conform to the current year presentation. Guaranty Fund Assessments We are subject to state guaranty fund assessments, which provide for the payment of covered claims or other insurance obligations of insurance companies deemed insolvent. These assessments are accrued after a determination of insolvency has occurred, and we have written the premiums on which the assessments will be based. Assessments are expensed when incurred except for assessments that are available for recoupment from policyholders or are eligible to offset premiums taxes payable, which are capitalized to the extent allowable. Fees and Other Revenues Fees and other revenues primarily represent fees collected from policyholders relating to installment charges in accordance with our bill plans, as well as late payment and insufficient funds fees and revenue from ceding commissions, and are considered a part of our underwriting operations. Fees and other revenues are generally earned when invoiced, except for excess ceding commissions, which are earned over the policy period. Service Revenues and Expenses Our service businesses provide insurance-related services. Service revenues and expenses from our commission-based businesses are recorded in the period in which they are earned or incurred. Equity-Based Compensation We issue time-based and performance-based restricted stock unit awards to key members of management as our form of equity compensation and time-based restricted stock awards to non-employee directors. Collectively, we refer to these awards as restricted equity awards. Generally, restricted equity awards are expensed pro rata over their respective vesting periods (i.e., requisite service period), based on the market value of the awards at the time of grant, with accelerated expense for participants who satisfy qualified retirement eligibility. We record an estimate for expected forfeitures of restricted equity awards based on our historical forfeiture rates. We credit dividend equivalent units to our management restricted equity awards. Dividend equivalent units for both time-based and performance-based awards are based on the amount of common share dividends declared by the Board of Directors, credited to outstanding restricted stock unit awards at the time a dividend is paid to shareholders, and distributed upon, or after, vesting of the underlying award. The total compensation expense recognized for equity-based compensation for the years ended December 31, was: (millions) 2023 2022 2021 Pretax expense $ 121.3 $ 122.7 $ 100.7 Tax benefit 1 17.0 16.0 14.1 1 Differs from statutory rate of 21% due to the expected disallowance of certain executive compensation deductions. Earnings Per Common Share Net income is reduced by preferred share dividends to determine net income available to common shareholders and is used in our calculation of the per common share amounts. Basic earnings per common share is computed using the weighted average number of common shares outstanding during the reporting period, excluding unvested, non-employee director, time-based restricted stock awards. Diluted earnings per common share includes common stock equivalents assumed outstanding during the period. Our common stock equivalents, which are calculated using the treasury stock method, include the incremental shares assumed to be issued for: • earned but unvested time-based restricted equity awards, and • performance-based restricted equity awards that satisfied certain contingency conditions for unvested common stock equivalents during the period and are highly likely to continue to satisfy the conditions until the date of vesting. For periods when a net loss is reported, earnings per common share are calculated using basic average equivalent common shares since diluted earnings per share would be antidilutive. Supplemental Cash Flow Information Cash and cash equivalents include bank demand deposits and daily overnight reverse repurchase commitments of funds held in bank demand deposit accounts by certain subsidiaries. The amount of overnight reverse repurchase commitments, which are not considered part of the investment portfolio, held by these subsidiaries at December 31, 2023, 2022, and 2021, were $68.2 million, $125.9 million, and $137.1 million, respectively. Restricted cash and restricted cash equivalents include collateral held against unpaid deductibles and cash that is restricted to pay flood claims under the NFIP’s “Write Your Own” program, for which certain subsidiaries are participants. For the years ended December 31, non-cash activity included the following: (millions) 2023 2022 2021 Common share dividends 1 $ 497.9 $ 58.5 $ 58.5 Preferred share dividends 1 0 13.4 13.4 Operating lease liabilities 2 114.3 36.2 86.7 1 Declared but unpaid. See Note 14 – Dividends for further discussion. 2 See Note 13 – Leases for further discussion. For the years ended December 31, we paid the following: (millions) 2023 2022 2021 Income taxes $ 820.8 $ 719.0 $ 842.4 Interest 264.9 228.9 224.0 Operating lease liabilities 77.2 82.5 88.6 Commitments and Contingencies We have certain noncancelable purchase obligations for goods and services with minimum commitments of $1,024.8 million at December 31, 2023, primarily consisting of software licenses, maintenance on information technology equipment, and media placements. Aggregate payments on these obligations for the years ended December 31, were as follows: (millions) Payments 2024 $ 780.0 2025 139.5 2026 68.6 2027 26.5 2028 7.8 Thereafter 2.4 Total $ 1,024.8 In addition, we have several multiple-layer property catastrophe reinsurance contracts with various reinsurers with terms ranging from one New Accounting Standards Adopted We did not adopt any new accounting standards during the year ended December 31, 2023. Issued In March 2023, the Financial Accounting Standards Board issued an Accounting Standards Update (ASU), which permits an election to amortize the cost of tax equity investments to the provision for income taxes if certain conditions are met. Currently, these investments are accounted for under the equity method of accounting. This ASU is effective for fiscal years (including interim periods within those fiscal years) beginning after December 15, 2023 (2024 for calendar-year companies). On January 1, 2024, we adopted this standard on the modified retrospective basis. This standard did not have a material impact on our financial condition or results of operations. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | The following tables present the composition of our investment portfolio by major security type. Our securities are reported in our consolidated balance sheets at fair value. The changes in fair value for our fixed-maturity securities (other than hybrid securities) are reported as a component of accumulated other comprehensive income (loss), net of deferred income taxes, in our consolidated balance sheets. The net holding period gains (losses) reported below represent the inception-to-date changes in fair value for the hybrid and equity securities. The changes in the net holding period gains (losses) between periods are recorded as a component of net realized gains (losses) on securities in our consolidated statements of comprehensive income. ($ in millions) Cost Gross Unrealized Gains Gross Unrealized Losses Net Holding Period Gains (Losses) Fair Value % of Total Fair Value December 31, 2023 Available-for-sale securities: Fixed maturities: U.S. government obligations $ 37,823.2 $ 204.1 $ (1,157.9) $ 0 $ 36,869.4 55.9 % State and local government obligations 2,338.4 2.8 (138.4) 0 2,202.8 3.3 Foreign government obligations 17.3 0 (1.0) 0 16.3 0.1 Corporate debt securities 11,446.0 87.2 (332.3) (17.2) 11,183.7 16.9 Residential mortgage-backed securities 426.9 0.2 (10.0) 0.1 417.2 0.6 Commercial mortgage-backed securities 4,535.2 2.2 (597.7) 0 3,939.7 6.0 Other asset-backed securities 5,667.2 15.7 (107.1) (0.4) 5,575.4 8.4 Redeemable preferred stocks 187.7 0 (2.4) (11.6) 173.7 0.3 Total fixed maturities 62,441.9 312.2 (2,346.8) (29.1) 60,378.2 91.5 Short-term investments 1,789.9 0 0 0 1,789.9 2.7 Total available-for-sale securities 64,231.8 312.2 (2,346.8) (29.1) 62,168.1 94.2 Equity securities: Nonredeemable preferred stocks 977.1 0 0 (75.0) 902.1 1.4 Common equities 706.0 0 0 2,222.4 2,928.4 4.4 Total equity securities 1,683.1 0 0 2,147.4 3,830.5 5.8 Total portfolio 1 $ 65,914.9 $ 312.2 $ (2,346.8) $ 2,118.3 $ 65,998.6 100.0 % ($ 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 portfolio 1 $ 55,316.0 $ 13.9 $ (3,551.5) $ 1,769.9 $ 53,548.3 100.0 % 1 At December 31, 2023 and 2022, we had $45.6 million and $34.4 million, respectively, of net unsettled security transactions included in other assets. The total fair value of the portfolio at December 31, 2023 and 2022, included $4.2 billion and $4.4 billion, respectively, of securities held in a consolidated, non-insurance subsidiary of the holding company, net of any unsettled security transactions. At December 31, 2023, bonds and certificates of deposit in the principal amount of $671.8 million were on deposit to meet state insurance regulatory requirements. We did not hold any securities of any one issuer, excluding U.S. government obligations, with an aggregate cost or fair value exceeding 10% of total shareholders’ equity at December 31, 2023 or 2022. At December 31, 2023, we did not hold any debt securities that were non-income producing during the preceding 12 months. Short-Term Investments Our short-term investments may include commercial paper and other investments that are expected to mature, or are redeemable, within one year. We did not have any open repurchase or reverse repurchase transaction positions at December 31, 2023 or 2022, and did not enter into any such transactions during 2023. During 2022, we invested in repurchase transactions that had an immaterial impact on our results of operations and cash flows. To the extent we enter into repurchase or reverse repurchase transactions, consistent with past practice, we would elect not to offset these transactions and would report them on a gross basis on our consolidated balance sheets, despite the option to elect to offset these transactions as long as they were with the same counterparty and subject to an enforceable master netting arrangement. Hybrid Securities Certain securities in our fixed-maturity portfolio are accounted for as hybrid securities because they contain embedded derivatives that are not deemed to be clearly and closely related to the host investments. These securities are reported at fair value at December 31: (millions) 2023 2022 Fixed Maturities: Corporate debt securities $ 531.3 $ 535.4 Residential mortgage-backed securities 323.9 509.6 Other asset-backed securities 13.9 42.0 Redeemable preferred stocks 141.2 134.7 Total hybrid securities $ 1,010.3 $ 1,221.7 Since the embedded derivatives (e.g., change-in-control put option, debt-to-equity conversion, or any other feature unrelated to the credit quality or risk of default of the issuer that could impact the amount or timing of our expected future cash flows) do not have observable intrinsic values, we use the fair value option to record the changes in fair value of these securities through income as a component of net realized gains (losses). Fixed Maturities The composition of fixed maturities by maturity at December 31, 2023, was: (millions) Cost Fair Value Less than one year $ 9,782.8 $ 9,566.2 One to five years 37,948.6 36,796.2 Five to ten years 14,637.1 13,942.5 Ten years or greater 73.4 73.3 Total $ 62,441.9 $ 60,378.2 Asset-backed securities are classified in the maturity distribution table based upon their projected cash flows. All other securities that do not have a single maturity date are reported based upon expected average maturity. Contractual maturities may differ from expected maturities because the issuers of the securities may have the right to call or prepay obligations. 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 Gross Unrealized Losses Less than 12 Months 12 Months or Greater ($ in millions) No. of Sec. Fair Gross Unrealized Losses No. of Sec. Fair Gross Unrealized Losses December 31, 2023 U.S. government obligations 147 $ 28,225.0 $ (1,157.9) 25 $ 11,890.0 $ (100.0) 122 $ 16,335.0 $ (1,057.9) State and local government obligations 324 1,846.2 (138.4) 31 169.9 (0.9) 293 1,676.3 (137.5) Foreign government obligations 1 16.3 (1.0) 0 0 0 1 16.3 (1.0) Corporate debt securities 313 6,642.4 (332.3) 26 617.2 (14.7) 287 6,025.2 (317.6) Residential mortgage-backed securities 39 88.4 (10.0) 2 0.4 0 37 88.0 (10.0) Commercial mortgage-backed securities 189 3,912.2 (597.7) 1 30.7 (2.5) 188 3,881.5 (595.2) Other asset-backed securities 207 3,299.1 (107.1) 41 639.4 (1.2) 166 2,659.7 (105.9) Redeemable preferred stocks 3 32.5 (2.4) 0 0 0 3 32.5 (2.4) Total fixed maturities 1,223 $ 44,062.1 $ (2,346.8) 126 $ 13,347.6 $ (119.3) 1,097 $ 30,714.5 $ (2,227.5) Total No. of Sec. Total Gross Less than 12 Months 12 Months or Greater ($ in millions) No. of Sec. Fair Gross Unrealized No. of Sec. Fair Gross Unrealized 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) A review of the securities in an unrealized loss position indicated that the issuers were current with respect to their interest obligations and that there was no evidence of deterioration of the current cash flow projections that would indicate we would not receive the remaining principal at maturity. We had 29 securities in fixed-maturity sectors, other than U.S. government obligations, that had their credit ratings downgraded, with a combined fair value of $447.9 million and an unrealized loss of $59.0 million as of December 31, 2023. Additionally, during 2023, the credit ratings of our U.S. government obligations were downgraded to AA+ from AAA due to downgrades by two major credit rating agencies. Allowance For Credit and Uncollectible Losses We are required to measure the amount of potential credit losses for all fixed-maturity securities in an unrealized loss position. We did not record any allowances for credit losses or any write-offs for amounts deemed to be uncollectible during 2023 or 2022 and did not have a material credit loss allowance balance as of December 31, 2023 or 2022. We considered several factors and inputs related to the individual securities as part of our analysis. The methodology and significant inputs used to measure the amount of credit losses in our portfolio included: • current performance indicators on the business model or underlying assets (e.g., delinquency rates, foreclosure rates, and default rates); • credit support (via current levels of subordination); • historical credit ratings; and • updated cash flow expectations based upon these performance indicators. In order to determine the amount of credit loss, if any, we initially reviewed securities in a loss position to determine whether it was likely that we would be required, or intended, to sell any of the securities prior to the recovery of their respective cost bases (which could be maturity). If we were likely to, or intended to, sell prior to a potential recovery, we would write off the unrealized loss. For those securities that we determined we were not likely to, or did not intend to, sell prior to a potential recovery, we performed additional analysis to determine if the loss was credit related. For securities subject to credit related loss, we calculated the net present value (NPV) of the cash flows expected (i.e., expected recovery value) using the current book yield for each security. The NPV was then compared to the security’s current amortized value to determine if a credit loss existed. In the event that the NPV was below the amortized value, and the amount was determined to be material on any specific security, or in the aggregate, a credit loss would be deemed to exist, and either an allowance for credit losses would be created, or if an allowance currently existed, either a recovery of the previous allowance, or an incremental loss, would be recorded to net realized gains (losses) on securities. As of December 31, 2023 and 2022, we believe that none of the unrealized losses were related to material credit losses on any specific securities, or in the aggregate. We continue to expect all the securities in our portfolio to pay their principal and interest obligations. In addition, we reviewed our accrued investment income outstanding on those securities in an unrealized loss position at December 31, 2023 and 2022, to determine if the accrued interest amounts were determined to be uncollectible. Based on our analysis, we believe the issuers have sufficient liquidity and capital reserves to meet their current interest, and future principal, obligations and, therefore, did not write off any accrued income as uncollectible at December 31, 2023 or 2022. Realized Gains (Losses) The components of net realized gains (losses) for the years ended December 31, were: (millions) 2023 2022 2021 Gross realized gains on security sales Available-for-sale securities: U.S. government obligations $ 12.1 $ 10.8 $ 105.8 State and local government obligations 0 0 51.2 Corporate and other debt securities 1.0 8.7 104.0 Residential mortgage-backed securities 0.9 0.7 0.3 Commercial mortgage-backed securities 0 0 41.9 Other asset-backed securities 0 0.2 1.2 Redeemable preferred stocks 0 0 1.5 Total available-for-sale securities 14.0 20.4 305.9 Equity securities: Nonredeemable preferred stocks 0.3 17.6 28.0 Common equities 381.0 846.1 369.6 Total equity securities 381.3 863.7 397.6 Subtotal gross realized gains on security sales 395.3 884.1 703.5 Gross realized losses on security sales Available-for-sale securities: U.S. government obligations (64.6) (433.3) (52.0) State and local government obligations 0 (1.0) (3.4) Foreign government obligations 0 0 (0.1) Corporate and other debt securities (85.7) (88.3) (8.3) Residential mortgage-backed securities 0 0 (1.1) Commercial mortgage-backed securities (106.8) (72.4) (1.9) Other asset-backed securities (5.6) (4.4) (0.6) Short-term investments (0.4) (0.4) 0 Total available-for-sale securities (263.1) (599.8) (67.4) Equity securities: Nonredeemable preferred stocks (118.3) (9.8) (1.7) Common equities (21.8) (78.0) (20.1) Total equity securities (140.1) (87.8) (21.8) Subtotal gross realized losses on security sales (403.2) (687.6) (89.2) Net realized gains (losses) on security sales Available-for-sale securities: U.S. government obligations (52.5) (422.5) 53.8 State and local government obligations 0 (1.0) 47.8 Foreign government obligations 0 0 (0.1) Corporate and other debt securities (84.7) (79.6) 95.7 Residential mortgage-backed securities 0.9 0.7 (0.8) Commercial mortgage-backed securities (106.8) (72.4) 40.0 Other asset-backed securities (5.6) (4.2) 0.6 Redeemable preferred stocks 0 0 1.5 Short-term investments (0.4) (0.4) 0 Total available-for-sale securities (249.1) (579.4) 238.5 Equity securities: Nonredeemable preferred stocks (118.0) 7.8 26.3 Common equities 359.2 768.1 349.5 Total equity securities 241.2 775.9 375.8 Subtotal net realized gains (losses) on security sales (7.9) 196.5 614.3 Other assets Gain 21.6 0 0 Impairment (9.0) (8.6) (5.0) Subtotal net realized gains (losses) on other assets 12.6 (8.6) (5.0) Net holding period gains (losses) Hybrid securities 45.4 (82.0) (7.7) Equity securities 303.0 (2,018.1) 907.6 Subtotal net holding period gains (losses) 348.4 (2,100.1) 899.9 Total net realized gains (losses) on securities $ 353.1 $ (1,912.2) $ 1,509.2 During 2023 and 2022, the gross gains in common equities reflected sales of securities, as part of our plan to incrementally reduce risk in the portfolio in response to our then-current views of the potential for a more difficult economic environment in both years, while during 2021, the gross gains in common equities primarily reflected the sale of common stocks held outside of our indexed portfolio. During 2023, the gross losses were primarily related to: i) commercial mortgage-backed securities, as we reduced certain positions that we believed would be sensitive to potential future economic uncertainty; ii) corporate debt securities, as we sold some longer duration securities that had less attractive risk/reward profiles; and iii) nonredeemable preferred stocks, predominantly due to the sale of certain holdings in U.S. bank preferred stocks. During 2022, we sold U.S. Treasury Notes to shorten duration and for tax planning purposes and recognized a gross loss on the sales. The other asset gain for 2023, related to proceeds received as the result of litigation in conjunction with three renewable energy investments we made from 2016 through 2018 (the original investments were previously written down in full). The other asset impairment loss for all three years was recorded as a result of our investment in a federal tax credit fund, which was entered into during the second quarter 2021, and is reported in other assets in our consolidated balance sheets. The following table reflects our holding period realized gains (losses) recognized on equity securities held at the respective periods ended December 31: (millions) 2023 2022 2021 Total net gains (losses) recognized during the period on equity securities $ 544.2 $ (1,242.2) $ 1,283.4 Less: Net gains (losses) recognized on equity securities sold during the period 241.2 775.9 375.8 Net holding period gains (losses) recognized during the period on equity securities held at period end $ 303.0 $ (2,018.1) $ 907.6 Net Investment Income The components of net investment income for the years ended December 31, were: (millions) 2023 2022 2021 Available-for-sale securities: Fixed maturities: U.S. government obligations $ 864.0 $ 339.1 $ 149.5 State and local government obligations 47.6 39.7 44.1 Foreign government obligations 0.2 0.2 0.1 Corporate debt securities 365.4 288.8 301.1 Residential mortgage-backed securities 28.7 31.6 11.9 Commercial mortgage-backed securities 196.1 190.6 143.0 Other asset-backed securities 192.5 174.6 64.1 Redeemable preferred stocks 11.1 11.4 9.5 Total fixed maturities 1,705.6 1,076.0 723.3 Short-term investments 92.4 53.6 3.1 Total available-for-sale securities 1,798.0 1,129.6 726.4 Equity securities: Nonredeemable preferred stocks 51.4 70.2 70.3 Common equities 42.4 60.5 64.2 Total equity securities 93.8 130.7 134.5 Investment income 1,891.8 1,260.3 860.9 Investment expenses (26.2) (24.3) (25.5) Net investment income $ 1,865.6 $ 1,236.0 $ 835.4 On a year-over-year basis, investment income (interest and dividends) increased 50% in 2023, compared to 2022, and increased 46% in 2022, compared to 2021, primarily due to increases during the periods in interest rates on floating-rate securities in our portfolio and purchases of new investments with higher coupon rates. The recurring investment book yield increased 29% in 2023, compared to 2022, and increased 26% in 2022, compared to 2021, reflecting investing new cash and cash from maturities in higher interest rate securities given the rising interest rate environment in both periods. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | FAIR VALUE We have categorized our financial instruments, based on the degree of subjectivity inherent in the method by which they are valued, into a fair value hierarchy of three levels, as follows: • Level 1 : Inputs are unadjusted, quoted prices in active markets for identical instruments at the measurement date (e.g., U.S. government obligations, which are continually priced on a daily basis, active exchange-traded equity securities, and certain short-term securities). • Level 2 : Inputs (other than quoted prices included within Level 1) that are observable for the instrument either directly or indirectly (e.g., certain corporate and municipal bonds and certain preferred stocks). This includes: (i) quoted prices for similar instruments in active markets, (ii) quoted prices for identical or similar instruments in markets that are not active, (iii) inputs other than quoted prices that are observable for the instruments, and (iv) inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 : Inputs that are unobservable. Unobservable inputs reflect our subjective evaluation about the assumptions market participants would use in pricing the financial instrument (e.g., certain structured securities and privately held investments). Determining the fair value of the investment portfolio is the responsibility of management. As part of the responsibility, we evaluate whether a market is distressed or inactive in determining the fair value for our portfolio. We review certain market level inputs to evaluate whether sufficient activity, volume, and new issuances exist to create an active market. Based on this evaluation, we concluded that there was sufficient activity related to the sectors and securities for which we obtained valuations. The composition of the investment portfolio by major security type and our outstanding debt was: Fair Value (millions) Level 1 Level 2 Level 3 Total Cost December 31, 2023 Fixed maturities: U.S. government obligations $ 36,869.4 $ 0 $ 0 $ 36,869.4 $ 37,823.2 State and local government obligations 0 2,202.8 0 2,202.8 2,338.4 Foreign government obligations 0 16.3 0 16.3 17.3 Corporate debt securities 0 11,180.7 3.0 11,183.7 11,446.0 Subtotal 36,869.4 13,399.8 3.0 50,272.2 51,624.9 Asset-backed securities: Residential mortgage-backed 0 417.2 0 417.2 426.9 Commercial mortgage-backed 0 3,939.7 0 3,939.7 4,535.2 Other asset-backed 0 5,575.4 0 5,575.4 5,667.2 Subtotal asset-backed securities 0 9,932.3 0 9,932.3 10,629.3 Redeemable preferred stocks: Financials 0 23.1 0 23.1 24.5 Utilities 0 9.4 0 9.4 10.4 Industrials 0 141.2 0 141.2 152.8 Subtotal redeemable preferred stocks 0 173.7 0 173.7 187.7 Total fixed maturities 36,869.4 23,505.8 3.0 60,378.2 62,441.9 Short-term investments 1,757.0 32.9 0 1,789.9 1,789.9 Total available-for-sale securities 38,626.4 23,538.7 3.0 62,168.1 64,231.8 Equity securities: Nonredeemable preferred stocks: Financials 0 802.7 49.2 851.9 922.1 Utilities 0 35.4 0 35.4 40.0 Industrials 0 0 14.8 14.8 15.0 Subtotal nonredeemable preferred stocks 0 838.1 64.0 902.1 977.1 Common equities: Common stocks 2,885.3 0 22.5 2,907.8 685.4 Other risk investments 0 0 20.6 20.6 20.6 Subtotal common equities 2,885.3 0 43.1 2,928.4 706.0 Total equity securities 2,885.3 838.1 107.1 3,830.5 1,683.1 Total portfolio $ 41,511.7 $ 24,376.8 $ 110.1 $ 65,998.6 $ 65,914.9 Debt $ 0 $ 6,431.3 $ 0 $ 6,431.3 $ 6,888.6 Fair Value (millions) Level 1 Level 2 Level 3 Total Cost December 31, 2022 Fixed maturities: U.S. government obligations $ 25,167.4 $ 0 $ 0 $ 25,167.4 $ 26,770.7 State and local government obligations 0 1,977.1 0 1,977.1 2,180.0 Foreign government obligations 0 15.5 0 15.5 16.8 Corporate debt securities 0 9,412.7 0 9,412.7 10,125.8 Subtotal 25,167.4 11,405.3 0 36,572.7 39,093.3 Asset-backed securities: Residential mortgage-backed 0 666.8 0 666.8 696.1 Commercial mortgage-backed 0 4,663.5 0 4,663.5 5,446.0 Other asset-backed 0 4,564.6 0 4,564.6 4,826.0 Subtotal asset-backed securities 0 9,894.9 0 9,894.9 10,968.1 Redeemable preferred stocks: Financials 0 40.5 0 40.5 43.6 Utilities 0 9.1 0 9.1 10.5 Industrials 9.2 125.5 0 134.7 148.5 Subtotal redeemable preferred stocks 9.2 175.1 0 184.3 202.6 Total fixed maturities 25,176.6 21,475.3 0 46,651.9 50,264.0 Short-term investments 2,800.7 61.0 0 2,861.7 2,861.7 Total available-for-sale securities 27,977.3 21,536.3 0 49,513.6 53,125.7 Equity securities: Nonredeemable preferred stocks: Financials 39.0 994.4 67.4 1,100.8 1,244.2 Utilities 0 71.2 0 71.2 79.9 Industrials 0 24.8 16.4 41.2 40.1 Subtotal nonredeemable preferred stocks 39.0 1,090.4 83.8 1,213.2 1,364.2 Common equities: Common stocks 2,783.4 0 18.3 2,801.7 806.3 Other risk investments 0 0 19.8 19.8 19.8 Subtotal common equities 2,783.4 0 38.1 2,821.5 826.1 Total equity securities 2,822.4 1,090.4 121.9 4,034.7 2,190.3 Total portfolio $ 30,799.7 $ 22,626.7 $ 121.9 $ 53,548.3 $ 55,316.0 Debt $ 0 $ 5,717.9 $ 0 $ 5,717.9 $ 6,388.3 Our portfolio valuations, excluding short-term investments, classified as either Level 1 or Level 2 in the above tables are priced exclusively by external sources, including pricing vendors, dealers/market makers, and exchange-quoted prices. Our short-term investments classified as Level 1 are highly liquid, actively marketed, and have a very short duration, primarily 90 days or less to redemption. These securities are held at their original cost, adjusted for any accretion of discount, since that value very closely approximates what an active market participant would be willing to pay for such securities. The remainder of our short-term investments are classified as Level 2 and are not priced externally since these securities continually trade at par value. These securities are classified as Level 2 since they are primarily longer-dated securities issued by municipalities that contain either liquidity facilities or mandatory put features within one year. At December 31, 2023, vendor-quoted prices represented 93% of our Level 1 classifications (excluding short-term investments), compared to 90% at December 31, 2022. The securities quoted by vendors in Level 1 primarily represent our holdings in U.S. Treasury Notes, which are frequently traded and the quotes are considered similar to exchange-traded quotes. The balance of our Level 1 pricing comes from quotes obtained directly from trades made on active exchanges. All Level 1 preferred stocks with active exchange quotes were sold during 2023. At December 31, 2023, vendor-quoted prices comprised 100% of our Level 2 classifications (excluding short-term investments and common stock), compared to 98% at year- end 2022; the remaining 2% at December 31, 2022, were dealer-quoted prices. In our process for selecting a source (e.g., dealer or pricing service) to provide pricing for securities in our portfolio, we reviewed documentation from the sources that detailed the pricing techniques and methodologies used by these sources and determined if their policies adequately considered market activity, either based on specific transactions for the particular security type or based on modeling of securities with similar credit quality, duration, yield, and structure that were recently transacted. Once a source is chosen, we continue to monitor any changes or modifications to their processes by reviewing their documentation on internal controls for pricing and market reviews. We review quality control measures of our sources as they become available to determine if any significant changes have occurred from period to period that might indicate issues or concerns regarding their evaluation or market coverage. As part of our pricing procedures, we obtain quotes from more than one source to help us fully evaluate the market price of securities. However, our internal pricing policy is to use a consistent source for individual securities in order to maintain the integrity of our valuation process. Quotes obtained from the sources are not considered binding offers to transact. Under our policy, when a review of the valuation received from our selected source appears to be outside of what is considered market level activity (which is defined as trading at spreads or yields significantly different than those of comparable securities or outside the general sector level movement without a reasonable explanation), we may use an alternate source’s price. To the extent we determine that it may be prudent to substitute one source’s price for another, we will contact the initial source to obtain an understanding of the factors that may be contributing to the significant price variance. To allow us to determine if our initial source is providing a price that is outside of a reasonable range, we review our portfolio pricing on a weekly basis. When necessary, we challenge prices from our sources when a price provided does not match our expectations based on our evaluation of market trends and activity. Initially, we perform a review of our portfolio by sector to identify securities whose prices appear outside of a reasonable range. We then perform a more detailed review of fair values for securities disclosed as Level 2. We review dealer bids and quotes for these and/or similar securities to determine the market level context for our valuations. We then evaluate inputs relevant for each class of securities disclosed in the preceding hierarchy tables. For our structured debt securities, including commercial, residential, and other asset-backed securities, we evaluate available market-related data for these and similar securities related to collateral, delinquencies, and defaults for historical trends and reasonably estimable projections, as well as historical prepayment rates and current prepayment assumptions and cash flow estimates. We further stratify each class of our structured debt securities into more finite sectors (e.g., planned amortization class, first pay, second pay, senior, subordinated, etc.) and use duration, credit quality, and coupon to determine if the fair value is appropriate. For our corporate debt and preferred stock (redeemable and nonredeemable) portfolios, as well as the notes issued by The Progressive Corporation (see Note 4 – Debt ), we review securities by duration, coupon, and credit quality, as well as changes in interest rate and credit spread movements within that stratification. The review also includes recent trades, including: volume traded at various levels that establish a market; issuer specific fundamentals; and industry specific economic news as it comes to light. For our municipal securities (e.g., general obligations, revenue, and housing), we stratify the portfolio to evaluate securities by type, coupon, credit quality, and duration to review price changes relative to credit spread and interest rate changes. Additionally, we look at economic data as it relates to geographic location as an indication of price-to-call or maturity predictors. For municipal housing securities, we look at changes in cash flow projections, both historical and reasonably estimable projections, to understand yield changes and their effect on valuation. For short-term securities, we look at acquisition price relative to the coupon or yield. Since our short-term securities are typically 90 days or less to maturity, with the majority listed in Level 2 being 30 days or less to redemption, we believe that acquisition price is the best estimate of fair value. We also review data assumptions as supplied by our sources to determine if that data is relevant to current market conditions. In addition, we independently review each sector for transaction volumes, new issuances, and changes in spreads, as well as the overall movement of interest rates along the yield curve to determine if sufficient activity and liquidity exists to provide a credible source for our market valuations. During each valuation period, we create internal estimations of portfolio valuation (performance returns), based on current market-related activity (i.e., interest rate and credit spread movements and other credit-related factors) within each major sector of our portfolio. We compare our internally generated portfolio results with those generated based on quotes we receive externally and research material valuation differences. We compare our results to index returns for each major sector adjusting for duration and credit quality differences to better understand our portfolio’s results. Additionally, we review on a monthly basis our external sales transactions and compare the actual final market sales prices to previous market valuation prices. This review provides us further validation that our pricing sources are providing market level prices, since we are able to explain significant price changes (i.e., greater than 2%) as known events occur in the marketplace and affect a particular security’s price at sale. This analysis provides us with additional comfort regarding the source’s process, the quality of its review, and its willingness to improve its analysis based on feedback from clients. We believe this effort helps ensure that we are reporting the most representative fair values for our securities. After all the valuations are received and our review of Level 2 securities is complete, if the inputs used by vendors are determined to not contain sufficient observable market information, we will reclassify the affected securities to Level 3. Except as described below, our Level 3 securities are priced externally; however, due to several factors (e.g., nature of the securities, level of activity, and lack of similar securities trading to obtain observable market level inputs), these valuations are more subjective in nature. To the extent we receive prices from external sources (e.g., broker, valuation firm) for the Level 3 securities, we review those prices for reasonableness using internally developed assumptions and then compare our derived prices to the prices received from the external sources. Based on our review, all prices received from external sources for 2023 remained unadjusted. If we do not receive prices from an external source, we perform an internal fair value comparison, which includes a review and analysis of market comparable securities, to determine if fair value changes are needed. Based on this analysis, certain private equity investments included in the Level 3 category remain valued at cost or were priced using a recent transaction as the basis for fair value. At least annually, these private equity investments are priced by an external source. Our Level 3 other risk investments include securities accounted for under the equity method of accounting and, therefore, are not subject to fair value reporting. Since these securities represent less than 0.1% of our total portfolio, we will continue to include them in our Level 3 disclosures and report the activity from these investments as “other” changes in the summary of changes in fair value tables and categorize these securities as “pricing exemption securities” in the quantitative information tables. During the fourth quarter 2023, we purchased a privately held fixed-maturity security that is classified as a Level 3 investment. At December 31, 2022, we did not have any securities in our fixed-maturity portfolio listed as Level 3. During 2023, there were no material assets or liabilities measured at fair value on a nonrecurring basis. During 2022, we determined that the fair value of goodwill related to our ARX reporting unit was less than the carrying value and we wrote down $224.8 million of our total goodwill asset. No other material assets or liabilities were measured at fair value during 2022. Due to the relative size of the Level 3 securities’ fair values compared to the total portfolio’s fair value, any changes in pricing methodology would not have a significant change in valuation that would materially impact net or comprehensive income. The following tables provide a summary of changes in fair value associated with Level 3 assets for the years ended December 31, 2023 and 2022: Level 3 Fair Value (millions) Fair Value at Dec. 31, 2022 Calls/ Purchases Sales Net Realized Change in Net Fair Value at Dec. 31, 2023 Fixed maturities: Corporate debt securities $ 0 $ 0 $ 3.0 $ 0 $ 0 $ 0 $ 0 $ 3.0 Equity securities: Nonredeemable preferred stocks: Financials 67.4 (8.1) 1.0 0 0 (11.1) 0 49.2 Industrials 16.4 0 0 0 0 (1.6) 0 14.8 Common equities: Common stocks 18.3 8.1 0 (10.0) 8.9 (2.8) 0 22.5 Other risk investments 19.8 0.8 0 0 0 0 0 20.6 Total Level 3 securities $ 121.9 $ 0.8 $ 4.0 $ (10.0) $ 8.9 $ (15.5) $ 0 $ 110.1 Level 3 Fair Value (millions) Fair Value at Dec. 31, 2021 Calls/ Purchases Sales Net Realized Change in Net Transfers In (Out) 1 Fair Value at Dec. 31, 2022 Equity securities: Nonredeemable preferred stocks: Financials $ 76.4 $ 0 $ 2.5 $ (15.0) $ (17.2) $ 20.7 $ 0 $ 67.4 Industrials 34.4 (0.5) 0 0 0 (17.5) 0 16.4 Common equities: Common stocks 0 0 0 0 0 0 18.3 18.3 Other risk investments 16.9 2.9 0 0 0 0 0 19.8 Total Level 3 securities $ 127.7 $ 2.4 $ 2.5 $ (15.0) $ (17.2) $ 3.2 $ 18.3 $ 121.9 1 The security was transferred into Level 3 due to a lack of observable market level inputs. The following tables provide a summary of the quantitative information about Level 3 fair value measurements for our applicable securities at December 31: Quantitative Information about Level 3 Fair Value Measurements ($ in millions) Fair Value at Dec. 31, 2023 Valuation Technique Unobservable Input Range of Input Values Increase (Decrease) Weighted Average Increase (Decrease) Fixed maturities: Corporate debt securities $ 3.0 Market comparables Weighted average market capitalization price change % 0.3% to 7.7% 2.6 % Equity securities: Nonredeemable preferred stocks 64.0 Market comparables Weighted average market capitalization price change % 17.2% to 39.7% 21.7% Common stocks 22.5 Market comparables Weighted average market capitalization price change % (45.8)% to 95.6% 39.7% Subtotal Level 3 securities 89.5 Pricing exemption securities 20.6 Total Level 3 securities $ 110.1 Quantitative Information about Level 3 Fair Value Measurements ($ in millions) Fair Value at Dec. 31, 2022 Valuation Technique Unobservable Input Range of Input Values Increase (Decrease) Weighted Average Increase (Decrease) Equity securities: Nonredeemable preferred stocks $ 83.8 Market comparables Weighted average market capitalization price change % (0.6)% to 19.9% 10.5% Common stocks 18.3 Market comparables Weighted average market capitalization price change % (42.5)% to 59.1% 0.3% Subtotal Level 3 securities 102.1 Pricing exemption securities 19.8 Total Level 3 securities $ 121.9 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Debt at December 31, consisted of: 2023 2022 (millions) Carrying Fair Carrying Fair 2.45% Senior Notes due 2027 (issued: $500.0, August 2016) $ 498.6 $ 468.9 $ 498.2 $ 457.7 2.50% Senior Notes due 2027 (issued: $500.0, March 2022) 498.1 469.1 497.5 460.3 6 5/8% Senior Notes due 2029 (issued: $300.0, March 1999) 297.8 328.7 297.5 326.8 4.00% Senior Notes due 2029 (issued: $550.0, October 2018) 546.9 542.6 546.4 527.8 3.20% Senior Notes due 2030 (issued: $500.0, March 2020) 497.3 462.2 496.9 448.6 3.00% Senior Notes due 2032 (issued: $500.0, March 2022) 496.3 446.0 495.9 438.1 6.25% Senior Notes due 2032 (issued: $400.0, November 2002) 396.7 445.6 396.4 435.4 4.95% Senior Notes due 2033 (issued: $500.0, May 2023) 496.4 513.0 0 0 4.35% Senior Notes due 2044 (issued: $350.0, April 2014) 347.0 314.2 346.9 298.4 3.70% Senior Notes due 2045 (issued: $400.0, January 2015) 395.9 325.1 395.7 310.2 4.125% Senior Notes due 2047 (issued: $850.0, April 2017) 842.3 756.2 842.1 716.2 4.20% Senior Notes due 2048 (issued: $600.0, March 2018) 590.6 534.1 590.4 507.0 3.95% Senior Notes due 2050 (issued: $500.0, March 2020) 491.1 422.3 490.9 404.9 3.70% Senior Notes due 2052 (issued: $500.0, March 2022) 493.6 403.3 493.5 386.5 Total $ 6,888.6 $ 6,431.3 $ 6,388.3 $ 5,717.9 All of the outstanding debt was issued by The Progressive Corporation and includes amounts that were borrowed for general corporate purposes, which may include contributions to the capital of its insurance subsidiaries, payments of debt at maturity, or may be used, or made available for use, for other business purposes. Fair values for these debt instruments are obtained from external sources. There are no restrictive financial covenants or credit rating triggers on the outstanding debt. Interest on all debt is payable semiannually at the stated rates. All principal is due at the stated maturity. Each note is redeemable, in whole or in part, at any time; however, the redemption price will equal the greater of the principal amount of the note or a “make whole” amount calculated by reference to the present values of remaining scheduled principal and interest payments under the note. There was no short-term debt outstanding at December 31, 2023 or 2022. We issued $500 million of 4.95% Senior Notes due 2033 in May 2023, in an underwritten public offering. The net proceeds from the issuance, after deducting underwriters’ discounts, commissions, and other issuance costs, were approximately $496.3 million. Aggregate required principal payments on debt outstanding at December 31, 2023, were as follows: (millions) Payments 2024 $ 0 2025 0 2026 0 2027 1,000.0 2028 0 Thereafter 5,950.0 Total $ 6,950.0 Prior to certain issuances of our debt securities, we entered into forecasted transactions to hedge against possible rises in interest rates. When the contracts were closed upon the issuance of the applicable debt securities, we recognized the unrealized gains (losses) on these contracts as part of accumulated other comprehensive income (see Note 1 – Reporting and Accounting Policies, Investments for further discussion). These unrealized gains (losses) are being amortized as adjustments to interest expense over the life of the related notes. The following table shows the original gain (loss) recognized at debt issuance and the unamortized balance at December 31, 2023, on a pretax basis: (millions) Unrealized Unamortized Balance at December 31, 2023 6 5/8% Senior Notes due 2029 $ (4.2) $ (1.5) 6.25% Senior Notes due 2032 5.1 2.6 4.35% Senior Notes due 2044 (1.6) (1.3) 3.70% Senior Notes due 2045 (12.9) (10.5) 4.125% Senior Notes due 2047 (8.0) (7.0) We reclassified $0.6 million in 2023, $0.5 million in 2022, and $0.9 million in 2021, of net pretax unrealized losses from accumulated other comprehensive income to interest expense on our closed debt issuance cash flow hedges. During 2023, The Progressive Corporation amended its line of credit with PNC Bank, National Association (PNC), to increase the maximum principal amount to $300 million from the previous amount of $250 million and extend the expiration date to April 30, 2024. Subject to the terms and conditions of the line of credit documents, advances under the line of credit, if any, will bear interest at a variable rate equal to the 1-month term Secured Overnight Financing Rate (SOFR) plus 1.10%. Each advance must be repaid on the 30th day after the date of the advance or, if earlier, on April 30, 2024, the expiration date of the line of credit. Prepayments are permitted without penalty. The line of credit is uncommitted and, as such, all advances are subject to PNC’s discretion. We had no borrowings under either line of credit in 2023 or 2022. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The components of our income tax provision for the years ended December 31, were as follows: (millions) 2023 2022 2021 Current tax provision Federal $ 1,102.5 $ 733.2 $ 739.5 State 18.7 12.7 20.7 Deferred tax expense (benefit) Federal (119.9) (528.7) 98.6 State 0 (16.6) 0.3 Total income tax provision $ 1,001.3 $ 200.6 $ 859.1 The provision for income taxes in the consolidated statements of comprehensive income differed from the statutory rate for the years ended December 31, as follows: 2023 2022 2021 (millions) Expense (Benefit) Rate Impact Expense (Benefit) Rate Expense (Benefit) Rate Impact Income before income taxes $ 4,903.7 $ 922.1 $ 4,210.0 Tax at statutory federal rate $ 1,029.8 21 % $ 193.6 21 % $ 884.1 21 % Tax effect of: Stock-based compensation (21.7) (1) (18.1) (2) (19.4) (1) Tax credits (16.4) 0 (14.8) (2) (9.9) 0 Tax-preferenced investment income (10.2) 0 (12.7) (1) (13.2) 0 State income taxes, net of federal taxes 14.7 0 (3.1) 0 16.6 0 Nondeductible compensation expense 9.8 0 11.1 1 8.4 0 Tax-deductible dividends (4.8) 0 (1.8) 0 (9.4) 0 Goodwill impairment 1 0 0 47.2 5 0 0 Other items, net 0.1 0 (0.8) 0 1.9 0 Total income tax provision $ 1,001.3 20 % $ 200.6 22 % $ 859.1 20 % 1 The ARX acquisition did not create goodwill for income tax purposes. As a result, the impairment was not deductible for income tax purposes. Deferred income taxes reflect the tax effects of temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities. The following table shows the components of the net deferred tax assets and liabilities at December 31: (millions) 2023 2022 Federal deferred income tax assets: Unearned premiums reserve $ 836.0 $ 719.2 Net unrealized losses on fixed-maturity securities 427.3 742.9 Loss and loss adjustment expense reserves 292.7 239.9 Non-deductible accruals 238.2 225.9 Software development costs 66.0 37.8 Operating lease liabilities 37.2 28.8 Hedges on forecasted transactions 3.7 3.8 Investment basis differences 0.2 17.0 Other 13.4 12.7 Federal deferred income tax liabilities: Net holding period gains on equity securities (451.0) (387.3) Deferred acquisition costs (354.4) (324.3) Property and equipment (88.4) (97.0) Operating lease assets (37.2) (28.8) Loss and loss adjustment expense reserve transition adjustment (15.9) (24.1) Intangible assets (8.7) (11.1) Prepaid expenses (6.2) (6.5) Other (16.9) (17.4) Net federal deferred income taxes 936.0 1,131.5 State deferred income tax assets 1 39.9 42.2 State deferred income tax liabilities 1 0 0 Total $ 975.9 $ 1,173.7 1 State deferred assets and liabilities are recorded in other assets and accounts payable, accrued expenses, and other liabilities, respectively, on our consolidated balance sheets. Although realization of the deferred tax assets is not assured, management believes that it is more likely than not that the deferred tax assets will be realized based on our expectation that we will be able to fully utilize the deductions that are ultimately recognized for tax purposes and, therefore, no valuation allowance was needed at December 31, 2023 or 2022. We believe our deferred tax asset related to net unrealized losses on fixed-maturity securities will be realized based on the existence of prior-year capital gains and current temporary differences related to unrealized gains in our equity portfolio. At December 31, 2023 and 2022, we had net current income taxes payable of $311.8 million and $10.9 million, respectively, which were reported in accounts payable, accrued expenses, and other liabilities on our consolidated balance sheets. The increase in income taxes payable was primarily driven by the portion of earnings generated during the fourth quarter relative to our annual earnings. The Progressive Corporation and its subsidiaries file a consolidated federal income tax return. As a result of the acquisition of the Protective Insurance Corporation and subsidiaries (Protective Insurance) in 2021, Protective Insurance was included in The Progressive Corporation consolidated federal income tax return for the period from the June 2021 acquisition date through the end of 2021. We filed a final consolidated federal income tax return for Protective Insurance for the period from the beginning of the year through the June 2021 acquisition date. All federal income tax years prior to 2020 are generally closed to examination; however, for The Progressive Corporation, 2016 remains open for a tax credit partnership investment. The statute of limitations for state income tax purposes generally remains open for three to four years from the return filing date, depending upon the jurisdiction. There has been no significant state income tax audit activity. For the years ended December 31, 2023, 2022, and 2021, we recognized $0.2 million, $0.1 million, and $0.1 million, respectively, of interest and penalties, as a component of the income tax provision. We have not recorded any unrecognized tax benefits, or related interest and penalties, as of December 31, 2023 and 2022. |
Loss And Loss Adjustment Expens
Loss And Loss Adjustment Expense Reserves | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Loss And Loss Adjustment Expense Reserves | LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES We write personal and commercial auto insurance, personal residential property insurance, business-related general liability and commercial property insurance predominantly for small businesses, workers’ compensation insurance primarily for the transportation industry, and other specialty property-casualty insurance and provide related services throughout the United States. As a property-casualty insurance company, we are exposed to hurricanes or other catastrophes. We are unable to predict the frequency or severity of any such events that may occur in the near term or thereafter. To help mitigate this risk in our Property business, we currently maintain excess of loss reinsurance coverage, both on an aggregate and a per occurrence basis. As we are primarily an insurer of motor vehicles and residential property, we have limited exposure to environmental and asbestos claims. We have established reserves for such exposures, which represented less than 1% of our total loss and loss adjustment expense reserves. We believe these reserves to be adequate based on information currently known. These claims are not expected to have a material effect on our liquidity, financial condition, cash flows, or results of operations. Loss and Loss Adjustment Expense Reserves Loss and loss adjustment expense (LAE) reserves represent our best estimate of our ultimate liability for losses and LAE relating to events that occurred prior to the end of any given accounting period but have not yet been paid. For our Personal and Commercial Lines vehicle businesses, which represented about 92% of our total carried reserves, we establish loss and LAE reserves after completing reviews at a disaggregated level of grouping. Progressive’s actuarial staff reviews approximately 400 subsets of business data, which are at a combined state, product, and line coverage level, to calculate the needed loss and LAE reserves. During a reserve review, ultimate loss amounts are estimated using several industry standard actuarial projection methods. These methods take into account historical comparable loss data at the subset level and estimate the impact of various loss development factors, such as the frequency (number of losses per exposure), severity (dollars of loss per each claim), and average premium (dollars of premium per earned car year), as well as the frequency and severity of loss adjustment expense costs. We begin our review of a set of data by producing multiple estimates of needed reserves, using both paid and incurred data, to determine if a reserve change is required. In the event of a wide variation among results generated by the different projections, our actuarial group will further analyze the data using additional quantitative analysis. Each review develops a point estimate for a relatively small subset of the business, which allows us to establish meaningful reserve levels for that subset. We believe our comprehensive process of reviewing at a subset level provides us more meaningful estimates of our aggregate loss reserves. The actuarial staff completes separate projections of needed case and incurred but not recorded (IBNR) reserves. Since a large majority of the parties involved in an accident report their claims within a short time period after the occurrence, we do not carry a significant amount of IBNR reserves for older accident years. Based on the methodology we use to estimate case reserves for our vehicle businesses, we generally do not have expected development on reported claims included in our IBNR reserves. We do, however, include anticipated salvage and subrogation recoveries in our IBNR reserves, which could result in negative carried IBNR reserves, primarily in our physical damage reserves. Changes from historical data may reduce the predictiveness of our projected future loss costs. Internal considerations that are process-related, which generally result from changes in our claims organization’s activities, include claim closure rates, the number of claims that are closed without payment, and the level of the claims representatives’ estimates of the needed case reserve for each claim. These changes and their effect on the historical data are studied at the state level versus on a larger, less indicative, countrywide basis. External items considered include the litigation atmosphere, state-by-state changes in medical costs, and the availability of services to resolve claims. These also are better understood at the state level versus at a more macro, countrywide level. The actuarial staff takes these changes into consideration when making their assumptions to determine needed reserve levels. Similar to our vehicle businesses, our actuarial staff analyzes loss and LAE data for our Commercial Lines non-vehicle business and our Property business on a claim occurrence period basis. Many of the methodologies and key parameters reviewed are similar. In addition, for Protective Insurance and our Property business, since claims adjusters primarily establish the case reserves, the actuarial staff includes expected development on case reserves as a component of the overall IBNR reserves. Activity in the loss and LAE reserves is summarized as follows: (millions) 2023 2022 2021 Balance at January 1 $ 30,359.3 $ 26,164.1 $ 20,265.8 Less reinsurance recoverables on unpaid losses 5,559.2 4,733.6 3,798.2 Net balance at January 1 24,800.1 21,430.5 16,467.6 Net loss and loss adjustment expense reserves acquired 1 0 0 729.2 Total beginning reserves 24,800.1 21,430.5 17,196.8 Incurred related to: Current year 44,560.6 38,209.0 33,632.3 Prior years 1,094.0 (86.3) (4.7) Total incurred 45,654.6 38,122.7 33,627.6 Paid related to: Current year 26,874.3 23,542.9 20,561.1 Prior years 13,980.2 11,210.2 8,832.8 Total paid 40,854.5 34,753.1 29,393.9 Net balance at December 31 29,600.2 24,800.1 21,430.5 Plus reinsurance recoverables on unpaid losses 4,789.0 5,559.2 4,733.6 Balance at December 31 $ 34,389.2 $ 30,359.3 $ 26,164.1 1 Net reserves acquired in Protective Insurance acquisition. We experienced unfavorable development of $1,094.0 million in 2023 and favorable reserve development of $86.3 million and $4.7 million in 2022 and 2021, respectively, which is reflected as “Incurred related to prior years” in the table above. 2023 • The unfavorable reserve development for 2023 included approximately $950 million attributable to accident year 2022 and $125 million to accident year 2021. • Our personal auto products incurred about $715 million of unfavorable loss and LAE reserve development, with the Agency and Direct auto businesses each contributing about half. About half of this unfavorable development was attributable to higher than anticipated severity in auto property and physical damage coverages. The remaining unfavorable development was primarily due to increased loss costs in Florida injury and medical coverages and, to a lesser extent, higher than anticipated late reported injury claims; partially offset by lower than expected LAE. • Our Commercial Lines business experienced about $365 million of unfavorable development, primarily driven by higher than anticipated severity and frequency of late reported injury claims and large loss emergence on injury claims, with about half attributable to our transportation network company (TNC) business. 2022 • The favorable reserve development for 2022, reflected approximately $22 million of favorable prior year reserve development that was attributable to accident year 2021, $47 million to accident year 2020, and the remainder to accident years 2019 and prior. • Our personal auto products incurred $157 million of favorable loss and LAE reserve development, with the Agency and Direct auto businesses each contributing about half. The favorable development was primarily attributable to more subrogation and salvage recoveries and lower LAE than originally anticipated, partially offset by higher than anticipated severity and frequency of auto property damage payments on previously closed claims and late reported injury claims. • Our Commercial Lines business experienced $82 million of unfavorable development, primarily driven by our TNC business, due to higher than anticipated severity of injury case reserves and higher than anticipated severity and frequency of late reported claims. 2021 • The slightly favorable reserve development for 2021, reflected approximately $140 million of favorable prior year reserve development that was attributable to accident year 2020, offset by $87 million of unfavorable development attributable to accident year 2019, with the remainder of the unfavorable development attributable to 2018 and prior accident years. • Our personal auto products incurred $113 million of favorable loss and LAE reserve development, with about $80 million attributable to the Direct auto business, primarily attributable to revised estimates of our per claim settlement costs and fewer late reports than originally anticipated, partially offset by higher than anticipated bodily injury severity. • Our Commercial Lines business experienced $87 million of unfavorable development, primarily due to increased injury severity and the emergence of large injury claims at rates higher than originally anticipated, primarily in Texas and Florida. • Our Property business experienced $36 million of unfavorable development primarily due to higher than anticipated severity and claims that were previously closed being reopened in Florida. Incurred and Paid Claims Development by Accident Year The following tables present our incurred, net of reinsurance, and paid claims development by accident year for the number of years that generally have historically represented the maximum development period for claims in any of our segment categories. The tables below include inception-to-date information for companies acquired and wholly exclude companies disposed of, rather than including information from the date of acquisition, or until the date of disposition. We believe the most meaningful presentation of claims development is through the retrospective approach by presenting all relevant historical information for all periods presented. We have elected to present our incurred and paid claims development consistent with our GAAP reportable segments (see Note 10 – Segment Information for a discussion of our segment reporting), with a further disaggregation of our Personal Lines and Commercial Lines auto business claims development between liability and physical damage, since the loss patterns are significantly different between them. The Commercial Lines other business includes Protective Insurance coverages other than liability and physical damage. Reserves for our run-off products are not considered material and, therefore, are not included in a separate claims development table. Only 2023 is audited; all prior years are considered required supplementary information and, therefore, are unaudited. Expected development on our case reserves is excluded from the IBNR reserves on our vehicle businesses, as discussed above. For the Property business and the Commercial Lines other business, the IBNR reserves include expected case development based on the methodology used in establishing the case reserves for that segment. The cumulative number of incurred claims are based on accident coverages (e.g., bodily injury, collision, comprehensive, personal injury protection, property damage) related to opened claims. Coverage counts related to claims closed without payment are excluded from the cumulative number of incurred claims. Personal Lines - Agency - Liability ($ in millions) As of Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance December 31, 2023 For the years ended December 31, Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Incurred Claim Counts Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 5,885.0 $ 5,886.9 $ 5,918.2 $ 5,959.9 $ 5,879.2 $ 0 916,543 2020 5,433.8 5,405.4 5,385.7 5,458.1 142.8 757,024 2021 6,716.4 6,861.8 6,936.4 174.2 885,607 2022 7,076.9 7,301.5 402.8 838,763 2023 8,615.9 1,715.2 883,430 Total $ 34,191.1 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the years ended December 31, Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 2,715.2 $ 4,533.2 $ 5,272.8 $ 5,626.6 $ 5,779.3 2020 2,383.0 4,112.2 4,796.8 5,122.0 2021 2,855.4 5,239.4 6,183.1 2022 3,018.8 5,564.1 2023 3,526.5 Total $ 26,175.0 All outstanding liabilities before 2019, net of reinsurance 1 92.9 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 8,109.0 1 Required supplementary information (unaudited) Personal Lines - Agency - Physical Damage ($ in millions) As of Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance December 31, 2023 For the years ended December 31, Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Incurred Claim Counts Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 3,277.9 $ 3,254.7 $ 3,261.1 $ 3,259.0 $ 3,268.1 $ 0.4 1,879,041 2020 3,328.5 3,319.8 3,327.3 3,323.3 (8.4) 1,785,036 2021 4,708.3 4,624.3 4,628.5 8.9 2,105,540 2022 5,429.4 5,544.6 (13.3) 2,031,717 2023 5,774.5 (298.0) 2,091,830 Total $ 22,539.0 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the years ended December 31, Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 3,242.5 $ 3,259.2 $ 3,255.9 $ 3,260.9 $ 3,263.7 2020 3,250.1 3,322.5 3,323.0 3,328.0 2021 4,438.1 4,620.9 4,611.5 2022 5,176.2 5,542.0 2023 5,584.2 Total $ 22,329.4 All outstanding liabilities before 2019, net of reinsurance 1 3.7 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 213.3 1 Required supplementary information (unaudited) Personal Lines - Direct - Liability ($ in millions) As of Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance December 31, 2023 For the years ended December 31, Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Incurred Claim Counts Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 5,756.5 $ 5,811.7 $ 5,837.9 $ 5,870.0 $ 5,802.1 $ 0.1 957,826 2020 5,356.9 5,322.7 5,301.5 5,343.1 126.4 789,952 2021 6,964.7 7,180.3 7,244.1 164.5 981,424 2022 7,563.4 7,869.6 398.5 970,145 2023 9,627.9 1,763.6 1,080,475 Total $ 35,886.8 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the years ended December 31, Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 2,630.3 $ 4,452.5 $ 5,218.8 $ 5,568.8 $ 5,716.3 2020 2,301.3 4,018.7 4,721.4 5,035.9 2021 2,915.0 5,460.5 6,487.9 2022 3,131.8 5,982.6 2023 3,925.5 Total $ 27,148.2 All outstanding liabilities before 2019, net of reinsurance 1 79.4 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 8,818.0 1 Required supplementary information (unaudited) Personal Lines - Direct - Physical Damage ($ in millions) As of Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance December 31, 2023 For the years ended December 31, Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Incurred Claim Counts Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 3,787.9 $ 3,737.8 $ 3,749.6 $ 3,747.9 $ 3,757.8 $ 0.3 2,272,383 2020 3,775.6 3,753.3 3,765.9 3,762.0 (9.7) 2,139,045 2021 5,752.3 5,568.2 5,572.9 3.6 2,602,359 2022 6,613.3 6,724.2 (27.3) 2,606,698 2023 7,577.9 (459.8) 2,851,047 Total $ 27,394.8 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the years ended December 31, Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 3,782.6 $ 3,751.3 $ 3,746.8 $ 3,750.9 $ 3,753.9 2020 3,720.0 3,765.9 3,762.2 3,767.4 2021 5,421.9 5,578.7 5,559.6 2022 6,325.7 6,731.9 2023 7,361.7 Total $ 27,174.5 All outstanding liabilities before 2019, net of reinsurance 1 2.8 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 223.1 1 Required supplementary information (unaudited) Commercial Lines - Liability ($ in millions) As of Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance December 31, 2023 For the years ended December 31, Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Incurred Claim Counts Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 2,301.1 $ 2,370.9 $ 2,426.3 $ 2,434.4 $ 2,429.9 $ 7.6 136,213 2020 2,335.7 2,388.8 2,418.9 2,436.5 58.6 117,614 2021 3,446.6 3,527.3 3,573.7 134.7 156,829 2022 4,526.1 4,834.5 406.2 180,500 2023 5,455.8 1,299.6 184,840 Total $ 18,730.4 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the years ended December 31, Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 474.8 $ 1,184.4 $ 1,684.5 $ 2,037.5 $ 2,250.0 2020 440.8 1,110.4 1,628.9 2,043.5 2021 573.6 1,545.9 2,414.3 2022 749.2 2,086.4 2023 847.6 Total $ 9,641.8 All outstanding liabilities before 2019, net of reinsurance 1 103.2 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 9,191.8 1 Required supplementary information (unaudited) Commercial Lines - Physical Damage ($ in millions) As of Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance December 31, 2023 For the years ended December 31, Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Incurred Claim Counts Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 633.1 $ 628.3 $ 626.6 $ 625.9 $ 626.4 $ 0 99,508 2020 631.8 624.9 622.0 624.8 2.9 99,588 2021 920.9 909.8 910.1 3.6 121,900 2022 1,314.9 1,330.3 0.7 147,146 2023 1,351.8 (6.5) 164,859 Total $ 4,843.4 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the years ended December 31, Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 561.1 $ 625.1 $ 624.8 $ 625.3 $ 625.4 2020 540.6 621.8 620.4 620.5 2021 764.2 903.1 901.5 2022 1,114.0 1,315.0 2023 1,184.4 Total $ 4,646.8 All outstanding liabilities before 2019, net of reinsurance 1 0.8 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 197.4 1 Required supplementary information (unaudited) Commercial Lines - Other ($ in millions) As of Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance December 31, 2023 For the years ended December 31, Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Incurred Claim Counts Accident Year 2014 1 2015 1 2016 1 2017 1 2018 1 2019 1 2020 1 2021 1 2022 1 2023 2014 $ 74.9 $ 70.0 $ 68.3 $ 70.5 $ 70.7 $ 69.4 $ 70.7 $ 70.9 $ 70.4 $ 70.4 $ 3.2 9,226 2015 51.2 45.4 46.1 48.3 47.0 44.8 45.1 44.6 44.8 3.4 9,527 2016 51.8 43.3 41.0 41.5 40.2 40.1 40.0 40.4 3.1 7,648 2017 62.6 54.6 51.1 48.8 46.2 48.0 55.1 10.2 17,675 2018 81.5 81.3 76.7 77.0 76.5 81.7 10.0 15,475 2019 80.7 83.1 85.4 88.3 87.7 10.3 10,709 2020 75.0 80.7 81.9 82.9 14.0 9,505 2021 84.1 87.3 88.8 24.4 9,367 2022 84.0 80.9 26.3 7,660 2023 85.0 45.2 6,795 Total $ 717.7 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the years ended December 31, Accident Year 2014 1 2015 1 2016 1 2017 1 2018 1 2019 1 2020 1 2021 1 2022 1 2023 2014 $ 18.6 $ 33.9 $ 44.3 $ 51.1 $ 56.9 $ 59.0 $ 61.1 $ 64.2 $ 65.0 $ 65.5 2015 6.5 18.1 26.5 30.9 33.9 36.1 37.1 37.8 38.7 2016 8.5 20.9 27.0 30.6 32.7 33.8 35.0 35.5 2017 9.6 24.4 30.8 34.5 36.9 39.7 41.6 2018 17.6 39.6 49.5 56.7 61.7 65.2 2019 20.0 42.4 56.0 64.6 70.8 2020 15.8 38.6 52.2 59.6 2021 16.9 39.6 52.4 2022 18.4 39.7 2023 18.4 Total $ 487.4 All outstanding liabilities before 2014, net of reinsurance 1 30.2 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 260.5 1 Required supplementary information (unaudited) Property Business ($ in millions) As of Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance December 31, 2023 For the years ended December 31, Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Incurred Claim Counts Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 971.7 $ 965.2 $ 962.8 $ 965.8 $ 964.8 $ 9.0 73,051 2020 1,223.5 1,246.8 1,260.9 1,256.0 1.5 88,736 2021 1,539.6 1,516.3 1,503.2 23.6 89,864 2022 1,664.6 1,622.0 77.0 89,348 2023 1,582.5 392.4 75,812 Total $ 6,928.5 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the years ended December 31, Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 708.0 $ 930.4 $ 950.5 $ 959.3 $ 962.2 2020 832.5 1,141.2 1,210.7 1,237.2 2021 1,035.4 1,374.5 1,444.0 2022 1,041.7 1,469.5 2023 1,078.3 Total $ 6,191.2 All outstanding liabilities before 2019, net of reinsurance 1 7.4 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 744.7 1 Required supplementary information (unaudited) The following table reconciles the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses: (millions) 2023 2022 Net outstanding liabilities Personal Lines Agency, Liability $ 8,109.0 $ 6,791.2 Agency, Physical Damage 213.3 261.5 Direct, Liability 8,818.0 7,187.2 Direct, Physical Damage 223.1 284.7 Commercial Lines Liability 9,191.8 7,177.0 Physical Damage 197.4 211.2 Other 260.5 242.5 Property 744.7 839.7 Other business 88.7 108.9 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 27,846.5 23,103.9 Reinsurance recoverables on unpaid claims Personal Lines Agency, Liability 875.1 894.1 Agency, Physical Damage 0 0 Direct, Liability 1,471.3 1,485.4 Direct, Physical Damage 0 0 Commercial Lines Liability 1,077.7 1,273.7 Physical Damage 1.4 0.5 Other 216.0 204.6 Property 631.4 1,068.1 Other business 475.1 559.0 Total reinsurance recoverables on unpaid claims 4,748.0 5,485.4 Unallocated claims adjustment expense related to: Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 1,753.7 1,696.2 Reinsurance recoverables on unpaid claims 41.0 73.8 Total gross liability for unpaid claims and claim adjustment expense $ 34,389.2 $ 30,359.3 The following table shows the average historical claims duration as of December 31, 2023: (Required Supplementary Information - Unaudited) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 Personal Lines Agency, Liability 42.4% 33.1% 13.0% 6.0% 2.6% Agency, Physical Damage 96.2 3.8 (0.1) 0.2 0.1 Direct, Liability 41.5 34.0 13.6 6.0 2.5 Direct, Physical Damage 97.1 2.9 (0.2) 0.1 0.1 Commercial Lines Liability 16.5 27.8 22.4 15.8 8.7 Physical Damage 86.0 13.9 (0.2) 0 0 Other 20.9 26.1 14.7 9.0 6.4 Property 67.8 24.3 4.3 1.6 0.3 |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2023 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | REINSURANCE The effect of reinsurance on premiums written and earned for the years ended December 31, was as follows: 2023 2022 2021 (millions) Written Earned Written Earned Written Earned Direct premiums $ 62,721.2 $ 59,881.1 $ 52,335.6 $ 50,650.2 $ 48,129.6 $ 46,018.6 Ceded premiums: Regulated (535.0) (545.3) (621.5) (674.8) (674.5) (650.2) Non-Regulated (636.0) (671.4) (633.0) (734.2) (1,049.9) (999.7) Total ceded premiums (1,171.0) (1,216.7) (1,254.5) (1,409.0) (1,724.4) (1,649.9) Net premiums $ 61,550.2 $ 58,664.4 $ 51,081.1 $ 49,241.2 $ 46,405.2 $ 44,368.7 Regulated refers to federal or state run plans and primarily includes the following: • Federal reinsurance plan ◦ National Flood Insurance Program (NFIP) • State-provided reinsurance facilities ◦ Michigan Catastrophic Claims Association (MCCA) ◦ North Carolina Reinsurance Facility (NCRF) ◦ Florida Hurricane Catastrophe Fund (FHCF) • State-mandated involuntary plans ◦ Commercial Automobile Insurance Procedures/Plans (CAIP) Non-Regulated refers to voluntary external reinsurance contracts. We do not reinsure our Personal Lines business. In our Commercial Lines business, we reinsure our TNC business, workers’ compensation insurance, and our fleet trucking product under quota-share reinsurance agreements. For our Property business, we have both multi-year catastrophic excess of loss and aggregate excess of loss reinsurance agreements. The decrease in the ceded written and earned premiums in our Regulated plans during 2023 and 2022, primarily reflected our decision to non-renew our CAIP service carrier agreements in 2022. For the Non-Regulated reinsurance contracts, the year-over-year decreases in 2023 and 2022, reflected the changes that were made in 2022 to the reinsurance program structure of certain TNC products whereby we wrote less direct premiums and, therefore, ceded less premiums than in the prior year. Our reinsurance recoverables and prepaid reinsurance premiums were comprised of the following at December 31: Reinsurance Recoverables Prepaid Reinsurance Premiums ($ in millions) 2023 2022 2023 2022 Regulated: MCCA $ 2,272.1 45 % $ 2,332.3 40 % $ 40.2 16 % $ 26.4 9 % CAIP 539.1 10 626.8 11 0 0 50.4 17 FHCF 306.6 6 437.3 7 0 0 0 0 NCRF 184.7 4 143.2 2 74.6 30 54.5 18 NFIP 10.7 0 215.4 4 66.4 27 60.1 20 Other 3.8 0 2.9 0 1.3 0 1.5 1 Total Regulated 3,317.0 65 3,757.9 64 182.5 73 192.9 65 Non-Regulated: Commercial Lines 1,385.7 27 1,544.3 27 56.3 23 91.0 31 Property 381.2 8 524.4 9 11.0 4 11.6 4 Other 10.0 0 5.5 0 0 0 0 0 Total Non-Regulated 1,776.9 35 2,074.2 36 67.3 27 102.6 35 Total $ 5,093.9 100 % $ 5,832.1 100 % $ 249.8 100 % $ 295.5 100 % The decrease in our reinsurance recoverables in 2023, compared to 2022, for the FHCF, NFIP, and Property business were primarily due to the settlement of Hurricane Ian losses and allocated LAE that were incurred during 2022. Our prepaid reinsurance premiums decreased in 2023 primarily due to our decision to non-renew our CAIP service contract in 2022 and changes that were made in 2022 to the reinsurance program structure of certain TNC products as discussed above. Reinsurance contracts do not relieve us from our obligations to policyholders. Failure of reinsurers to honor their obligations could result in losses to us. Our exposure to losses from the failure of Regulated plans is minimal, since these plans are funded by the federal government or by mechanisms supported by insurance companies in applicable states. For our Non-Regulated reinsurers, we routinely monitor changes in the credit quality and concentration risks of the reinsurers who are counterparties to our reinsurance recoverables to determine if an allowance for credit losses should be established. For at-risk uncollateralized recoverable balances, we evaluate a number of reinsurer specific factors, including reinsurer credit quality rating, credit rating outlook, historical experience, reinsurer surplus, recoverable duration, and collateralization composition in respect to our net exposure (i.e., the reinsurance recoverable amount less premiums payable to the reinsurer, where the right to offset exists). At December 31, 2023 and 2022, the allowance for credit losses related to these contracts was not material to our financial condition or results of operations. |
Statutory Financial Information
Statutory Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Statutory Financial Information Disclosures [Abstract] | |
Statutory Financial Information | STATUTORY FINANCIAL INFORMATION Consolidated statutory surplus was $22,249.6 million and $17,879.9 million at December 31, 2023 and 2022, respectively. Statutory net income was $3,502.2 million, $2,763.5 million, and $2,283.9 million for the years ended December 31, 2023, 2022, and 2021, respectively. At December 31, 2023, $1,513.2 million of consolidated statutory surplus represented net admitted assets of our insurance subsidiaries and affiliates that are required to meet minimum statutory surplus requirements in such entities’ states of domicile. The companies may be licensed in states other than their states of domicile, which may have higher minimum statutory surplus requirements. Generally, the net admitted assets of insurance companies that, subject to other applicable insurance laws and regulations, are available for transfer to the parent company cannot include the net admitted assets required to meet the minimum statutory surplus requirements of the states where the companies are licensed. During 2023, the insurance subsidiaries paid aggregate dividends of $413.4 million to their parent company. Based on the dividend laws currently in effect, the insurance subsidiaries could pay aggregate dividends of $3,365.1 million in 2024, without prior approval from regulatory authorities, subject to other potential state specific limitations, capital requirements, and restrictions on the amount of dividends that can be paid within a 12-month period by the applicable subsidiary. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Employee Benefit Plans Disclosures [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Retirement Plans Progressive has a defined contribution pension plan (401(k) Plan) that covers employees who have been employed with the company for at least 30 days. Under Progressive’s 401(k) Plan, we match up to a maximum of 6% of an employee’s eligible compensation contributed to the plan, with employees vesting in the company match after providing two years of service. Matching contributions to the 401(k) Plan for the years ended December 31, 2023, 2022, and 2021, were $205.9 million, $179.9 million, and $159.2 million, respectively. Employee and company matching contributions are invested, at the direction of the employee, in a number of investment options available under the plan, including various mutual funds, a self-directed brokerage option, and a Progressive common stock fund. Progressive’s common stock fund is an employee stock ownership program (ESOP) within the 401(k) Plan. At December 31, 2023, the ESOP held 18.2 million of our common shares, all of which are included in shares outstanding. Dividends on these shares are reinvested in common shares or paid out in cash, at the election of the participant, and the related tax benefit is recorded as part of our tax provision. Postemployment Benefits Progressive provides various postemployment benefits to former or inactive employees who meet eligibility requirements and to their beneficiaries and covered dependents. Postemployment benefits include salary continuation and disability-related benefits, including workers’ compensation and, if elected, continuation of health-care benefits for specified limited periods. The liability for these benefits was $18.7 million and $19.6 million at December 31, 2023 and 2022, respectively. Incentive Compensation Plans – Employees Progressive’s incentive compensation programs include both non-equity incentive plans (cash) and equity incentive plans. Progressive’s cash incentive compensation includes an annual cash incentive program (Gainshare Program) for nearly all employees. Progressive’s equity incentive compensation plans provide for the granting of restricted stock unit awards to key members of management. The amounts charged to expense for incentive compensation plans for the years ended December 31, were: 2023 2022 2021 (millions) Pretax After Tax Pretax After Tax Pretax After Tax Non-equity incentive plans – cash $ 897.3 $ 708.9 $ 380.8 $ 300.8 $ 619.3 $ 489.2 Equity incentive plans 1 121.3 104.3 122.7 106.7 100.7 86.6 1 After-tax amounts differ from the statutory rate of 21% due to the expected disallowance of certain executive compensation deductions. Under Progressive’s 2015 Equity Incentive Plan, there are 17.0 million shares, in the aggregate, authorized for issuance. This plan provides for the granting of equity-based compensation to officers and other key employees. The restricted equity awards are issued as either time-based or performance-based awards. Generally, equity awards are expensed pro rata over their respective vesting periods (i.e., requisite service period), based on the market value of the awards at the time of grant, with accelerated expense for participants who satisfy qualified retirement eligibility. The time-based awards vest in equal installments upon the lapse of specified periods of time, typically three four Performance-based awards that contain variable vesting criteria are expensed based on management’s expectation of the percentage of the award, if any, that will ultimately vest. These estimates can change periodically throughout the measurement period. Vesting of performance-based awards is contingent upon the achievement of predetermined performance goals within specified time periods. In addition to their time-based awards, performance-based awards are granted to executives and other senior managers to provide additional incentive to achieve pre-established profitability and growth targets or relative investment performance. The targets for the performance-based awards, as well as the number of units that ultimately may vest, vary by grant. The following shows the performance measurement criteria for our performance-based equity awards outstanding at December 31, 2023: Performance Measurement Year(s) of Grant Vesting range (as a percentage of target) Growth of our personal auto and commercial auto businesses, both compared to its respective market 2023 0-250% Growth of our personal auto and commercial auto businesses and homeowners multi-peril business, each compared to its respective market 2021-2022 0-250% Investment results relative to peer group 2021-2023 0-200% All restricted equity awards are settled at or after vesting in Progressive common shares from existing treasury shares on a one-to-one basis. A summary of all employee restricted equity award activity during the years ended December 31, follows: 2023 2022 2021 Restricted Equity Awards Number of Shares 1 Weighted Number of Shares 1 Weighted Number of Shares 1 Weighted Beginning of year 3,198,150 $ 81.71 3,539,022 $ 67.24 3,570,271 $ 57.68 Add (deduct): Granted 2 1,080,658 110.93 1,154,838 96.54 1,476,802 70.11 Vested (1,338,466) 63.10 (1,378,070) 57.79 (1,452,353) 46.88 Forfeited (46,600) 84.86 (117,640) 72.44 (55,698) 60.81 End of year 3,4 2,893,742 $ 101.18 3,198,150 $ 81.71 3,539,022 $ 67.24 1 Includes restricted stock units. All performance-based awards are included at their target amounts. 2 We reinvest dividend equivalents on restricted stock units. For 2023, 2022, and 2021, the number of units “granted” shown in the table above includes 36,656, 44,327, and 237,582 of dividend equivalent units, respectively, at a weighted average grant date fair value of $0, since the dividends were factored into the grant date fair value of the original grant. 3 At December 31, 2023, the number of shares included 557,119 performance-based units at their target amounts. We expect 1,204,918 units to vest based upon our current estimates of the likelihood of achieving the predetermined performance measures applicable to each award. 4 At December 31, 2023, the total unrecognized compensation cost related to unvested equity awards was $93.3 million, which includes performance-based awards at their currently estimated vesting value. This compensation expense will be recognized into our consolidated statements of comprehensive income over the weighted average vesting period of 2.2 years. The aggregate fair value of the restricted equity awards that vested during the years ended December 31, 2023, 2022, and 2021, was $195.2 million, $154.4 million, and $139.1 million, respectively, based on the actual stock price on the applicable vesting date. Incentive Compensation Plans – Directors Progressive’s Amended and Restated 2017 Directors Equity Incentive Plan, which was approved by shareholders in 2022, provides for the granting of equity-based awards, including restricted stock awards, to non-employee directors. Under the amended and restated plan, an additional 150,000 shares are eligible to be granted, bringing the total authorized shares under the directors plan to 650,000 shares. The Progressive Corporation permits each non-employee director to indicate a preference to receive either 100% of their compensation in the form of a restricted stock award or 60% in the form of a restricted stock award and 40% in the form of cash. If the director does not state a preference, it is presumed that they preferred to receive 100% of their compensation in the form of restricted stock. The Compensation Committee of the Board of Directors will consider such preferences when making a determination with respect to the allocation (restricted stock, or restricted stock and cash) and approval of the annual awards for each non-employee director. The restricted stock awards are issued as time-based awards. The vesting period is typically 11 months from the date of each grant. To the extent a director is newly appointed during the year, or a director’s committee assignments change, the vesting period may be shorter. Both the restricted stock awards and cash, if elected, are expensed pro rata over their respective vesting periods based on the market value of the awards at the time of grant. A summary of all directors’ restricted stock activity during the years ended December 31, follows: 2023 2022 2021 Restricted Stock Number of Weighted Number of Weighted Number of Weighted Beginning of year 30,439 $ 109.75 29,206 $ 105.16 39,403 $ 74.77 Add (deduct): Granted 25,075 133.43 30,439 109.75 29,206 105.16 Vested (30,439) 109.75 (29,206) 105.16 (39,403) 74.77 End of year 1 25,075 $ 133.43 30,439 $ 109.75 29,206 $ 105.16 1 At December 31, 2023, 2022, and 2021, the remaining unrecognized compensation cost related to restricted stock awards was $1.0 million, $1.0 million, and $0.9 million, respectively. The aggregate fair value of the restricted stock vested during the years ended December 31, 2023, 2022, and 2021, was $4.2 million, $3.4 million, and $3.8 million, respectively, based on the actual stock price at time of vesting. Deferred Compensation The Progressive Corporation Executive Deferred Compensation Plan (Deferral Plan) permits eligible Progressive executives to defer receipt of some or all of their annual cash incentive payments and all of their annual equity awards. Deferred cash compensation is deemed invested in one or more investment funds, including Progressive common shares, offered under the Deferral Plan and elected by the participant. All Deferral Plan distributions attributable to deferred cash compensation will be paid in cash. For all equity awards granted in or after March 2005, and deferred pursuant to the Deferral Plan, the deferred amounts are deemed invested in our common shares and are ineligible for transfer to other investment funds in the Deferral Plan; distributions of these deferred awards will be made in Progressive common shares. For all restricted stock awards granted prior to that date, the deferred amounts are eligible to be transferred to any of the investment funds in the Deferral Plan; distributions of these deferred awards will be made in cash. We reserved 11.1 million of our common shares for issuance under the Deferral Plan. An irrevocable grantor trust has been established to provide a source of funds to assist us in meeting our liabilities under the Deferral Plan. The Deferral Plan Irrevocable Grantor Trust account held the following assets at December 31: (millions) 2023 2022 Progressive common shares 1 $ 118.5 $ 131.0 Other investment funds 2 165.1 150.4 Total $ 283.6 $ 281.4 1 Included 1.6 million and 2.0 million common shares as of December 31, 2023 and 2022, respectively, to be distributed in common shares, and are reported at grant date fair value. 2 Amount is included in other assets on our consolidated balance sheets. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION We write personal and commercial auto insurance, personal residential property insurance, business-related general liability and commercial property insurance predominantly for small businesses, workers’ compensation insurance primarily for the transportation industry, and other specialty property-casualty insurance and provide related services throughout the United States. We report our operating segments based on product. Our segments include Personal Lines, Commercial Lines, and Property. Our Personal Lines segment writes insurance for personal autos and recreational vehicles (our special lines products). The Personal Lines segment is comprised of both the Agency and Direct businesses. The Agency business includes business written by our network of more than 40,000 independent insurance agencies, including brokerages in New York and California, and strategic alliance business relationships (including other insurance companies, financial institutions, and national agencies). The Direct business includes business written directly by us online, through the Progressive mobile app, or by phone. We operate our Personal Lines segment throughout the United States. Our Commercial Lines segment writes auto-related liability and physical damage insurance, business-related general liability and property insurance predominately for small businesses, and workers’ compensation insurance primarily for the transportation industry. This segment operates throughout the United States and is distributed through both the independent agency, including brokerages, and direct channels. Our Property segment writes residential property insurance for homeowners, other property owners, and renters, and umbrella insurance through both the independent agency and direct channels, and writes flood insurance through the “Write Your Own” program for the National Flood Insurance Program. Our Property segment operates throughout the majority of the United States. Our service businesses provide insurance-related services, including serving as an agent for homeowners, general liability, and workers’ compensation insurance, among other products, through programs in our direct Personal Lines and Commercial Lines businesses. In 2022, our service contract to act as a servicing agent for CAIP expired and we did not renew the contract. We evaluate segment profitability based on pretax underwriting profit (loss). Pretax underwriting profit (loss) is calculated as net premiums earned plus fees and other revenues, less: (i) losses and loss adjustment expenses; (ii) policy acquisition costs; and (iii) other underwriting expenses. Service business pretax profit (loss) is the difference between service business revenues and service business expenses. Assets and income taxes are not allocated to operating segments, as such allocation would be impractical. Expense allocations are based on certain assumptions and estimates primarily related to revenue and volume; stated segment operating results would change if different methods were applied. We also do not separately identify depreciation expense by segment. Companywide depreciation expense for 2023, 2022, and 2021, was $285.5 million, $305.6 million, and $279.7 million, respectively. The accounting policies of the operating segments are consistent with those described in Note 1 – Reporting and Accounting Policies . Following are the operating results for the years ended December 31: 2023 2022 2021 (millions) Revenues Pretax Revenues Pretax Revenues Pretax Personal Lines Agency $ 21,198.2 $ 1,029.2 $ 17,744.7 $ 734.1 $ 16,881.0 $ 992.1 Direct 25,015.1 1,828.2 20,135.5 769.4 18,492.3 619.2 Total Personal Lines 1 46,213.3 2,857.4 37,880.2 1,503.5 35,373.3 1,611.3 Commercial Lines 9,898.7 123.0 9,088.3 810.3 6,945.2 767.8 Property 2 2,551.4 28.1 2,270.0 (238.4) 2,042.5 (312.3) Other indemnity 3 1.0 (16.2) 2.7 (11.4) 7.7 (1.4) Total underwriting operations 58,664.4 2,992.3 49,241.2 2,064.0 44,368.7 2,065.4 Fees and other revenues 4 889.1 NA 722.1 NA 691.8 NA Service businesses 310.1 (38.9) 299.3 2.6 271.4 18.6 Investments 5 2,244.9 2,218.7 (651.9) (676.2) 2,370.1 2,344.6 Interest expense NA (268.4) NA (243.5) NA (218.6) Property - Goodwill impairment 2 NA 0 NA (224.8) NA 0 Consolidated total $ 62,108.5 $ 4,903.7 $ 49,610.7 $ 922.1 $ 47,702.0 $ 4,210.0 NA = Not applicable 1 Personal auto insurance accounted for 94% of the total Personal Lines segment net premiums earned in 2023, 2022, and 2021; insurance for our special lines products (e.g., motorcycles, RVs, watercraft, and snowmobiles) accounted for the balance of the Personal Lines net premiums earned. 2 The total pretax loss, including goodwill impairment, for the Property segment was $463.2 million for 2022. 3 Includes other underwriting business and run-off operations. 4 Pretax profit (loss) for fees and other revenues is allocated to operating segments based on revenue. 5 Revenues represent recurring investment income and total net realized gains (losses) on securities; pretax profit (loss) is net of investment expenses. Our management uses underwriting margin and combined ratio as primary measures of underwriting profitability, as defined above. The underwriting margin is the pretax underwriting profit (loss) expressed as a percentage of net premiums earned (i.e., revenues from underwriting operations). Combined ratio is the complement of the underwriting margin. Following are the underwriting margins and combined ratios for our underwriting operations for the years ended December 31: 2023 2022 2021 Underwriting Combined Underwriting Combined Underwriting Combined Personal Lines Agency 4.9 % 95.1 4.1 % 95.9 5.9 % 94.1 Direct 7.3 92.7 3.8 96.2 3.4 96.6 Total Personal Lines 6.2 93.8 4.0 96.0 4.6 95.4 Commercial Lines 1.2 98.8 8.9 91.1 11.1 88.9 Property 1.1 98.9 (10.5) 110.5 (15.3) 115.3 Total underwriting operations 5.1 94.9 4.2 95.8 4.7 95.3 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | OTHER COMPREHENSIVE INCOME (LOSS) The components of other comprehensive income (loss), including reclassification adjustments by income statement line item, for the years ended December 31, were as follows: Components of Changes in (millions) Pretax total Total tax After tax total Total net Net unrealized Foreign Balance at December 31, 2022 $ (3,556.9) $ 754.9 $ (2,802.0) $ (2,786.3) $ (14.5) $ (1.2) Other comprehensive income (loss) before reclassifications: Investment securities 1,256.1 (265.6) 990.5 990.5 0 0 Foreign currency translation adjustment 0.4 (0.1) 0.3 0 0 0.3 Total other comprehensive income (loss) before reclassifications 1,256.5 (265.7) 990.8 990.5 0 0.3 Less: Reclassification adjustment for amounts realized in net income by income statement line item: Net realized gains (losses) on securities (246.9) 51.9 (195.0) (195.0) 0 0 Interest expense (0.6) 0.1 (0.5) 0 (0.5) 0 Total reclassification adjustment for amounts realized in net income (247.5) 52.0 (195.5) (195.0) (0.5) 0 Total other comprehensive income (loss) 1,504.0 (317.7) 1,186.3 1,185.5 0.5 0.3 Balance at December 31, 2023 $ (2,052.9) $ 437.2 $ (1,615.7) $ (1,600.8) $ (14.0) $ (0.9) Components of Changes in (millions) Pretax total Total tax After tax total Total net Net unrealized Foreign Balance at December 31, 2021 $ 52.3 $ (11.6) $ 40.7 $ 56.2 $ (14.9) $ (0.6) Other comprehensive income (loss) before reclassifications: Investment securities (4,168.4) 878.7 (3,289.7) (3,289.7) 0 0 Foreign currency translation adjustment (0.7) 0.1 (0.6) 0 0 (0.6) Total other comprehensive income (loss) before reclassifications (4,169.1) 878.8 (3,290.3) (3,289.7) 0 (0.6) Less: Reclassification adjustment for amounts realized in net income by income statement line item: Net realized gains (losses) on securities (559.4) 112.2 (447.2) (447.2) 0 0 Interest expense (0.5) 0.1 (0.4) 0 (0.4) 0 Total reclassification adjustment for amounts realized in net income (559.9) 112.3 (447.6) (447.2) (0.4) 0 Total other comprehensive income (loss) (3,609.2) 766.5 (2,842.7) (2,842.5) 0.4 (0.6) Balance at December 31, 2022 $ (3,556.9) $ 754.9 $ (2,802.0) $ (2,786.3) $ (14.5) $ (1.2) Components of Changes in (millions) Pretax total Total tax After tax total Total net Net unrealized Foreign Balance at December 31, 2020 $ 1,187.4 $ (255.7) $ 931.7 $ 947.3 $ (15.6) $ 0 Other comprehensive income (loss) before reclassifications: Investment securities (892.4) 193.0 (699.4) (699.4) 0 0 Foreign currency translation adjustment (0.8) 0.2 (0.6) 0 0 (0.6) Total other comprehensive income (loss) before reclassifications (893.2) 193.2 (700.0) (699.4) 0 (0.6) Less: Reclassification adjustment for amounts realized in net income by income statement line item: Net realized gains (losses) on securities 242.8 (51.1) 191.7 191.7 0 0 Interest expense (0.9) 0.2 (0.7) 0 (0.7) 0 Total reclassification adjustment for amounts realized in net income 241.9 (50.9) 191.0 191.7 (0.7) 0 Total other comprehensive income (loss) (1,135.1) 244.1 (891.0) (891.1) 0.7 (0.6) Balance at December 31, 2021 $ 52.3 $ (11.6) $ 40.7 $ 56.2 $ (14.9) $ (0.6) In an effort to manage interest rate risk, we entered into forecasted transactions on Progressive’s debt issuances. During the next 12 months, we expect to reclassify $0.6 million (pretax) into interest expense, related to net unrealized losses on forecasted transactions (see Note 4 – Debt |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2023 | |
Litigation Disclosures [Abstract] | |
Litigation | LITIGATION The Progressive Corporation and/or its insurance subsidiaries are named as defendants in various lawsuits arising out of claims made under insurance policies written by our insurance subsidiaries in the ordinary course of business. We consider all legal actions relating to such claims in establishing our loss and loss adjustment expense reserves. In addition, The Progressive Corporation and/or its insurance subsidiaries are named as defendants in a number of class action or individual lawsuits that challenge certain of the operations of the subsidiaries. We describe litigation contingencies for which a loss is probable. In addition, we establish accruals for these lawsuits when we can reasonably estimate potential loss exposure, which may include a range of loss, and we will disclose such amount or range of loss if material. As to lawsuits for which the loss is considered probable but not estimable, we do not establish an accrual. Nevertheless, we continue to evaluate this pending litigation to determine if any losses not deemed probable and estimable become so, at which point we would establish an accrual at our best estimate of the loss or range of loss. We also describe litigation contingencies for which a loss is reasonably possible (but not probable). When disclosing reasonably possible litigation contingencies, we will disclose the amount or range of possible loss, if we are able to make that determination and if material. We review all reasonably possible losses on an ongoing basis to determine whether the likelihood of incurring a loss has become probable, or whether the circumstances have changed such that we may now reasonably estimate a range of loss. We may also be exposed to litigation contingencies that are remote. Remote litigation contingencies are those for which the likelihood of a loss is slight at the balance sheet date. We do not disclose, or establish accruals for, remote litigation contingencies, but we evaluate these contingencies on an ongoing basis to determine whether the likelihood of a loss has increased. Each year, certain of our pending litigation matters may be brought to conclusion. For cases that have settled, but for which settlement is not complete, an accrual is established at our best estimate of the loss exposure. We regularly review these and other accruals to ensure they are adequate. Settlements that are complete are fully reflected in our financial statements. The amounts accrued and/or paid for settlements during the periods presented were not material to our consolidated financial condition, cash flows, or results of operations. The pending lawsuits summarized below are in various stages of development, and the outcomes are uncertain until final disposition or, if probable and estimable, are accrued and immaterial as of December 31, 2023. At year end, except to the extent an immaterial accrual has been established, we do not consider the losses from these pending cases to be both probable and estimable, and we are unable to estimate a range of loss at this time. It is not possible to determine loss exposure for a number of reasons, including, without limitation, one or more of the following: • liability appears to be remote; • putative class action lawsuits generally pose immaterial exposure until a class is actually certified, which, historically, has not been granted by courts in the vast majority of our cases in which class certification has been sought; • even certified class action lawsuits are subject to decertification, denial of liability, and/or appeal; • class definitions are often indefinite and preclude detailed exposure analysis; and • complaints rarely state an amount sought as relief, and when such amount is stated, it often is a function of pleading requirements and may be unrelated to the potential exposure. We plan to contest these suits vigorously, but may pursue settlement negotiations in some cases, as we deem appropriate. In the event that any one or more of these cases results in a substantial judgment against us, or settlement by us, or if our accruals (if any) prove to be inadequate, the resulting liability could have a material adverse effect on our consolidated financial condition, cash flows, and/or results of operations. Lawsuits arising from insurance policies and operations, including but not limited to allegations involving claims adjustment and vehicle valuation, may be filed contemporaneously in multiple states. As of December 31, 2023, we are named as defendants in class action lawsuits pending in multiple states alleging that we improperly value total loss vehicle physical damage claims through the application of a negotiation adjustment in calculating such valuations. At December 31, 2023, this includes four states in which classes have been certified, and lawsuits styled as putative class actions pending in additional states. These lawsuits, which were filed at different times by different plaintiffs, feature certain similar claims and also include different allegations and are subject to various state laws. While we believe we have meritorious defenses and we are vigorously contesting these lawsuits, an unfavorable result in, or a settlement of, a significant number of these lawsuits could, in aggregation, have a material adverse effect on our financial condition, cash flows, and/or results of operations. Based on information known at December 31, 2023, we determined that losses from these lawsuits are reasonably possible but neither probable nor reasonably estimable. At December 31, 2023, the pending lawsuits summarized below, including those discussed above, are in various stages of development, and the outcomes are uncertain until final disposition or, if probable and estimable, are accrued and immaterial: Lawsuits seeking class/collective action status alleging that: • we improperly handle, adjust, and pay physical damage claims, including how we value total loss claims, the application of a negotiation adjustment in calculating total loss valuations, the payment of fees and taxes associated with total losses, and the payment of diminution of value damages. • we improperly adjust personal injury protection (PIP) claims in Florida. • we improperly adjust medical bills submitted by insureds or medical providers in medical claims. • we improperly pay and reimburse Medicare Advantage Plans or Medicaid on first party medical, PIP, and bodily injury claims. • we sell illusory underinsured motorist coverage. • we wrongfully withheld or delayed payments owed to insureds under uninsured/underinsured motorist coverage. • we provided an insufficient amount of premium relief to California insureds in response to the COVID-19 pandemic. • we improperly use marital status as a rating factor when setting premium in California. • we fail to timely and fully refund premiums to insureds upon taking title to vehicles that have been deemed total losses. • we mistitle vehicles by failing to include a salvage designation. • we improperly pay post-arbitration award interest. • we improperly prorate the deductible amount returned to the insured after subrogation. • we improperly funded a grant program for small businesses. • we improperly raised insureds’ premiums during their current policy term. • we failed, based on a vendor data security incident, to properly secure and safeguard personally identifiable information. Lawsuits certified or conditionally certified as class/collective actions alleging that: • we improperly value total loss claims by applying a negotiation adjustment in Colorado, Georgia, New York, and Pennsylvania. • we improperly fail to pay fees and taxes associated with total losses in Michigan and New York. • we improperly adjust medical bills in Washington. • we improperly calculate basic economic loss as it relates to wage loss coverage in New York. • we improperly fail to timely process and pay PIP claims in Texas. • we improperly reduce or deny PIP benefits when medical expenses are paid initially by health insurance. Non-class/collective/representative lawsuits filed by different plaintiffs and subject to various state laws, alleging that certain business operations, commercial matters, and/or employment policies, practices, or decisions are improper. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | LEASES Included in our consolidated balance sheets are certain operating leases for office space, computer equipment, and vehicles. The leased assets represent our right to use an underlying asset for the lease term and the lease liabilities represent our obligation to make lease payments arising from the lease using an incremental borrowing rate to calculate the present value of the remaining lease payments. Leased assets and leased liabilities are reported as a component of other assets accounts payable, accrued expenses, and other liabilities, respectively, in our consolidated balance sheets Contracts are reviewed at inception to determine if it contains a lease and whether the lease qualifies as an operating or financing lease. We do not have material financing leases. Operating leases are expensed on a straight-line basis over the term of the lease. In determining the lease term, we consider the probability of exercising renewal options. We elected to account for leases with both lease and non-lease components as a single lease component and to apply a portfolio approach to account for our vehicle leases. The following table summarizes the carrying amounts of our operating leased assets and liabilities at December 31, along with key inputs used to discount our lease liabilities: (millions) 2023 2022 Operating lease assets $ 172.5 $ 130.5 Operating lease liabilities $ 177.2 $ 137.2 Weighted-average remaining term 3.2 years 2.5 years Weighted-average discount rate 5.1 % 2.0 % At December 31, 2023, the following table shows our operating lease liabilities, on an undiscounted basis for the periods indicated: (millions) Commitments 2024 $ 74.0 2025 54.6 2026 37.6 2027 15.8 2028 6.0 Thereafter 4.8 Total 192.8 Interest (15.6) Present value of lease liabilities $ 177.2 The operating lease expense for the years ended December 31, was as follows: (millions) Expense 2023 $ 94.4 2022 89.1 2021 90.4 |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2023 | |
Dividends [Abstract] | |
Dividends | DIVIDENDS Following is a summary of our common and preferred share dividends that were declared and/or paid in the last three years: (millions, except per share amounts) Amount Declared Payable Per Share Accrued/Paid 1 Common - Annual-Variable Dividends: December 2023 January 2024 $ 0.75 $ 439.3 December 2021 December 2021 1.50 876.5 December 2020 January 2021 4.50 2,635.9 Common - Quarterly Dividends: December 2023 January 2024 0.10 58.6 August 2023 October 2023 0.10 58.5 May 2023 July 2023 0.10 58.5 March 2023 April 2023 0.10 58.5 December 2022 January 2023 0.10 58.5 August 2022 October 2022 0.10 58.5 May 2022 July 2022 0.10 58.5 March 2022 April 2022 0.10 58.5 December 2021 January 2022 0.10 58.5 August 2021 October 2021 0.10 58.5 May 2021 July 2021 0.10 58.5 March 2021 April 2021 0.10 58.5 December 2020 January 2021 0.10 58.6 Preferred Dividends: October 2023 December 2023 20.753157 10.4 August 2023 September 2023 20.67700 10.3 May 2023 June 2023 18.92463 9.5 December 2022 March 2023 26.875 13.4 August 2022 September 2022 26.875 13.4 December 2021 March 2022 26.875 13.4 August 2021 September 2021 26.875 13.4 December 2020 March 2021 26.875 13.4 1 The accrual is based on an estimate of shares outstanding as of the record date and recorded as a component of accounts payable, accrued expenses, and other liabilities on our consolidated balance sheets until paid. Common Share Dividends The Board of Directors adopted a policy of declaring regular quarterly common share dividends, and on at least an annual basis, to consider declaring an additional, variable common share dividend. For 2022, the Board decided not to declare an annual-variable dividend after assessing our capital position, existing capital resources, and expected future capital needs. Preferred Share Dividends During 2018, we issued 500,000 Series B Fixed-to-Floating Rate Cumulative Perpetual Serial Preferred Shares, without par value (the Series B Preferred Shares), with a liquidation preference of $1,000 per share (the stated amount). Beginning March 15, 2023 and up until redemption (the floating-rate period), holders of the Series B Preferred Shares are entitled to receive cumulative cash dividends quarterly, if and when declared by the Board of Directors, at a floating annual dividend rate equal to the three-month London Interbank Offered Rate (LIBOR) plus a spread of 2.539% applied to the stated amount per share. We, as calculation agent under our Series B Preferred Shares, determined that the reference rate for the Series B Preferred Shares, for any determination date after June 30, 2023, shall be the sum of (i) 3-Month CME Term SOFR plus (ii) a tenor spread adjustment of 0.26161%, and (iii) a spread of 2.539%. The new reference rate became effective for the dividend period determination date commencing September 15, 2023. The reference rate was determined in accordance with the successor base rate provisions of the Series B Preferred Shares and the Adjustable Interest Rate (LIBOR) Act and the regulation issued by the Board of Governors of the Federal Reserve System on December 16, 2022, implementing the LIBOR Act. The Board did not declare a dividend in December 2023 as they had in prior years. Prior to the floating-rate period, dividends were payable semiannually in March and September, if and when declared by the Board of Directors, at a fixed annual dividend rate of 5.375% of the stated amount per share. The Series B Preferred Shares are perpetual and have no stated maturity date. During the first quarter 2024, we redeemed all of the outstanding Series B Preferred Shares at the stated amount of $1,000 per share, for an aggregate payout of $507.8 million, including accrued and unpaid dividends to, but excluding February 22, 2024, which is the redemption date. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income | $ 3,902.4 | $ 721.5 | $ 3,350.9 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 shares | Dec. 31, 2023 shares | |
Karen B. Bailo [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On November 21, 2023, Karen B. Bailo, our Commercial Lines President, entered into a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c). The plan provides for (i) the sale of all shares vested during the duration of the plan pursuant to certain equity awards previously granted to Ms. Bailo, excluding any shares withheld by the company to satisfy tax withholding obligations, and (ii) 3,212 shares of the company’s common stock. Ms. Bailo’s plan will expire on November 29, 2024, subject to the plan’s earlier expiration or completion in accordance with its terms. | |
Name | Karen B. Bailo | |
Title | Commercial Lines President | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | November 21, 2023 | |
Termination Date | November 29, 2024 | |
Arrangement Duration | 374 days | |
Aggregate Available | 3,212 | 3,212 |
Patrick K. Callahan [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On October 16, 2023, Patrick K. Callahan, our Personal Lines President, entered into a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c). The plan provides for the sale of all shares vested during the duration of the plan pursuant to certain equity awards previously granted to Mr. Callahan, excluding any shares withheld by the company to satisfy tax withholding obligations. Mr. Callahan’s plan will expire on September 30, 2024, subject to the plan’s earlier expiration or completion in accordance with its terms. | |
Name | Patrick K. Callahan | |
Title | Personal Lines President | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | October 16, 2023 | |
Termination Date | September 30, 2024 | |
Arrangement Duration | 350 days |
Reporting and Accounting Poli_2
Reporting and Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations The Progressive insurance organization began business in 1937. The financial results of The Progressive Corporation include its subsidiaries and affiliates (references to “subsidiaries” in these notes include affiliates as well). Our insurance subsidiaries write personal and commercial auto insurance, personal residential property insurance, business-related general liability and commercial property insurance predominantly for small businesses, workers’ compensation insurance primarily for the transportation industry, and other specialty property-casualty insurance and provide related services. We report three operating segments. Our Personal Lines segment writes insurance for personal autos and recreational vehicles, which we refer to as our special lines products. Our Commercial Lines segment writes auto-related liability and physical damage insurance, business-related general liability and property insurance predominately for small businesses, and workers’ compensation insurance primarily for the transportation industry. Our Property segment writes residential property insurance for homeowners, other property owners, and renters. We operate our businesses throughout the United States, through both the independent agency and direct channels. |
Basis of Consolidation and Reporting | Basis of Consolidation and Reporting |
Estimates | Estimates We are required to make estimates and assumptions when preparing our financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (GAAP). As estimates develop into fact, results may, and will likely, differ from those estimates. |
Investments | Investments Our fixed-maturity securities and short-term investments are accounted for on an available-for-sale basis. Fixed-maturity securities include debt securities and redeemable preferred stocks, which may have fixed or variable principal payment schedules, may be held for indefinite periods of time, and may be used as a part of our asset/liability strategy or sold in response to changes in interest rates, anticipated prepayments, risk/reward characteristics, liquidity needs, or other economic factors. These securities are carried at fair value with the corresponding unrealized gains (losses), net of deferred income taxes, reported in accumulated other comprehensive income. Short-term investments may include commercial paper, repurchase transactions, and other securities expected to mature within one year. From time to time, we may also invest in municipal bonds that have maturity dates that are longer than one year but have either liquidity facilities or mandatory put features within one year. Equity securities include common stocks, nonredeemable preferred stocks, and other risk investments. Common stocks and nonredeemable preferred stocks are carried at fair value, with the changes in fair value reported in net holding period gains (losses) on securities on the consolidated statements of comprehensive income. Our other risk investments are accounted for under the equity method of accounting. These securities are carried at cost and adjusted for our share of the investee’s earnings or losses, with the changes in carrying value reported in investment income. We did not have any open derivative instruments at December 31, 2023, 2022, or 2021. From time to time, we entered into interest rate swaps to hedge the exposure to variable cash flows of a forecasted transaction (i.e., cash flow hedge). Derivatives designated as hedges are required to be evaluated on established criteria to determine the effectiveness of their correlation to, and ability to reduce the designated risk of, specific securities or transactions. Effectiveness is required to be reassessed regularly. For cash flow hedges that are deemed to be effective, the changes in fair value of the hedge would be reported as a component of accumulated other comprehensive income and subsequently amortized into earnings over the life of the hedged transaction. If a hedge is deemed to become ineffective or discontinued, changes in fair value of the derivative instrument would be reported in income for the current period. See Note 4 – Debt for a summary of our closed debt issuance cash flow hedges. Investment securities are exposed to various risks such as interest rate, market, credit, and liquidity risk. Fair values of securities fluctuate based on the nature and magnitude of changing market conditions; significant changes in market conditions could materially affect the portfolio’s value in the near term. We routinely monitor our fixed-maturity portfolio for pricing changes that might indicate potential credit losses exist and perform detailed reviews of securities with unrealized losses. For an unrealized loss that we determined to be related to current market conditions, we will not record an allowance for credit losses or write off the unrealized loss for the securities we do not intend to sell. We will continue to monitor these securities to determine if the unrealized loss is due to credit deterioration. If we believe that a potential credit loss exists, we will record an allowance for the credit loss and recognize the realized loss as a component of realized gains (losses) in the income statement. Once a credit loss allowance has been established, we will continue to evaluate the security, at least quarterly, to determine if changes in conditions have created the need to either increase or decrease the allowance recorded. If we determine that a security with a credit loss allowance previously recorded is likely to be sold prior to the potential recovery of the credit loss, or if we determine that the loss is uncollectible, we will reverse the allowance and write down the security to its fair value. Investment income consists of interest, dividends, accretion, and amortization. Interest is recognized on an accrual basis using the effective yield method, except for asset-backed securities, discussed below. Depending on the nature of the equity instruments, dividends are recorded at either the ex-dividend date or on an accrual basis. Asset-backed securities, which are included in our fixed-maturity portfolio, are generally accounted for under the retrospective method. The retrospective method recalculates yield assumptions (based on changes in interest rates or cash flow expectations) historically to the inception of the investment holding period, and applies the required adjustment, if any, to the cost basis, with the offset recorded to investment income on a quarterly basis. The prospective method is used primarily for interest-only securities, asset-backed securities below high investment-grade status (i.e., below AA-), and certain asset-backed securities with sub-prime loan exposure or where there is a greater risk of non-performance and where it is possible the initial investment may not be substantially recovered. The prospective method requires a calculation of expected future repayments and resets the yield to allow for future period adjustments; no current period impact to investment income or the security’s cost is made based on the cash flow update. Prepayment assumptions are updated quarterly. Realized gains (losses) on securities are computed based on the first-in first-out method. Realized gains (losses) also include holding period valuation changes on equity securities and hybrid instruments (e.g., securities with embedded options, where the option is a feature of the overall change in the value of the instrument), as well as initial and subsequent changes in credit allowance losses and write-offs for losses deemed uncollectible or securities in a loss position that are expected to be sold prior to the recovery of the credit loss. |
Insurance Premiums and Receivables | Insurance Premiums and Receivables Insurance premiums written are earned into income on a pro rata basis over the period of risk, based on a daily earnings convention. Accordingly, unearned premiums represent the portion of premiums written with unexpired risk. We write insurance and provide related services to individuals and commercial accounts and offer a variety of payment plans. Generally, premiums are collected prior to providing risk coverage, minimizing our exposure to credit risk. For our Personal Lines and Commercial Lines businesses, we perform a policy-level evaluation to determine the extent to which the premiums receivable balance exceeds the unearned premiums balance. To determine an allowance for credit losses, we evaluate the collectibility of premiums receivables based on historical and current collections experience of the aged exposures, using actuarial analysis. Our estimate of the future recoverability of our projected ultimate at-risk exposures also takes into consideration any unusual circumstances that we may encounter, such as moratoriums or other programs that may suspend collections. For our Property business, the risk of uncollectibility is relatively low. If premiums are unpaid by the policy due date, we provide advance notice of cancellation in accordance with each state’s requirements and, if the premiums remain unpaid after receipt of notice, we cancel the policy and write off any remaining balance. |
Deferred Acquisition Costs | Deferred Acquisition Costs Deferred acquisition costs include commissions, premium taxes, and other variable underwriting and direct sales costs incurred in connection with the successful acquisition or renewal of insurance contracts. These acquisition costs, net of ceding allowances, are deferred and amortized over the policy period in which the related premiums are earned. We consider anticipated investment income in determining recoverability of these costs. Management believes these costs will be fully recoverable in the near term. |
Loss and Loss Adjustment Expense Reserves | Loss and Loss Adjustment Expense Reserves Loss reserves represent the estimated liability on claims reported to us, plus reserves for losses incurred but not recorded. These estimates are reported net of amounts estimated to be recoverable from salvage and subrogation. Loss adjustment expense reserves represent the estimated expenses required to settle these claims. The methods of making estimates and establishing these reserves are reviewed regularly and resulting adjustments are reflected in income in the current period. Such loss and loss adjustment expense reserves are susceptible to change. |
Reinsurance | Reinsurance Our reinsurance activity includes transactions which are categorized as Regulated and Non-Regulated. Regulated refers to plans in which we participate that are governed by insurance regulations and include state-provided reinsurance facilities (e.g., Michigan Catastrophic Claims Association, North Carolina Reinsurance Facility, Florida Hurricane Catastrophe Fund), as well as state-mandated involuntary plans for commercial vehicles (Commercial Automobile Insurance Procedures/Plans – CAIP) and federally regulated plans for flood (National Flood Insurance Program – NFIP); we act as a participant in the “Write Your Own” program for the NFIP. Non-Regulated includes voluntary contractual arrangements primarily related to our Property business and to the transportation network company (TNC) business written by our Commercial Lines segment. Prepaid reinsurance premiums are earned on a pro rata basis over the period of risk, based on a daily earnings convention, which is consistent with premiums earned. See Note 7 – Reinsurance for further discussion. |
Income Taxes | Income Taxes The income tax provision is calculated under the balance sheet approach. Deferred tax assets and liabilities are recorded based on the temporary difference between the financial statement and tax bases of assets and liabilities at the enacted tax rates. The principal items giving rise to such differences include: • unearned premiums reserves; • investment securities (e.g., net unrealized gains (losses) and net holding period gains (losses) on securities); • deferred acquisition costs; • loss and loss adjustment expense reserves; • non-deductible accruals; • property and equipment; and • software development costs. We review our deferred tax assets regularly for recoverability. See Note 5 – Income Taxes for further discussion. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is recognized over the estimated useful lives of the assets using accelerated methods for computer equipment and the straight-line method for all other fixed assets. We evaluate impairment whenever events or circumstances warrant such a review and write off the impaired assets if appropriate. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill is the excess of the purchase price over the estimated fair value of the assets and liabilities acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. At December 31, 2023 and 2022, we had goodwill of $227.9 million, which is primarily attributable to our Agency Personal Lines business and related to the April 1, 2015, acquisition of a controlling interest in ARX Holding Corp. (ARX). There were no changes to the carrying amount of goodwill during the year ended December 31, 2023. We evaluate our goodwill for impairment at least annually using a qualitative approach. If events or changes in circumstances indicate that the carrying value of goodwill or intangible assets may not be recoverable, we will evaluate such items for impairment using a quantitative approach. In 2022, we recorded an impairment loss of $224.8 million, related to the goodwill assigned to the ARX reporting unit of our Property operating segment. As a result of our annual impairment testing, we determined that impairment was necessary given the magnitude of weather events relative to forecasted expectations during the first half of 2022, as well as other factors impacting our plans to restore our Property business to target profitability in a timely fashion. There were no previously recorded goodwill impairment losses on any of the outstanding goodwill. Intangible assets are non-financial assets lacking physical substance (e.g., customer and agency relationships, trade names, software rights) and represent the future economic benefit of those acquired assets. Amortization expense related to intangible assets was $14.2 million, $31.0 million, and $57.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. Goodwill and intangible assets are included in other assets in our consolidated balance sheets; the prior-year amounts, which were presented separately on the balance sheet in the prior year, were reclassified into this line item to conform to the current year presentation. |
Guaranty Fund Assessments | Guaranty Fund Assessments We are subject to state guaranty fund assessments, which provide for the payment of covered claims or other insurance obligations of insurance companies deemed insolvent. These assessments are accrued after a determination of insolvency has occurred, and we have written the premiums on which the assessments will be based. Assessments are expensed when incurred except for assessments that are available for recoupment from policyholders or are eligible to offset premiums taxes payable, which are capitalized to the extent allowable. |
Fees and Other Revenues | Fees and Other Revenues Fees and other revenues primarily represent fees collected from policyholders relating to installment charges in accordance with our bill |
Service Revenues and Expenses | Service Revenues and Expenses |
Equity-Based Compensation | Equity-Based Compensation We issue time-based and performance-based restricted stock unit awards to key members of management as our form of equity compensation and time-based restricted stock awards to non-employee directors. Collectively, we refer to these awards as restricted equity awards. Generally, restricted equity awards are expensed pro rata over their respective vesting periods (i.e., requisite service period), based on the market value of the awards at the time of grant, with accelerated expense for participants who satisfy qualified retirement eligibility. We record an estimate for expected forfeitures of restricted equity awards based on our historical forfeiture rates. |
Earnings Per Common Share | Earnings Per Common Share Net income is reduced by preferred share dividends to determine net income available to common shareholders and is used in our calculation of the per common share amounts. Basic earnings per common share is computed using the weighted average number of common shares outstanding during the reporting period, excluding unvested, non-employee director, time-based restricted stock awards. Diluted earnings per common share includes common stock equivalents assumed outstanding during the period. Our common stock equivalents, which are calculated using the treasury stock method, include the incremental shares assumed to be issued for: • earned but unvested time-based restricted equity awards, and • performance-based restricted equity awards that satisfied certain contingency conditions for unvested common stock equivalents during the period and are highly likely to continue to satisfy the conditions until the date of vesting. For periods when a net loss is reported, earnings per common share are calculated using basic average equivalent common shares since diluted earnings per share would be antidilutive. |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Cash and cash equivalents include bank demand deposits and daily overnight reverse repurchase commitments of funds held in bank demand deposit accounts by certain subsidiaries. The amount of overnight reverse repurchase commitments, which are not considered part of the investment portfolio, held by these subsidiaries at December 31, 2023, 2022, and 2021, were $68.2 million, $125.9 million, and $137.1 million, respectively. Restricted cash and restricted cash equivalents include collateral held against unpaid deductibles and cash that is restricted to pay flood claims under the NFIP’s “Write Your Own” program, for which certain subsidiaries are participants. |
Commitments and Contingencies | Commitments and Contingencies In addition, we have several multiple-layer property catastrophe reinsurance contracts with various reinsurers with terms ranging from one |
New Accounting Standards | New Accounting Standards Adopted We did not adopt any new accounting standards during the year ended December 31, 2023. Issued In March 2023, the Financial Accounting Standards Board issued an Accounting Standards Update (ASU), which permits an election to amortize the cost of tax equity investments to the provision for income taxes if certain conditions are met. Currently, these investments are accounted for under the equity method of accounting. This ASU is effective for fiscal years (including interim periods within those fiscal years) beginning after December 15, 2023 (2024 for calendar-year companies). On January 1, 2024, we adopted this standard on the modified retrospective basis. This standard did not have a material impact on our financial condition or results of operations. |
Reporting and Accounting Poli_3
Reporting and Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Premium Receivable, Allowance for Credit Loss | The following table summarizes changes in our allowance for credit loss exposure on our premiums receivable: (millions) 2023 2022 Balance at January 1 $ 343.3 $ 280.4 Increase in allowance 1 540.3 471.1 Write-offs 2 (514.5) (408.2) Balance at December 31 $ 369.1 $ 343.3 1 Represents the incremental increase in other underwriting expenses. 2 Represents the portion of allowance that is reversed when premiums receivables are written off. Premiums receivable balances are written off once we have exhausted our collection efforts. |
Advertising Costs | Total advertising costs, which are expensed as incurred, for the years ended December 31, were: (millions) Advertising Costs 2023 $ 1,599.7 2022 2,032.5 2021 2,139.5 |
Property and Equipment | The cost and useful lives for property and equipment at December 31, were: ($ in millions) 2023 2022 Useful Lives Land $ 102.6 $ 123.1 NA Buildings, improvements, and integrated components 732.9 844.1 7-40 years Capitalized software 467.5 475.4 3-10 years Software licenses (internal use) 486.4 427.6 1-6 years Computer equipment 353.3 318.1 3 years All other property and equipment 393.2 396.8 3-10 years Total cost 2,535.9 2,585.1 Accumulated depreciation (1,655.1) (1,551.1) Balance at end of year $ 880.8 $ 1,034.0 NA = Not applicable; land is not a depreciable asset. |
Equity Based Compensation and Related Tax Benefits | The total compensation expense recognized for equity-based compensation for the years ended December 31, was: (millions) 2023 2022 2021 Pretax expense $ 121.3 $ 122.7 $ 100.7 Tax benefit 1 17.0 16.0 14.1 1 Differs from statutory rate of 21% due to the expected disallowance of certain executive compensation deductions. |
Non cash activity | For the years ended December 31, non-cash activity included the following: (millions) 2023 2022 2021 Common share dividends 1 $ 497.9 $ 58.5 $ 58.5 Preferred share dividends 1 0 13.4 13.4 Operating lease liabilities 2 114.3 36.2 86.7 1 Declared but unpaid. See Note 14 – Dividends for further discussion. 2 See Note 13 – Leases for further discussion. |
Supplemental Cash Flow Information | For the years ended December 31, we paid the following: (millions) 2023 2022 2021 Income taxes $ 820.8 $ 719.0 $ 842.4 Interest 264.9 228.9 224.0 Operating lease liabilities 77.2 82.5 88.6 |
Unrecorded Unconditional Purchase Obligations Disclosure | Aggregate payments on these obligations for the years ended December 31, were as follows: (millions) Payments 2024 $ 780.0 2025 139.5 2026 68.6 2027 26.5 2028 7.8 Thereafter 2.4 Total $ 1,024.8 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Portfolio by Major Security Type | The following tables present the composition of our investment portfolio by major security type. Our securities are reported in our consolidated balance sheets at fair value. The changes in fair value for our fixed-maturity securities (other than hybrid securities) are reported as a component of accumulated other comprehensive income (loss), net of deferred income taxes, in our consolidated balance sheets. The net holding period gains (losses) reported below represent the inception-to-date changes in fair value for the hybrid and equity securities. The changes in the net holding period gains (losses) between periods are recorded as a component of net realized gains (losses) on securities in our consolidated statements of comprehensive income. ($ in millions) Cost Gross Unrealized Gains Gross Unrealized Losses Net Holding Period Gains (Losses) Fair Value % of Total Fair Value December 31, 2023 Available-for-sale securities: Fixed maturities: U.S. government obligations $ 37,823.2 $ 204.1 $ (1,157.9) $ 0 $ 36,869.4 55.9 % State and local government obligations 2,338.4 2.8 (138.4) 0 2,202.8 3.3 Foreign government obligations 17.3 0 (1.0) 0 16.3 0.1 Corporate debt securities 11,446.0 87.2 (332.3) (17.2) 11,183.7 16.9 Residential mortgage-backed securities 426.9 0.2 (10.0) 0.1 417.2 0.6 Commercial mortgage-backed securities 4,535.2 2.2 (597.7) 0 3,939.7 6.0 Other asset-backed securities 5,667.2 15.7 (107.1) (0.4) 5,575.4 8.4 Redeemable preferred stocks 187.7 0 (2.4) (11.6) 173.7 0.3 Total fixed maturities 62,441.9 312.2 (2,346.8) (29.1) 60,378.2 91.5 Short-term investments 1,789.9 0 0 0 1,789.9 2.7 Total available-for-sale securities 64,231.8 312.2 (2,346.8) (29.1) 62,168.1 94.2 Equity securities: Nonredeemable preferred stocks 977.1 0 0 (75.0) 902.1 1.4 Common equities 706.0 0 0 2,222.4 2,928.4 4.4 Total equity securities 1,683.1 0 0 2,147.4 3,830.5 5.8 Total portfolio 1 $ 65,914.9 $ 312.2 $ (2,346.8) $ 2,118.3 $ 65,998.6 100.0 % ($ 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 portfolio 1 $ 55,316.0 $ 13.9 $ (3,551.5) $ 1,769.9 $ 53,548.3 100.0 % 1 At December 31, 2023 and 2022, we had $45.6 million and $34.4 million, respectively, of net unsettled security transactions included in other assets. |
Hybrid Securities | Certain securities in our fixed-maturity portfolio are accounted for as hybrid securities because they contain embedded derivatives that are not deemed to be clearly and closely related to the host investments. These securities are reported at fair value at December 31: (millions) 2023 2022 Fixed Maturities: Corporate debt securities $ 531.3 $ 535.4 Residential mortgage-backed securities 323.9 509.6 Other asset-backed securities 13.9 42.0 Redeemable preferred stocks 141.2 134.7 Total hybrid securities $ 1,010.3 $ 1,221.7 |
Composition of Fixed Maturities by Maturity | The composition of fixed maturities by maturity at December 31, 2023, was: (millions) Cost Fair Value Less than one year $ 9,782.8 $ 9,566.2 One to five years 37,948.6 36,796.2 Five to ten years 14,637.1 13,942.5 Ten years or greater 73.4 73.3 Total $ 62,441.9 $ 60,378.2 |
Gross Unrealized Losses by Major Security | 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 Gross Unrealized Losses Less than 12 Months 12 Months or Greater ($ in millions) No. of Sec. Fair Gross Unrealized Losses No. of Sec. Fair Gross Unrealized Losses December 31, 2023 U.S. government obligations 147 $ 28,225.0 $ (1,157.9) 25 $ 11,890.0 $ (100.0) 122 $ 16,335.0 $ (1,057.9) State and local government obligations 324 1,846.2 (138.4) 31 169.9 (0.9) 293 1,676.3 (137.5) Foreign government obligations 1 16.3 (1.0) 0 0 0 1 16.3 (1.0) Corporate debt securities 313 6,642.4 (332.3) 26 617.2 (14.7) 287 6,025.2 (317.6) Residential mortgage-backed securities 39 88.4 (10.0) 2 0.4 0 37 88.0 (10.0) Commercial mortgage-backed securities 189 3,912.2 (597.7) 1 30.7 (2.5) 188 3,881.5 (595.2) Other asset-backed securities 207 3,299.1 (107.1) 41 639.4 (1.2) 166 2,659.7 (105.9) Redeemable preferred stocks 3 32.5 (2.4) 0 0 0 3 32.5 (2.4) Total fixed maturities 1,223 $ 44,062.1 $ (2,346.8) 126 $ 13,347.6 $ (119.3) 1,097 $ 30,714.5 $ (2,227.5) Total No. of Sec. Total Gross Less than 12 Months 12 Months or Greater ($ in millions) No. of Sec. Fair Gross Unrealized No. of Sec. Fair Gross Unrealized 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) |
Components of Net Realized Gains (Losses) | The components of net realized gains (losses) for the years ended December 31, were: (millions) 2023 2022 2021 Gross realized gains on security sales Available-for-sale securities: U.S. government obligations $ 12.1 $ 10.8 $ 105.8 State and local government obligations 0 0 51.2 Corporate and other debt securities 1.0 8.7 104.0 Residential mortgage-backed securities 0.9 0.7 0.3 Commercial mortgage-backed securities 0 0 41.9 Other asset-backed securities 0 0.2 1.2 Redeemable preferred stocks 0 0 1.5 Total available-for-sale securities 14.0 20.4 305.9 Equity securities: Nonredeemable preferred stocks 0.3 17.6 28.0 Common equities 381.0 846.1 369.6 Total equity securities 381.3 863.7 397.6 Subtotal gross realized gains on security sales 395.3 884.1 703.5 Gross realized losses on security sales Available-for-sale securities: U.S. government obligations (64.6) (433.3) (52.0) State and local government obligations 0 (1.0) (3.4) Foreign government obligations 0 0 (0.1) Corporate and other debt securities (85.7) (88.3) (8.3) Residential mortgage-backed securities 0 0 (1.1) Commercial mortgage-backed securities (106.8) (72.4) (1.9) Other asset-backed securities (5.6) (4.4) (0.6) Short-term investments (0.4) (0.4) 0 Total available-for-sale securities (263.1) (599.8) (67.4) Equity securities: Nonredeemable preferred stocks (118.3) (9.8) (1.7) Common equities (21.8) (78.0) (20.1) Total equity securities (140.1) (87.8) (21.8) Subtotal gross realized losses on security sales (403.2) (687.6) (89.2) Net realized gains (losses) on security sales Available-for-sale securities: U.S. government obligations (52.5) (422.5) 53.8 State and local government obligations 0 (1.0) 47.8 Foreign government obligations 0 0 (0.1) Corporate and other debt securities (84.7) (79.6) 95.7 Residential mortgage-backed securities 0.9 0.7 (0.8) Commercial mortgage-backed securities (106.8) (72.4) 40.0 Other asset-backed securities (5.6) (4.2) 0.6 Redeemable preferred stocks 0 0 1.5 Short-term investments (0.4) (0.4) 0 Total available-for-sale securities (249.1) (579.4) 238.5 Equity securities: Nonredeemable preferred stocks (118.0) 7.8 26.3 Common equities 359.2 768.1 349.5 Total equity securities 241.2 775.9 375.8 Subtotal net realized gains (losses) on security sales (7.9) 196.5 614.3 Other assets Gain 21.6 0 0 Impairment (9.0) (8.6) (5.0) Subtotal net realized gains (losses) on other assets 12.6 (8.6) (5.0) Net holding period gains (losses) Hybrid securities 45.4 (82.0) (7.7) Equity securities 303.0 (2,018.1) 907.6 Subtotal net holding period gains (losses) 348.4 (2,100.1) 899.9 Total net realized gains (losses) on securities $ 353.1 $ (1,912.2) $ 1,509.2 |
Components of Equity Realized Gains (Losses) | December 31: (millions) 2023 2022 2021 Total net gains (losses) recognized during the period on equity securities $ 544.2 $ (1,242.2) $ 1,283.4 Less: Net gains (losses) recognized on equity securities sold during the period 241.2 775.9 375.8 Net holding period gains (losses) recognized during the period on equity securities held at period end $ 303.0 $ (2,018.1) $ 907.6 |
Components of Net Investment Income | The components of net investment income for the years ended December 31, were: (millions) 2023 2022 2021 Available-for-sale securities: Fixed maturities: U.S. government obligations $ 864.0 $ 339.1 $ 149.5 State and local government obligations 47.6 39.7 44.1 Foreign government obligations 0.2 0.2 0.1 Corporate debt securities 365.4 288.8 301.1 Residential mortgage-backed securities 28.7 31.6 11.9 Commercial mortgage-backed securities 196.1 190.6 143.0 Other asset-backed securities 192.5 174.6 64.1 Redeemable preferred stocks 11.1 11.4 9.5 Total fixed maturities 1,705.6 1,076.0 723.3 Short-term investments 92.4 53.6 3.1 Total available-for-sale securities 1,798.0 1,129.6 726.4 Equity securities: Nonredeemable preferred stocks 51.4 70.2 70.3 Common equities 42.4 60.5 64.2 Total equity securities 93.8 130.7 134.5 Investment income 1,891.8 1,260.3 860.9 Investment expenses (26.2) (24.3) (25.5) Net investment income $ 1,865.6 $ 1,236.0 $ 835.4 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Composition of Investment Portfolio by Major Security Type | The composition of the investment portfolio by major security type and our outstanding debt was: Fair Value (millions) Level 1 Level 2 Level 3 Total Cost December 31, 2023 Fixed maturities: U.S. government obligations $ 36,869.4 $ 0 $ 0 $ 36,869.4 $ 37,823.2 State and local government obligations 0 2,202.8 0 2,202.8 2,338.4 Foreign government obligations 0 16.3 0 16.3 17.3 Corporate debt securities 0 11,180.7 3.0 11,183.7 11,446.0 Subtotal 36,869.4 13,399.8 3.0 50,272.2 51,624.9 Asset-backed securities: Residential mortgage-backed 0 417.2 0 417.2 426.9 Commercial mortgage-backed 0 3,939.7 0 3,939.7 4,535.2 Other asset-backed 0 5,575.4 0 5,575.4 5,667.2 Subtotal asset-backed securities 0 9,932.3 0 9,932.3 10,629.3 Redeemable preferred stocks: Financials 0 23.1 0 23.1 24.5 Utilities 0 9.4 0 9.4 10.4 Industrials 0 141.2 0 141.2 152.8 Subtotal redeemable preferred stocks 0 173.7 0 173.7 187.7 Total fixed maturities 36,869.4 23,505.8 3.0 60,378.2 62,441.9 Short-term investments 1,757.0 32.9 0 1,789.9 1,789.9 Total available-for-sale securities 38,626.4 23,538.7 3.0 62,168.1 64,231.8 Equity securities: Nonredeemable preferred stocks: Financials 0 802.7 49.2 851.9 922.1 Utilities 0 35.4 0 35.4 40.0 Industrials 0 0 14.8 14.8 15.0 Subtotal nonredeemable preferred stocks 0 838.1 64.0 902.1 977.1 Common equities: Common stocks 2,885.3 0 22.5 2,907.8 685.4 Other risk investments 0 0 20.6 20.6 20.6 Subtotal common equities 2,885.3 0 43.1 2,928.4 706.0 Total equity securities 2,885.3 838.1 107.1 3,830.5 1,683.1 Total portfolio $ 41,511.7 $ 24,376.8 $ 110.1 $ 65,998.6 $ 65,914.9 Debt $ 0 $ 6,431.3 $ 0 $ 6,431.3 $ 6,888.6 Fair Value (millions) Level 1 Level 2 Level 3 Total Cost December 31, 2022 Fixed maturities: U.S. government obligations $ 25,167.4 $ 0 $ 0 $ 25,167.4 $ 26,770.7 State and local government obligations 0 1,977.1 0 1,977.1 2,180.0 Foreign government obligations 0 15.5 0 15.5 16.8 Corporate debt securities 0 9,412.7 0 9,412.7 10,125.8 Subtotal 25,167.4 11,405.3 0 36,572.7 39,093.3 Asset-backed securities: Residential mortgage-backed 0 666.8 0 666.8 696.1 Commercial mortgage-backed 0 4,663.5 0 4,663.5 5,446.0 Other asset-backed 0 4,564.6 0 4,564.6 4,826.0 Subtotal asset-backed securities 0 9,894.9 0 9,894.9 10,968.1 Redeemable preferred stocks: Financials 0 40.5 0 40.5 43.6 Utilities 0 9.1 0 9.1 10.5 Industrials 9.2 125.5 0 134.7 148.5 Subtotal redeemable preferred stocks 9.2 175.1 0 184.3 202.6 Total fixed maturities 25,176.6 21,475.3 0 46,651.9 50,264.0 Short-term investments 2,800.7 61.0 0 2,861.7 2,861.7 Total available-for-sale securities 27,977.3 21,536.3 0 49,513.6 53,125.7 Equity securities: Nonredeemable preferred stocks: Financials 39.0 994.4 67.4 1,100.8 1,244.2 Utilities 0 71.2 0 71.2 79.9 Industrials 0 24.8 16.4 41.2 40.1 Subtotal nonredeemable preferred stocks 39.0 1,090.4 83.8 1,213.2 1,364.2 Common equities: Common stocks 2,783.4 0 18.3 2,801.7 806.3 Other risk investments 0 0 19.8 19.8 19.8 Subtotal common equities 2,783.4 0 38.1 2,821.5 826.1 Total equity securities 2,822.4 1,090.4 121.9 4,034.7 2,190.3 Total portfolio $ 30,799.7 $ 22,626.7 $ 121.9 $ 53,548.3 $ 55,316.0 Debt $ 0 $ 5,717.9 $ 0 $ 5,717.9 $ 6,388.3 |
Summary of Changes in Fair Value Associated With Level 3 Assets | The following tables provide a summary of changes in fair value associated with Level 3 assets for the years ended December 31, 2023 and 2022: Level 3 Fair Value (millions) Fair Value at Dec. 31, 2022 Calls/ Purchases Sales Net Realized Change in Net Fair Value at Dec. 31, 2023 Fixed maturities: Corporate debt securities $ 0 $ 0 $ 3.0 $ 0 $ 0 $ 0 $ 0 $ 3.0 Equity securities: Nonredeemable preferred stocks: Financials 67.4 (8.1) 1.0 0 0 (11.1) 0 49.2 Industrials 16.4 0 0 0 0 (1.6) 0 14.8 Common equities: Common stocks 18.3 8.1 0 (10.0) 8.9 (2.8) 0 22.5 Other risk investments 19.8 0.8 0 0 0 0 0 20.6 Total Level 3 securities $ 121.9 $ 0.8 $ 4.0 $ (10.0) $ 8.9 $ (15.5) $ 0 $ 110.1 Level 3 Fair Value (millions) Fair Value at Dec. 31, 2021 Calls/ Purchases Sales Net Realized Change in Net Transfers In (Out) 1 Fair Value at Dec. 31, 2022 Equity securities: Nonredeemable preferred stocks: Financials $ 76.4 $ 0 $ 2.5 $ (15.0) $ (17.2) $ 20.7 $ 0 $ 67.4 Industrials 34.4 (0.5) 0 0 0 (17.5) 0 16.4 Common equities: Common stocks 0 0 0 0 0 0 18.3 18.3 Other risk investments 16.9 2.9 0 0 0 0 0 19.8 Total Level 3 securities $ 127.7 $ 2.4 $ 2.5 $ (15.0) $ (17.2) $ 3.2 $ 18.3 $ 121.9 1 |
Summary of Quantitative Information about Level 3 Fair Value Measurements | The following tables provide a summary of the quantitative information about Level 3 fair value measurements for our applicable securities at December 31: Quantitative Information about Level 3 Fair Value Measurements ($ in millions) Fair Value at Dec. 31, 2023 Valuation Technique Unobservable Input Range of Input Values Increase (Decrease) Weighted Average Increase (Decrease) Fixed maturities: Corporate debt securities $ 3.0 Market comparables Weighted average market capitalization price change % 0.3% to 7.7% 2.6 % Equity securities: Nonredeemable preferred stocks 64.0 Market comparables Weighted average market capitalization price change % 17.2% to 39.7% 21.7% Common stocks 22.5 Market comparables Weighted average market capitalization price change % (45.8)% to 95.6% 39.7% Subtotal Level 3 securities 89.5 Pricing exemption securities 20.6 Total Level 3 securities $ 110.1 Quantitative Information about Level 3 Fair Value Measurements ($ in millions) Fair Value at Dec. 31, 2022 Valuation Technique Unobservable Input Range of Input Values Increase (Decrease) Weighted Average Increase (Decrease) Equity securities: Nonredeemable preferred stocks $ 83.8 Market comparables Weighted average market capitalization price change % (0.6)% to 19.9% 10.5% Common stocks 18.3 Market comparables Weighted average market capitalization price change % (42.5)% to 59.1% 0.3% Subtotal Level 3 securities 102.1 Pricing exemption securities 19.8 Total Level 3 securities $ 121.9 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Table | Debt at December 31, consisted of: 2023 2022 (millions) Carrying Fair Carrying Fair 2.45% Senior Notes due 2027 (issued: $500.0, August 2016) $ 498.6 $ 468.9 $ 498.2 $ 457.7 2.50% Senior Notes due 2027 (issued: $500.0, March 2022) 498.1 469.1 497.5 460.3 6 5/8% Senior Notes due 2029 (issued: $300.0, March 1999) 297.8 328.7 297.5 326.8 4.00% Senior Notes due 2029 (issued: $550.0, October 2018) 546.9 542.6 546.4 527.8 3.20% Senior Notes due 2030 (issued: $500.0, March 2020) 497.3 462.2 496.9 448.6 3.00% Senior Notes due 2032 (issued: $500.0, March 2022) 496.3 446.0 495.9 438.1 6.25% Senior Notes due 2032 (issued: $400.0, November 2002) 396.7 445.6 396.4 435.4 4.95% Senior Notes due 2033 (issued: $500.0, May 2023) 496.4 513.0 0 0 4.35% Senior Notes due 2044 (issued: $350.0, April 2014) 347.0 314.2 346.9 298.4 3.70% Senior Notes due 2045 (issued: $400.0, January 2015) 395.9 325.1 395.7 310.2 4.125% Senior Notes due 2047 (issued: $850.0, April 2017) 842.3 756.2 842.1 716.2 4.20% Senior Notes due 2048 (issued: $600.0, March 2018) 590.6 534.1 590.4 507.0 3.95% Senior Notes due 2050 (issued: $500.0, March 2020) 491.1 422.3 490.9 404.9 3.70% Senior Notes due 2052 (issued: $500.0, March 2022) 493.6 403.3 493.5 386.5 Total $ 6,888.6 $ 6,431.3 $ 6,388.3 $ 5,717.9 |
Aggregate Principal Payments on Debt Outstanding | Aggregate required principal payments on debt outstanding at December 31, 2023, were as follows: (millions) Payments 2024 $ 0 2025 0 2026 0 2027 1,000.0 2028 0 Thereafter 5,950.0 Total $ 6,950.0 |
Cash Flow Hedging | |
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges Included in Accumulated Other Comprehensive Income | The following table shows the original gain (loss) recognized at debt issuance and the unamortized balance at December 31, 2023, on a pretax basis: (millions) Unrealized Unamortized Balance at December 31, 2023 6 5/8% Senior Notes due 2029 $ (4.2) $ (1.5) 6.25% Senior Notes due 2032 5.1 2.6 4.35% Senior Notes due 2044 (1.6) (1.3) 3.70% Senior Notes due 2045 (12.9) (10.5) 4.125% Senior Notes due 2047 (8.0) (7.0) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Provision | The components of our income tax provision for the years ended December 31, were as follows: (millions) 2023 2022 2021 Current tax provision Federal $ 1,102.5 $ 733.2 $ 739.5 State 18.7 12.7 20.7 Deferred tax expense (benefit) Federal (119.9) (528.7) 98.6 State 0 (16.6) 0.3 Total income tax provision $ 1,001.3 $ 200.6 $ 859.1 |
Reconciliation of Provision (Benefit) for Income Taxes Reported in Consolidated Statements of Income with Tax at Statutory Rate | The provision for income taxes in the consolidated statements of comprehensive income differed from the statutory rate for the years ended December 31, as follows: 2023 2022 2021 (millions) Expense (Benefit) Rate Impact Expense (Benefit) Rate Expense (Benefit) Rate Impact Income before income taxes $ 4,903.7 $ 922.1 $ 4,210.0 Tax at statutory federal rate $ 1,029.8 21 % $ 193.6 21 % $ 884.1 21 % Tax effect of: Stock-based compensation (21.7) (1) (18.1) (2) (19.4) (1) Tax credits (16.4) 0 (14.8) (2) (9.9) 0 Tax-preferenced investment income (10.2) 0 (12.7) (1) (13.2) 0 State income taxes, net of federal taxes 14.7 0 (3.1) 0 16.6 0 Nondeductible compensation expense 9.8 0 11.1 1 8.4 0 Tax-deductible dividends (4.8) 0 (1.8) 0 (9.4) 0 Goodwill impairment 1 0 0 47.2 5 0 0 Other items, net 0.1 0 (0.8) 0 1.9 0 Total income tax provision $ 1,001.3 20 % $ 200.6 22 % $ 859.1 20 % 1 The ARX acquisition did not create goodwill for income tax purposes. As a result, the impairment was not deductible for income tax purposes. |
Components of Net Deferred Tax Assets | The following table shows the components of the net deferred tax assets and liabilities at December 31: (millions) 2023 2022 Federal deferred income tax assets: Unearned premiums reserve $ 836.0 $ 719.2 Net unrealized losses on fixed-maturity securities 427.3 742.9 Loss and loss adjustment expense reserves 292.7 239.9 Non-deductible accruals 238.2 225.9 Software development costs 66.0 37.8 Operating lease liabilities 37.2 28.8 Hedges on forecasted transactions 3.7 3.8 Investment basis differences 0.2 17.0 Other 13.4 12.7 Federal deferred income tax liabilities: Net holding period gains on equity securities (451.0) (387.3) Deferred acquisition costs (354.4) (324.3) Property and equipment (88.4) (97.0) Operating lease assets (37.2) (28.8) Loss and loss adjustment expense reserve transition adjustment (15.9) (24.1) Intangible assets (8.7) (11.1) Prepaid expenses (6.2) (6.5) Other (16.9) (17.4) Net federal deferred income taxes 936.0 1,131.5 State deferred income tax assets 1 39.9 42.2 State deferred income tax liabilities 1 0 0 Total $ 975.9 $ 1,173.7 1 State deferred assets and liabilities are recorded in other assets and accounts payable, accrued expenses, and other liabilities, respectively, on our consolidated balance sheets. |
Loss And Loss Adjustment Expe_2
Loss And Loss Adjustment Expense Reserves (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Activity in Loss and Loss Adjustment Expense Reserves | Activity in the loss and LAE reserves is summarized as follows: (millions) 2023 2022 2021 Balance at January 1 $ 30,359.3 $ 26,164.1 $ 20,265.8 Less reinsurance recoverables on unpaid losses 5,559.2 4,733.6 3,798.2 Net balance at January 1 24,800.1 21,430.5 16,467.6 Net loss and loss adjustment expense reserves acquired 1 0 0 729.2 Total beginning reserves 24,800.1 21,430.5 17,196.8 Incurred related to: Current year 44,560.6 38,209.0 33,632.3 Prior years 1,094.0 (86.3) (4.7) Total incurred 45,654.6 38,122.7 33,627.6 Paid related to: Current year 26,874.3 23,542.9 20,561.1 Prior years 13,980.2 11,210.2 8,832.8 Total paid 40,854.5 34,753.1 29,393.9 Net balance at December 31 29,600.2 24,800.1 21,430.5 Plus reinsurance recoverables on unpaid losses 4,789.0 5,559.2 4,733.6 Balance at December 31 $ 34,389.2 $ 30,359.3 $ 26,164.1 1 Net reserves acquired in Protective Insurance acquisition. |
Short-duration Insurance Contracts, Claims Development | Only 2023 is audited; all prior years are considered required supplementary information and, therefore, are unaudited. Expected development on our case reserves is excluded from the IBNR reserves on our vehicle businesses, as discussed above. For the Property business and the Commercial Lines other business, the IBNR reserves include expected case development based on the methodology used in establishing the case reserves for that segment. The cumulative number of incurred claims are based on accident coverages (e.g., bodily injury, collision, comprehensive, personal injury protection, property damage) related to opened claims. Coverage counts related to claims closed without payment are excluded from the cumulative number of incurred claims. Personal Lines - Agency - Liability ($ in millions) As of Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance December 31, 2023 For the years ended December 31, Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Incurred Claim Counts Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 5,885.0 $ 5,886.9 $ 5,918.2 $ 5,959.9 $ 5,879.2 $ 0 916,543 2020 5,433.8 5,405.4 5,385.7 5,458.1 142.8 757,024 2021 6,716.4 6,861.8 6,936.4 174.2 885,607 2022 7,076.9 7,301.5 402.8 838,763 2023 8,615.9 1,715.2 883,430 Total $ 34,191.1 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the years ended December 31, Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 2,715.2 $ 4,533.2 $ 5,272.8 $ 5,626.6 $ 5,779.3 2020 2,383.0 4,112.2 4,796.8 5,122.0 2021 2,855.4 5,239.4 6,183.1 2022 3,018.8 5,564.1 2023 3,526.5 Total $ 26,175.0 All outstanding liabilities before 2019, net of reinsurance 1 92.9 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 8,109.0 1 Required supplementary information (unaudited) Personal Lines - Agency - Physical Damage ($ in millions) As of Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance December 31, 2023 For the years ended December 31, Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Incurred Claim Counts Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 3,277.9 $ 3,254.7 $ 3,261.1 $ 3,259.0 $ 3,268.1 $ 0.4 1,879,041 2020 3,328.5 3,319.8 3,327.3 3,323.3 (8.4) 1,785,036 2021 4,708.3 4,624.3 4,628.5 8.9 2,105,540 2022 5,429.4 5,544.6 (13.3) 2,031,717 2023 5,774.5 (298.0) 2,091,830 Total $ 22,539.0 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the years ended December 31, Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 3,242.5 $ 3,259.2 $ 3,255.9 $ 3,260.9 $ 3,263.7 2020 3,250.1 3,322.5 3,323.0 3,328.0 2021 4,438.1 4,620.9 4,611.5 2022 5,176.2 5,542.0 2023 5,584.2 Total $ 22,329.4 All outstanding liabilities before 2019, net of reinsurance 1 3.7 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 213.3 1 Required supplementary information (unaudited) Personal Lines - Direct - Liability ($ in millions) As of Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance December 31, 2023 For the years ended December 31, Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Incurred Claim Counts Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 5,756.5 $ 5,811.7 $ 5,837.9 $ 5,870.0 $ 5,802.1 $ 0.1 957,826 2020 5,356.9 5,322.7 5,301.5 5,343.1 126.4 789,952 2021 6,964.7 7,180.3 7,244.1 164.5 981,424 2022 7,563.4 7,869.6 398.5 970,145 2023 9,627.9 1,763.6 1,080,475 Total $ 35,886.8 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the years ended December 31, Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 2,630.3 $ 4,452.5 $ 5,218.8 $ 5,568.8 $ 5,716.3 2020 2,301.3 4,018.7 4,721.4 5,035.9 2021 2,915.0 5,460.5 6,487.9 2022 3,131.8 5,982.6 2023 3,925.5 Total $ 27,148.2 All outstanding liabilities before 2019, net of reinsurance 1 79.4 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 8,818.0 1 Required supplementary information (unaudited) Personal Lines - Direct - Physical Damage ($ in millions) As of Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance December 31, 2023 For the years ended December 31, Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Incurred Claim Counts Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 3,787.9 $ 3,737.8 $ 3,749.6 $ 3,747.9 $ 3,757.8 $ 0.3 2,272,383 2020 3,775.6 3,753.3 3,765.9 3,762.0 (9.7) 2,139,045 2021 5,752.3 5,568.2 5,572.9 3.6 2,602,359 2022 6,613.3 6,724.2 (27.3) 2,606,698 2023 7,577.9 (459.8) 2,851,047 Total $ 27,394.8 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the years ended December 31, Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 3,782.6 $ 3,751.3 $ 3,746.8 $ 3,750.9 $ 3,753.9 2020 3,720.0 3,765.9 3,762.2 3,767.4 2021 5,421.9 5,578.7 5,559.6 2022 6,325.7 6,731.9 2023 7,361.7 Total $ 27,174.5 All outstanding liabilities before 2019, net of reinsurance 1 2.8 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 223.1 1 Required supplementary information (unaudited) Commercial Lines - Liability ($ in millions) As of Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance December 31, 2023 For the years ended December 31, Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Incurred Claim Counts Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 2,301.1 $ 2,370.9 $ 2,426.3 $ 2,434.4 $ 2,429.9 $ 7.6 136,213 2020 2,335.7 2,388.8 2,418.9 2,436.5 58.6 117,614 2021 3,446.6 3,527.3 3,573.7 134.7 156,829 2022 4,526.1 4,834.5 406.2 180,500 2023 5,455.8 1,299.6 184,840 Total $ 18,730.4 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the years ended December 31, Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 474.8 $ 1,184.4 $ 1,684.5 $ 2,037.5 $ 2,250.0 2020 440.8 1,110.4 1,628.9 2,043.5 2021 573.6 1,545.9 2,414.3 2022 749.2 2,086.4 2023 847.6 Total $ 9,641.8 All outstanding liabilities before 2019, net of reinsurance 1 103.2 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 9,191.8 1 Required supplementary information (unaudited) Commercial Lines - Physical Damage ($ in millions) As of Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance December 31, 2023 For the years ended December 31, Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Incurred Claim Counts Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 633.1 $ 628.3 $ 626.6 $ 625.9 $ 626.4 $ 0 99,508 2020 631.8 624.9 622.0 624.8 2.9 99,588 2021 920.9 909.8 910.1 3.6 121,900 2022 1,314.9 1,330.3 0.7 147,146 2023 1,351.8 (6.5) 164,859 Total $ 4,843.4 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the years ended December 31, Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 561.1 $ 625.1 $ 624.8 $ 625.3 $ 625.4 2020 540.6 621.8 620.4 620.5 2021 764.2 903.1 901.5 2022 1,114.0 1,315.0 2023 1,184.4 Total $ 4,646.8 All outstanding liabilities before 2019, net of reinsurance 1 0.8 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 197.4 1 Required supplementary information (unaudited) Commercial Lines - Other ($ in millions) As of Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance December 31, 2023 For the years ended December 31, Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Incurred Claim Counts Accident Year 2014 1 2015 1 2016 1 2017 1 2018 1 2019 1 2020 1 2021 1 2022 1 2023 2014 $ 74.9 $ 70.0 $ 68.3 $ 70.5 $ 70.7 $ 69.4 $ 70.7 $ 70.9 $ 70.4 $ 70.4 $ 3.2 9,226 2015 51.2 45.4 46.1 48.3 47.0 44.8 45.1 44.6 44.8 3.4 9,527 2016 51.8 43.3 41.0 41.5 40.2 40.1 40.0 40.4 3.1 7,648 2017 62.6 54.6 51.1 48.8 46.2 48.0 55.1 10.2 17,675 2018 81.5 81.3 76.7 77.0 76.5 81.7 10.0 15,475 2019 80.7 83.1 85.4 88.3 87.7 10.3 10,709 2020 75.0 80.7 81.9 82.9 14.0 9,505 2021 84.1 87.3 88.8 24.4 9,367 2022 84.0 80.9 26.3 7,660 2023 85.0 45.2 6,795 Total $ 717.7 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the years ended December 31, Accident Year 2014 1 2015 1 2016 1 2017 1 2018 1 2019 1 2020 1 2021 1 2022 1 2023 2014 $ 18.6 $ 33.9 $ 44.3 $ 51.1 $ 56.9 $ 59.0 $ 61.1 $ 64.2 $ 65.0 $ 65.5 2015 6.5 18.1 26.5 30.9 33.9 36.1 37.1 37.8 38.7 2016 8.5 20.9 27.0 30.6 32.7 33.8 35.0 35.5 2017 9.6 24.4 30.8 34.5 36.9 39.7 41.6 2018 17.6 39.6 49.5 56.7 61.7 65.2 2019 20.0 42.4 56.0 64.6 70.8 2020 15.8 38.6 52.2 59.6 2021 16.9 39.6 52.4 2022 18.4 39.7 2023 18.4 Total $ 487.4 All outstanding liabilities before 2014, net of reinsurance 1 30.2 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 260.5 1 Required supplementary information (unaudited) Property Business ($ in millions) As of Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance December 31, 2023 For the years ended December 31, Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Incurred Claim Counts Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 971.7 $ 965.2 $ 962.8 $ 965.8 $ 964.8 $ 9.0 73,051 2020 1,223.5 1,246.8 1,260.9 1,256.0 1.5 88,736 2021 1,539.6 1,516.3 1,503.2 23.6 89,864 2022 1,664.6 1,622.0 77.0 89,348 2023 1,582.5 392.4 75,812 Total $ 6,928.5 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the years ended December 31, Accident Year 2019 1 2020 1 2021 1 2022 1 2023 2019 $ 708.0 $ 930.4 $ 950.5 $ 959.3 $ 962.2 2020 832.5 1,141.2 1,210.7 1,237.2 2021 1,035.4 1,374.5 1,444.0 2022 1,041.7 1,469.5 2023 1,078.3 Total $ 6,191.2 All outstanding liabilities before 2019, net of reinsurance 1 7.4 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 744.7 1 Required supplementary information (unaudited) |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability | The following table reconciles the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses: (millions) 2023 2022 Net outstanding liabilities Personal Lines Agency, Liability $ 8,109.0 $ 6,791.2 Agency, Physical Damage 213.3 261.5 Direct, Liability 8,818.0 7,187.2 Direct, Physical Damage 223.1 284.7 Commercial Lines Liability 9,191.8 7,177.0 Physical Damage 197.4 211.2 Other 260.5 242.5 Property 744.7 839.7 Other business 88.7 108.9 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 27,846.5 23,103.9 Reinsurance recoverables on unpaid claims Personal Lines Agency, Liability 875.1 894.1 Agency, Physical Damage 0 0 Direct, Liability 1,471.3 1,485.4 Direct, Physical Damage 0 0 Commercial Lines Liability 1,077.7 1,273.7 Physical Damage 1.4 0.5 Other 216.0 204.6 Property 631.4 1,068.1 Other business 475.1 559.0 Total reinsurance recoverables on unpaid claims 4,748.0 5,485.4 Unallocated claims adjustment expense related to: Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 1,753.7 1,696.2 Reinsurance recoverables on unpaid claims 41.0 73.8 Total gross liability for unpaid claims and claim adjustment expense $ 34,389.2 $ 30,359.3 |
Short-duration Insurance Contracts, Schedule of Historical Claims Duration | The following table shows the average historical claims duration as of December 31, 2023: (Required Supplementary Information - Unaudited) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 Personal Lines Agency, Liability 42.4% 33.1% 13.0% 6.0% 2.6% Agency, Physical Damage 96.2 3.8 (0.1) 0.2 0.1 Direct, Liability 41.5 34.0 13.6 6.0 2.5 Direct, Physical Damage 97.1 2.9 (0.2) 0.1 0.1 Commercial Lines Liability 16.5 27.8 22.4 15.8 8.7 Physical Damage 86.0 13.9 (0.2) 0 0 Other 20.9 26.1 14.7 9.0 6.4 Property 67.8 24.3 4.3 1.6 0.3 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Reinsurance Disclosures [Abstract] | |
Effect of Reinsurance on Premiums Written and Earned | The effect of reinsurance on premiums written and earned for the years ended December 31, was as follows: 2023 2022 2021 (millions) Written Earned Written Earned Written Earned Direct premiums $ 62,721.2 $ 59,881.1 $ 52,335.6 $ 50,650.2 $ 48,129.6 $ 46,018.6 Ceded premiums: Regulated (535.0) (545.3) (621.5) (674.8) (674.5) (650.2) Non-Regulated (636.0) (671.4) (633.0) (734.2) (1,049.9) (999.7) Total ceded premiums (1,171.0) (1,216.7) (1,254.5) (1,409.0) (1,724.4) (1,649.9) Net premiums $ 61,550.2 $ 58,664.4 $ 51,081.1 $ 49,241.2 $ 46,405.2 $ 44,368.7 |
Prepaid Reinsurance Premiums and Reinsurance Recoverables | Our reinsurance recoverables and prepaid reinsurance premiums were comprised of the following at December 31: Reinsurance Recoverables Prepaid Reinsurance Premiums ($ in millions) 2023 2022 2023 2022 Regulated: MCCA $ 2,272.1 45 % $ 2,332.3 40 % $ 40.2 16 % $ 26.4 9 % CAIP 539.1 10 626.8 11 0 0 50.4 17 FHCF 306.6 6 437.3 7 0 0 0 0 NCRF 184.7 4 143.2 2 74.6 30 54.5 18 NFIP 10.7 0 215.4 4 66.4 27 60.1 20 Other 3.8 0 2.9 0 1.3 0 1.5 1 Total Regulated 3,317.0 65 3,757.9 64 182.5 73 192.9 65 Non-Regulated: Commercial Lines 1,385.7 27 1,544.3 27 56.3 23 91.0 31 Property 381.2 8 524.4 9 11.0 4 11.6 4 Other 10.0 0 5.5 0 0 0 0 0 Total Non-Regulated 1,776.9 35 2,074.2 36 67.3 27 102.6 35 Total $ 5,093.9 100 % $ 5,832.1 100 % $ 249.8 100 % $ 295.5 100 % |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Employee Benefit Plans Disclosures [Abstract] | |
Amounts Charged to Income for Employees Incentive Compensation Plans | The amounts charged to expense for incentive compensation plans for the years ended December 31, were: 2023 2022 2021 (millions) Pretax After Tax Pretax After Tax Pretax After Tax Non-equity incentive plans – cash $ 897.3 $ 708.9 $ 380.8 $ 300.8 $ 619.3 $ 489.2 Equity incentive plans 1 121.3 104.3 122.7 106.7 100.7 86.6 1 After-tax amounts differ from the statutory rate of 21% due to the expected disallowance of certain executive compensation deductions. |
Share Based Compensation Performance Share Awards Targets | The following shows the performance measurement criteria for our performance-based equity awards outstanding at December 31, 2023: Performance Measurement Year(s) of Grant Vesting range (as a percentage of target) Growth of our personal auto and commercial auto businesses, both compared to its respective market 2023 0-250% Growth of our personal auto and commercial auto businesses and homeowners multi-peril business, each compared to its respective market 2021-2022 0-250% Investment results relative to peer group 2021-2023 0-200% |
Summary of Restricted Stock Activity | A summary of all employee restricted equity award activity during the years ended December 31, follows: 2023 2022 2021 Restricted Equity Awards Number of Shares 1 Weighted Number of Shares 1 Weighted Number of Shares 1 Weighted Beginning of year 3,198,150 $ 81.71 3,539,022 $ 67.24 3,570,271 $ 57.68 Add (deduct): Granted 2 1,080,658 110.93 1,154,838 96.54 1,476,802 70.11 Vested (1,338,466) 63.10 (1,378,070) 57.79 (1,452,353) 46.88 Forfeited (46,600) 84.86 (117,640) 72.44 (55,698) 60.81 End of year 3,4 2,893,742 $ 101.18 3,198,150 $ 81.71 3,539,022 $ 67.24 1 Includes restricted stock units. All performance-based awards are included at their target amounts. 2 We reinvest dividend equivalents on restricted stock units. For 2023, 2022, and 2021, the number of units “granted” shown in the table above includes 36,656, 44,327, and 237,582 of dividend equivalent units, respectively, at a weighted average grant date fair value of $0, since the dividends were factored into the grant date fair value of the original grant. 3 At December 31, 2023, the number of shares included 557,119 performance-based units at their target amounts. We expect 1,204,918 units to vest based upon our current estimates of the likelihood of achieving the predetermined performance measures applicable to each award. 4 At December 31, 2023, the total unrecognized compensation cost related to unvested equity awards was $93.3 million, which includes performance-based awards at their currently estimated vesting value. This compensation expense will be recognized into our consolidated statements of comprehensive income over the weighted average vesting period of 2.2 years. A summary of all directors’ restricted stock activity during the years ended December 31, follows: 2023 2022 2021 Restricted Stock Number of Weighted Number of Weighted Number of Weighted Beginning of year 30,439 $ 109.75 29,206 $ 105.16 39,403 $ 74.77 Add (deduct): Granted 25,075 133.43 30,439 109.75 29,206 105.16 Vested (30,439) 109.75 (29,206) 105.16 (39,403) 74.77 End of year 1 25,075 $ 133.43 30,439 $ 109.75 29,206 $ 105.16 1 At December 31, 2023, 2022, and 2021, the remaining unrecognized compensation cost related to restricted stock awards was $1.0 million, $1.0 million, and $0.9 million, respectively. |
Assets Held in Deferral Plan Irrevocable Grantor Trust Account | The Deferral Plan Irrevocable Grantor Trust account held the following assets at December 31: (millions) 2023 2022 Progressive common shares 1 $ 118.5 $ 131.0 Other investment funds 2 165.1 150.4 Total $ 283.6 $ 281.4 1 Included 1.6 million and 2.0 million common shares as of December 31, 2023 and 2022, respectively, to be distributed in common shares, and are reported at grant date fair value. 2 Amount is included in other assets on our consolidated balance sheets. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2019 | |
Segment Reporting [Abstract] | ||
Reconciliation of Revenue and Operating Income from Segments to Consolidated | Following are the operating results for the years ended December 31: 2023 2022 2021 (millions) Revenues Pretax Revenues Pretax Revenues Pretax Personal Lines Agency $ 21,198.2 $ 1,029.2 $ 17,744.7 $ 734.1 $ 16,881.0 $ 992.1 Direct 25,015.1 1,828.2 20,135.5 769.4 18,492.3 619.2 Total Personal Lines 1 46,213.3 2,857.4 37,880.2 1,503.5 35,373.3 1,611.3 Commercial Lines 9,898.7 123.0 9,088.3 810.3 6,945.2 767.8 Property 2 2,551.4 28.1 2,270.0 (238.4) 2,042.5 (312.3) Other indemnity 3 1.0 (16.2) 2.7 (11.4) 7.7 (1.4) Total underwriting operations 58,664.4 2,992.3 49,241.2 2,064.0 44,368.7 2,065.4 Fees and other revenues 4 889.1 NA 722.1 NA 691.8 NA Service businesses 310.1 (38.9) 299.3 2.6 271.4 18.6 Investments 5 2,244.9 2,218.7 (651.9) (676.2) 2,370.1 2,344.6 Interest expense NA (268.4) NA (243.5) NA (218.6) Property - Goodwill impairment 2 NA 0 NA (224.8) NA 0 Consolidated total $ 62,108.5 $ 4,903.7 $ 49,610.7 $ 922.1 $ 47,702.0 $ 4,210.0 NA = Not applicable 1 Personal auto insurance accounted for 94% of the total Personal Lines segment net premiums earned in 2023, 2022, and 2021; insurance for our special lines products (e.g., motorcycles, RVs, watercraft, and snowmobiles) accounted for the balance of the Personal Lines net premiums earned. 2 The total pretax loss, including goodwill impairment, for the Property segment was $463.2 million for 2022. 3 Includes other underwriting business and run-off operations. 4 Pretax profit (loss) for fees and other revenues is allocated to operating segments based on revenue. 5 Revenues represent recurring investment income and total net realized gains (losses) on securities; pretax profit (loss) is net of investment expenses. | |
Underwriting Margins and Combined Ratios for our Underwriting Operations | Following are the underwriting margins and combined ratios for our underwriting operations for the years ended December 31: 2023 2022 2021 Underwriting Combined Underwriting Combined Underwriting Combined Personal Lines Agency 4.9 % 95.1 4.1 % 95.9 5.9 % 94.1 Direct 7.3 92.7 3.8 96.2 3.4 96.6 Total Personal Lines 6.2 93.8 4.0 96.0 4.6 95.4 Commercial Lines 1.2 98.8 8.9 91.1 11.1 88.9 Property 1.1 98.9 (10.5) 110.5 (15.3) 115.3 Total underwriting operations 5.1 94.9 4.2 95.8 4.7 95.3 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss) | The components of other comprehensive income (loss), including reclassification adjustments by income statement line item, for the years ended December 31, were as follows: Components of Changes in (millions) Pretax total Total tax After tax total Total net Net unrealized Foreign Balance at December 31, 2022 $ (3,556.9) $ 754.9 $ (2,802.0) $ (2,786.3) $ (14.5) $ (1.2) Other comprehensive income (loss) before reclassifications: Investment securities 1,256.1 (265.6) 990.5 990.5 0 0 Foreign currency translation adjustment 0.4 (0.1) 0.3 0 0 0.3 Total other comprehensive income (loss) before reclassifications 1,256.5 (265.7) 990.8 990.5 0 0.3 Less: Reclassification adjustment for amounts realized in net income by income statement line item: Net realized gains (losses) on securities (246.9) 51.9 (195.0) (195.0) 0 0 Interest expense (0.6) 0.1 (0.5) 0 (0.5) 0 Total reclassification adjustment for amounts realized in net income (247.5) 52.0 (195.5) (195.0) (0.5) 0 Total other comprehensive income (loss) 1,504.0 (317.7) 1,186.3 1,185.5 0.5 0.3 Balance at December 31, 2023 $ (2,052.9) $ 437.2 $ (1,615.7) $ (1,600.8) $ (14.0) $ (0.9) Components of Changes in (millions) Pretax total Total tax After tax total Total net Net unrealized Foreign Balance at December 31, 2021 $ 52.3 $ (11.6) $ 40.7 $ 56.2 $ (14.9) $ (0.6) Other comprehensive income (loss) before reclassifications: Investment securities (4,168.4) 878.7 (3,289.7) (3,289.7) 0 0 Foreign currency translation adjustment (0.7) 0.1 (0.6) 0 0 (0.6) Total other comprehensive income (loss) before reclassifications (4,169.1) 878.8 (3,290.3) (3,289.7) 0 (0.6) Less: Reclassification adjustment for amounts realized in net income by income statement line item: Net realized gains (losses) on securities (559.4) 112.2 (447.2) (447.2) 0 0 Interest expense (0.5) 0.1 (0.4) 0 (0.4) 0 Total reclassification adjustment for amounts realized in net income (559.9) 112.3 (447.6) (447.2) (0.4) 0 Total other comprehensive income (loss) (3,609.2) 766.5 (2,842.7) (2,842.5) 0.4 (0.6) Balance at December 31, 2022 $ (3,556.9) $ 754.9 $ (2,802.0) $ (2,786.3) $ (14.5) $ (1.2) Components of Changes in (millions) Pretax total Total tax After tax total Total net Net unrealized Foreign Balance at December 31, 2020 $ 1,187.4 $ (255.7) $ 931.7 $ 947.3 $ (15.6) $ 0 Other comprehensive income (loss) before reclassifications: Investment securities (892.4) 193.0 (699.4) (699.4) 0 0 Foreign currency translation adjustment (0.8) 0.2 (0.6) 0 0 (0.6) Total other comprehensive income (loss) before reclassifications (893.2) 193.2 (700.0) (699.4) 0 (0.6) Less: Reclassification adjustment for amounts realized in net income by income statement line item: Net realized gains (losses) on securities 242.8 (51.1) 191.7 191.7 0 0 Interest expense (0.9) 0.2 (0.7) 0 (0.7) 0 Total reclassification adjustment for amounts realized in net income 241.9 (50.9) 191.0 191.7 (0.7) 0 Total other comprehensive income (loss) (1,135.1) 244.1 (891.0) (891.1) 0.7 (0.6) Balance at December 31, 2021 $ 52.3 $ (11.6) $ 40.7 $ 56.2 $ (14.9) $ (0.6) |
(Tables)
(Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Operating Assets and Liabilities, Weighted-Average Remaining Term and Discount Rate, Lessee | The following table summarizes the carrying amounts of our operating leased assets and liabilities at December 31, along with key inputs used to discount our lease liabilities: (millions) 2023 2022 Operating lease assets $ 172.5 $ 130.5 Operating lease liabilities $ 177.2 $ 137.2 Weighted-average remaining term 3.2 years 2.5 years Weighted-average discount rate 5.1 % 2.0 % |
Minimum Commitments under Noncancelable Operating Lease Agreements | At December 31, 2023, the following table shows our operating lease liabilities, on an undiscounted basis for the periods indicated: (millions) Commitments 2024 $ 74.0 2025 54.6 2026 37.6 2027 15.8 2028 6.0 Thereafter 4.8 Total 192.8 Interest (15.6) Present value of lease liabilities $ 177.2 |
Lease, Cost | The operating lease expense for the years ended December 31, was as follows: (millions) Expense 2023 $ 94.4 2022 89.1 2021 90.4 |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Dividends [Abstract] | |
Dividends | Following is a summary of our common and preferred share dividends that were declared and/or paid in the last three years: (millions, except per share amounts) Amount Declared Payable Per Share Accrued/Paid 1 Common - Annual-Variable Dividends: December 2023 January 2024 $ 0.75 $ 439.3 December 2021 December 2021 1.50 876.5 December 2020 January 2021 4.50 2,635.9 Common - Quarterly Dividends: December 2023 January 2024 0.10 58.6 August 2023 October 2023 0.10 58.5 May 2023 July 2023 0.10 58.5 March 2023 April 2023 0.10 58.5 December 2022 January 2023 0.10 58.5 August 2022 October 2022 0.10 58.5 May 2022 July 2022 0.10 58.5 March 2022 April 2022 0.10 58.5 December 2021 January 2022 0.10 58.5 August 2021 October 2021 0.10 58.5 May 2021 July 2021 0.10 58.5 March 2021 April 2021 0.10 58.5 December 2020 January 2021 0.10 58.6 Preferred Dividends: October 2023 December 2023 20.753157 10.4 August 2023 September 2023 20.67700 10.3 May 2023 June 2023 18.92463 9.5 December 2022 March 2023 26.875 13.4 August 2022 September 2022 26.875 13.4 December 2021 March 2022 26.875 13.4 August 2021 September 2021 26.875 13.4 December 2020 March 2021 26.875 13.4 1 The accrual is based on an estimate of shares outstanding as of the record date and recorded as a component of accounts payable, accrued expenses, and other liabilities on our consolidated balance sheets until paid. |
SCHEDULE I - Summary Of Inves_2
SCHEDULE I - Summary Of Investments - Other Than Investments in Related Parties Summary Of Investments - Other than Investments In Related Parties (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | $ 65,914.9 |
Fair Value | 65,998.6 |
Amount At Which Shown In The Balance Sheet | 65,998.6 |
Fixed maturities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 62,441.9 |
Fair Value | 60,378.2 |
Amount At Which Shown In The Balance Sheet | 60,378.2 |
Fixed maturities | US Government Agencies and Authorities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 37,823.2 |
Fair Value | 36,869.4 |
Amount At Which Shown In The Balance Sheet | 36,869.4 |
Fixed maturities | State and local government obligations | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 2,338.4 |
Fair Value | 2,202.8 |
Amount At Which Shown In The Balance Sheet | 2,202.8 |
Fixed maturities | Foreign government obligations | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 17.3 |
Fair Value | 16.3 |
Amount At Which Shown In The Balance Sheet | 16.3 |
Fixed maturities | Public Utilities, Bonds | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 1,378.5 |
Fair Value | 1,352.3 |
Amount At Which Shown In The Balance Sheet | 1,352.3 |
Fixed maturities | Corporate And Other Debt Securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 10,067.5 |
Fair Value | 9,831.4 |
Amount At Which Shown In The Balance Sheet | 9,831.4 |
Fixed maturities | Asset-backed Securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 10,629.3 |
Fair Value | 9,932.3 |
Amount At Which Shown In The Balance Sheet | 9,932.3 |
Fixed maturities | Redeemable preferred stocks | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 187.7 |
Fair Value | 173.7 |
Amount At Which Shown In The Balance Sheet | 173.7 |
Equity securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 1,683.1 |
Fair Value | 3,830.5 |
Amount At Which Shown In The Balance Sheet | 3,830.5 |
Equity securities | Utilities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 39 |
Fair Value | 97.5 |
Amount At Which Shown In The Balance Sheet | 97.5 |
Equity securities | Financials | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 130.8 |
Fair Value | 480 |
Amount At Which Shown In The Balance Sheet | 480 |
Equity securities | Industrials | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 536.2 |
Fair Value | 2,350.9 |
Amount At Which Shown In The Balance Sheet | 2,350.9 |
Equity securities | Nonredeemable preferred stocks | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 977.1 |
Fair Value | 902.1 |
Amount At Which Shown In The Balance Sheet | 902.1 |
Short-term investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 1,789.9 |
Fair Value | 1,789.9 |
Amount At Which Shown In The Balance Sheet | $ 1,789.9 |
SCHEDULE II - Condensed Finan_2
SCHEDULE II - Condensed Financial Information Of Registrant Condensed Statements Of Comprehensive Income (Parent Company) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues | ||||
Total revenues | $ 62,108.5 | $ 49,610.7 | $ 47,702 | |
Expenses | ||||
Interest expense | 268.4 | 243.5 | 218.6 | |
Total expenses | 57,204.8 | 48,688.6 | 43,492 | |
Income before income taxes | 4,903.7 | 922.1 | 4,210 | |
Benefit for income taxes | (1,001.3) | (200.6) | (859.1) | |
Net income | 3,902.4 | 721.5 | 3,350.9 | |
Other comprehensive income (loss) | 1,186.3 | (2,842.7) | (891) | |
Comprehensive income (loss) | 5,088.7 | (2,121.2) | 2,459.9 | |
Parent Company | ||||
Revenues | ||||
Dividends from subsidiaries | 399 | 540.5 | 2,847 | |
Undistributed income from subsidiaries | 3,572.3 | 325 | 674.9 | |
Equity in net income of subsidiaries | 3,971.3 | 865.5 | 3,521.9 | |
Intercompany investment income | 204.3 | 92.7 | 4.5 | |
Total revenues | 4,175.6 | 958.2 | 3,526.4 | |
Expenses | ||||
Interest expense | 270 | 246 | 220 | |
Deferred compensation | [1] | 20.4 | 25.3 | 8.8 |
Other operating costs and expenses | 7.6 | 6.8 | 6.8 | |
Total expenses | 298 | 278.1 | 235.6 | |
Income before income taxes | 3,877.6 | 680.1 | 3,290.8 | |
Benefit for income taxes | 24.8 | 41.4 | 60.1 | |
Net income | 3,902.4 | 721.5 | 3,350.9 | |
Other comprehensive income (loss) | 1,186.3 | (2,842.7) | (891) | |
Comprehensive income (loss) | $ 5,088.7 | $ (2,121.2) | $ 2,459.9 | |
[1]See Note 4 – Employee Benefit Plans in these condensed financial statements. |
SCHEDULE II - Condensed Finan_3
SCHEDULE II - Condensed Financial Information Of Registrant Condensed Balance Sheets (Parent Company) (Detail) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | |
Assets | ||||||
Other assets | $ 1,348.5 | $ 1,158.9 | ||||
Total assets | 88,690.8 | 75,465 | ||||
Liabilities and Shareholders' Equity | ||||||
Accounts payable, accrued expenses, and other liabilities | [1] | 7,002.2 | 5,532.8 | |||
Debt | [2] | 6,888.6 | 6,388.3 | |||
Total liabilities | 68,413.7 | 59,574 | ||||
Serial Preferred Shares, Series B, no par value (cumulative, liquidation preference of $1,000 per share) (authorized, issued, and outstanding 0.5) | 493.9 | 493.9 | ||||
Common shares, $1.00 par value (authorized 900.0; issued 797.6, including treasury shares of 212.3 and 212.7) | 585.3 | 584.9 | ||||
Paid-in capital | 2,013.1 | 1,893 | ||||
Retained earnings | 18,800.5 | 15,721.2 | ||||
Total accumulated other comprehensive income (loss) | (1,615.7) | (2,802) | $ 40.7 | $ 931.7 | ||
Total shareholders’ equity | 20,277.1 | 15,891 | $ 18,231.6 | |||
Total liabilities and shareholders’ equity | $ 88,690.8 | $ 75,465 | ||||
Common Shares, par value (USD per share) | $ 1 | $ 1 | $ 1 | |||
Common Shares, authorized (shares) | 900,000,000 | 900,000,000 | ||||
Common Shares, issued (shares) | 797,600,000 | 797,600,000 | ||||
Treasury Stock, Common, Shares | 212,300,000 | 212,700,000 | ||||
Series B Preferred Stock | ||||||
Liabilities and Shareholders' Equity | ||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | |||||
Preferred shares, issued (in shares) | 500,000 | |||||
Serial Preferred Stock | ||||||
Liabilities and Shareholders' Equity | ||||||
Preferred shares, authorized (in shares) | 20,000,000 | 20,000,000 | ||||
Serial Preferred Stock | Series B Preferred Stock | ||||||
Liabilities and Shareholders' Equity | ||||||
Preferred shares, authorized (in shares) | 500,000 | 500,000 | ||||
Preferred stock, par value | $ 0 | $ 0 | $ 0 | |||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 | ||||
Preferred shares, issued (in shares) | 500,000 | 500,000 | ||||
Preferred Stock, Shares Outstanding (in shares) | 500,000 | 500,000 | ||||
Parent Company | ||||||
Assets | ||||||
Investment in affiliate | $ 5 | $ 5 | ||||
Investment in subsidiaries | 23,409.9 | 17,911.8 | ||||
Receivable from investment subsidiary | 3,791.4 | 4,098.7 | ||||
Intercompany receivable | 886.7 | 466.2 | ||||
Net federal deferred income taxes | 65.6 | 64.3 | ||||
Other assets | 165.4 | 150.6 | ||||
Total assets | 28,324 | 22,696.6 | ||||
Liabilities and Shareholders' Equity | ||||||
Accounts payable, accrued expenses, and other liabilities | 1,158.3 | 417.3 | ||||
Debt | [3] | 6,888.6 | 6,388.3 | |||
Total liabilities | 8,046.9 | 6,805.6 | ||||
Serial Preferred Shares, Series B, no par value (cumulative, liquidation preference of $1,000 per share) (authorized, issued, and outstanding 0.5) | [4] | 493.9 | 493.9 | |||
Common shares, $1.00 par value (authorized 900.0; issued 797.6, including treasury shares of 212.3 and 212.7) | 585.3 | 584.9 | ||||
Paid-in capital | 2,013.1 | 1,893 | ||||
Retained earnings | 18,800.5 | 15,721.2 | ||||
Total accumulated other comprehensive income (loss) | (1,615.7) | (2,802) | ||||
Total shareholders’ equity | 20,277.1 | 15,891 | ||||
Total liabilities and shareholders’ equity | $ 28,324 | $ 22,696.6 | ||||
Common Shares, par value (USD per share) | $ 1 | $ 1 | ||||
Common Shares, authorized (shares) | 900,000,000 | 900,000,000 | ||||
Common Shares, issued (shares) | 797,600,000 | 797,600,000 | ||||
Treasury Stock, Common, Shares | 212,300,000 | 212,700,000 | ||||
Parent Company | Serial Preferred Stock | ||||||
Liabilities and Shareholders' Equity | ||||||
Preferred shares, authorized (in shares) | 20,000,000 | 20,000,000 | ||||
Parent Company | Serial Preferred Stock | Series B Preferred Stock | ||||||
Liabilities and Shareholders' Equity | ||||||
Preferred shares, authorized (in shares) | 500,000 | 500,000 | ||||
Preferred stock, par value | $ 0 | $ 0 | ||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 | ||||
Preferred shares, issued (in shares) | 500,000 | 500,000 | ||||
Preferred Stock, Shares Outstanding (in shares) | 500,000 | 500,000 | ||||
[1] See Note 1 – Reporting and Accounting Policies, Commitments and Contingencies and Note 12 – Litigation Consists of long-term debt. See Note 4 – Debt for further discussion . Note 4 – Debt in our Annual Report for further discussion. See Note 7 – Subsequent Event in these condensed financial statements. |
SCHEDULE II - Condensed Finan_4
SCHEDULE II - Condensed Financial Information Of Registrant Condensed Statements Of Cash Flows (Parent Company) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Cash Flows From Operating Activities: | ||||
Net income | $ 3,902.4 | $ 721.5 | $ 3,350.9 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Amortization of equity-based compensation | 121.3 | 122.7 | 100.7 | |
Changes in: | ||||
Accounts payable, accrued expenses, and other liabilities | 699.6 | 199.5 | 399.7 | |
Income taxes | 181.2 | (515.3) | (86) | |
Other, net | (255) | (104.7) | 26.1 | |
Net cash provided by operating activities | 10,643.3 | 6,848.8 | 7,761.7 | |
Cash Flows From Investing Activities: | ||||
Acquisition of Protective | 0 | 0 | (313.2) | |
Net Cash Provided by (Used in) Investing Activities | (10,842.6) | (7,956.2) | (3,119.8) | |
Cash Flows From Financing Activities: | ||||
Dividends paid to common shareholders | [1] | (234) | (234) | (3,746.5) |
Dividends paid to preferred shareholders | [1] | (43.6) | (26.8) | (26.8) |
Acquisition of treasury shares for restricted stock tax liabilities | (95) | (76.7) | (67.2) | |
Acquisition of treasury shares acquired in open market | (45.7) | (22.3) | (155.8) | |
Net proceeds from debt issuance | 496.3 | 1,486 | 0 | |
Repayments of Long-term Debt | 0 | 0 | (500) | |
Net cash provided by (used in) financing activities | 78 | 1,126.2 | (4,516.3) | |
Change in cash, cash equivalents, and restricted cash | (121.3) | 18.8 | 125.6 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of year | 220.9 | 202.1 | 76.5 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of year | 99.6 | 220.9 | 202.1 | |
Parent Company | ||||
Cash Flows From Operating Activities: | ||||
Net income | 3,902.4 | 721.5 | 3,350.9 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Undistributed income from subsidiaries | (3,572.3) | (325) | (674.9) | |
Amortization of equity-based compensation | 3.3 | 3.2 | 3.1 | |
Changes in: | ||||
Intercompany receivable | (420.5) | (79) | 86.6 | |
Accounts payable, accrued expenses, and other liabilities | 12.5 | (21.5) | 23.8 | |
Income taxes | 301.2 | 28.9 | (154.8) | |
Other, net | 9.6 | 60.1 | 76.8 | |
Net cash provided by operating activities | 236.2 | 388.2 | 2,711.5 | |
Cash Flows From Investing Activities: | ||||
Additional investments in equity securities of consolidated subsidiaries | (621.5) | (797.8) | (397.3) | |
Received from (paid to) investment subsidiary | 307.3 | (716.6) | 2,519.6 | |
Acquisition of Protective | 0 | 0 | (337.5) | |
Net Cash Provided by (Used in) Investing Activities | (314.2) | (1,514.4) | 1,784.8 | |
Cash Flows From Financing Activities: | ||||
Dividends paid to common shareholders | (234) | (234) | (3,746.5) | |
Dividends paid to preferred shareholders | (43.6) | (26.8) | (26.8) | |
Acquisition of treasury shares for restricted stock tax liabilities | (95) | (76.7) | (67.2) | |
Acquisition of treasury shares acquired in open market | (45.7) | (22.3) | (155.8) | |
Net proceeds from debt issuance | 496.3 | 1,486 | 0 | |
Repayments of Long-term Debt | 0 | 0 | (500) | |
Net cash provided by (used in) financing activities | 78 | 1,126.2 | (4,496.3) | |
Change in cash, cash equivalents, and restricted cash | 0 | 0 | 0 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of year | 0 | 0 | 0 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of year | $ 0 | $ 0 | $ 0 | |
[1] See Note 14 – Dividends for further discussion. |
SCHEDULE II - Condensed Finan_5
SCHEDULE II - Condensed Financial Information Of Registrant Condensed Financial Information Of Registrant - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Mar. 31, 2024 | Feb. 22, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2018 |
Significant Accounting Policies [Line Items] | ||||||
Securities held in consolidated non-insurance subsidiary | $ 4,200 | $ 4,400 | ||||
Series B Preferred Stock | ||||||
Significant Accounting Policies [Line Items] | ||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | |||||
Series B Preferred Stock | Subsequent Event | ||||||
Significant Accounting Policies [Line Items] | ||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | |||||
Preferred Stock, Redemption Amount | $ 507.8 | |||||
Parent Company | ||||||
Significant Accounting Policies [Line Items] | ||||||
Securities held in consolidated non-insurance subsidiary | $ 4,200 | $ 4,400 | $ 4,200 | |||
Parent Company | Series B Preferred Stock | Subsequent Event | ||||||
Significant Accounting Policies [Line Items] | ||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | |||||
Preferred Stock, Redemption Amount | $ 507.8 |
SCHEDULE II - Condensed Finan_6
SCHEDULE II - Condensed Financial Information Of Registrant Progressive Corporation Non Cash Transactions (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Series B Preferred Stock | |||
Other Significant Noncash Transactions [Line Items] | |||
Dividends Payable | $ 0 | $ 13.4 | $ 13.4 |
Common equities | |||
Other Significant Noncash Transactions [Line Items] | |||
Dividends Payable | 497.9 | 58.5 | 58.5 |
Parent Company | Series B Preferred Stock | |||
Other Significant Noncash Transactions [Line Items] | |||
Dividends Payable | 0 | 13.4 | 13.4 |
Parent Company | Common equities | |||
Other Significant Noncash Transactions [Line Items] | |||
Dividends Payable | $ 497.9 | $ 58.5 | $ 58.5 |
SCHEDULE II - Condensed Finan_7
SCHEDULE II - Condensed Financial Information Of Registrant Progressive Corporation Cash Paid (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income taxes | $ 820.8 | $ 719 | $ 842.4 |
Parent Company | |||
Income taxes | 800 | 705 | 815 |
Interest | $ 264.9 | $ 228.9 | $ 223.9 |
SCHEDULE III - Supplementary _2
SCHEDULE III - Supplementary Insurance Information Supplementary Insurance Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred policy acquisition costs | $ 1,687.4 | $ 1,544.4 | $ 1,355.6 |
Future policy benefits, losses, claims, and loss expenses | 34,389.2 | 30,359.3 | 26,164.1 |
Unearned premiums | 20,133.7 | 17,293.6 | 15,615.8 |
Other policy claims and benefits payable | 0 | 0 | 0 |
Premium revenue | 58,664.4 | 49,241.2 | 44,368.7 |
Net investment income | 1,865.6 | 1,236 | 835.4 |
Benefits, claims, losses, and settlement expenses | 45,654.6 | 38,122.7 | 33,627.6 |
Amortization of deferred policy acquisition costs | 4,665.1 | 3,917 | 3,712.8 |
Other operating expenses | 6,241.5 | 5,859.6 | 5,654.7 |
Net premiums written | 61,550.2 | 51,081.1 | 46,405.2 |
Personal Lines Segment | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premium revenue | 46,213.3 | 37,880.2 | 35,373.3 |
Benefits, claims, losses, and settlement expenses | 35,972.4 | 29,680.8 | 27,043.1 |
Amortization of deferred policy acquisition costs | 3,169.1 | 2,592.1 | 2,614.7 |
Other operating expenses | 4,928.6 | 4,668.9 | 4,656.8 |
Net premiums written | 48,581 | 39,278.5 | 36,168.8 |
Commercial Lines Segment | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premium revenue | 9,898.7 | 9,088.3 | 6,945.2 |
Benefits, claims, losses, and settlement expenses | 7,899.7 | 6,544.7 | 4,814.5 |
Amortization of deferred policy acquisition costs | 1,004.7 | 913.3 | 734.1 |
Other operating expenses | 1,020.8 | 947.7 | 742.3 |
Net premiums written | 10,138.3 | 9,398.8 | 8,015.9 |
Property Segment | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premium revenue | 2,551.4 | 2,270 | 2,042.5 |
Benefits, claims, losses, and settlement expenses | 1,776.3 | 1,891.3 | 1,764.6 |
Amortization of deferred policy acquisition costs | 491 | 411.1 | 362.9 |
Other operating expenses | 281.4 | 235.3 | 253 |
Net premiums written | 2,830.6 | 2,401.7 | 2,216.2 |
Other Indemnity | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premium revenue | 1 | 2.7 | 7.7 |
Benefits, claims, losses, and settlement expenses | 6.2 | 5.9 | 5.4 |
Amortization of deferred policy acquisition costs | 0.3 | 0.5 | 1.1 |
Other operating expenses | 10.7 | 7.7 | 2.6 |
Net premiums written | $ 0.3 | $ 2.1 | $ 4.3 |
SCHEDULE IV - Reinsurance Reins
SCHEDULE IV - Reinsurance Reinsurance (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Gross Amount | $ 59,881.1 | $ 50,650.2 | $ 46,018.6 |
Ceded to Other Companies | 1,216.7 | 1,409 | 1,649.9 |
Property, Liability and Casualty Insurance Product Line | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Gross Amount | 59,881.1 | 50,650.2 | 46,018.6 |
Ceded to Other Companies | 1,216.7 | 1,409 | 1,649.9 |
Assumed From Other Companies | 0 | 0 | 0 |
Net Amount | $ 58,664.4 | $ 49,241.2 | $ 44,368.7 |
Percentage of Amount Assumed to Net | 0% | 0% | 0% |
Reporting and Accounting Poli_4
Reporting and Accounting Policies - Allowance for Credit Loss (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Allowance for Credit Loss [Abstract] | ||
Balance at January 1 | $ 343.3 | $ 280.4 |
Increase in allowance | 540.3 | 471.1 |
Write-offs | (514.5) | (408.2) |
Balance at December 31 | $ 369.1 | $ 343.3 |
Reporting and Accounting Poli_5
Reporting and Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Advertising costs | $ 1,599.7 | $ 2,032.5 | $ 2,139.5 |
Reporting and Accounting Poli_6
Reporting and Accounting Policies Property, Plant, and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 2,535.9 | $ 2,585.1 |
Accumulated depreciation | (1,655.1) | (1,551.1) |
Balance at end of year | 880.8 | 1,034 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 102.6 | 123.1 |
Buildings, improvements, and integrated components | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 732.9 | 844.1 |
Capitalized software | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 467.5 | 475.4 |
Software licenses (internal use) | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 486.4 | 427.6 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 353.3 | 318.1 |
Useful Lives | 3 years | |
All other property and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 393.2 | $ 396.8 |
Lower Limit | Buildings, improvements, and integrated components | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 7 years | |
Lower Limit | Capitalized software | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 3 years | |
Lower Limit | Software licenses (internal use) | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 1 year | |
Lower Limit | All other property and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 3 years | |
Upper Limit | Buildings, improvements, and integrated components | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 40 years | |
Upper Limit | Capitalized software | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 10 years | |
Upper Limit | Software licenses (internal use) | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 6 years | |
Upper Limit | All other property and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 10 years |
Reporting and Accounting Poli_7
Reporting and Accounting Policies - Compensation Expense Recognized for Equity-Based Compensation (Details) - Stock compensation plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax expense | $ 121.3 | $ 122.7 | $ 100.7 |
Tax benefit | $ 17 | $ 16 | $ 14.1 |
Reporting and Accounting Poli_8
Reporting and Accounting Policies - Supplemental Cash Flow Information, non-cash activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Significant Noncash Transactions [Line Items] | |||
Operating Lease Liabilities | $ 114.3 | $ 36.2 | $ 86.7 |
Series B Preferred Stock | |||
Other Significant Noncash Transactions [Line Items] | |||
Dividends Payable | 0 | 13.4 | 13.4 |
Common equities | |||
Other Significant Noncash Transactions [Line Items] | |||
Dividends Payable | $ 497.9 | $ 58.5 | $ 58.5 |
Reporting and Accounting Poli_9
Reporting and Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Income taxes | $ 820.8 | $ 719 | $ 842.4 |
Interest | 264.9 | 228.9 | 224 |
Operating lease liabilities | $ 77.2 | $ 82.5 | $ 88.6 |
Reporting and Accounting Pol_10
Reporting and Accounting Policies - Unrecorded Unconditional Purchase Obligations (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2024 | $ 780 |
2025 | 139.5 |
2026 | 68.6 |
2027 | 26.5 |
2028 | 7.8 |
Thereafter | 2.4 |
Total | $ 1,024.8 |
Reporting and Accounting Pol_11
Reporting and Accounting Policies - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) segment security | Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) security | Jun. 30, 2022 USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Number of Operating Segments | segment | 3 | |||
Derivative, Number of Instruments Held | security | 0 | 0 | 0 | |
Held for sale property | $ 77,200,000 | $ 48,700,000 | ||
Other assets | 1,348,500,000 | 1,158,900,000 | ||
Goodwill | 227,900,000 | 227,900,000 | ||
Goodwill, Other Increase (Decrease) | 0 | |||
Goodwill impairment | 0 | 224,800,000 | $ 0 | |
Goodwill, Impaired, Accumulated Impairment Loss | $ 0 | |||
Amortization of intangible assets | 14,200,000 | 31,000,000 | 57,700,000 | |
Open reverse repurchase commitments | 0 | 0 | ||
Noncancelable purchase obligation, minimum commitments | 1,024,800,000 | |||
2024 | 780,000,000 | |||
2025 | 139,500,000 | |||
2026 | 68,600,000 | |||
Property Segment | ||||
Property, Plant and Equipment [Line Items] | ||||
Goodwill impairment | 224,800,000 | |||
Software licenses (internal use) | ||||
Property, Plant and Equipment [Line Items] | ||||
Other assets | 88,100,000 | 63,400,000 | ||
Cash and Cash Equivalents | ||||
Property, Plant and Equipment [Line Items] | ||||
Open reverse repurchase commitments | 68,200,000 | $ 125,900,000 | $ 137,100,000 | |
Unrecorded unconditional purchase obligations reinsurance | ||||
Property, Plant and Equipment [Line Items] | ||||
2024 | 282,800,000 | |||
2025 | 8,100,000 | |||
2026 | $ 600,000 | |||
Unrecorded unconditional purchase obligations reinsurance | Lower Limit | ||||
Property, Plant and Equipment [Line Items] | ||||
Other Commitments, Term | 1 year | |||
Other reinsurance contracts, minimum commitment | $ 291,500,000 | |||
Unrecorded unconditional purchase obligations reinsurance | Upper Limit | ||||
Property, Plant and Equipment [Line Items] | ||||
Other Commitments, Term | 3 years |
Investments Investment Portfoli
Investments Investment Portfolio by Major Security Type (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Available-for-sale securities, at fair value: | ||
Cost | $ 64,231.8 | $ 53,125.7 |
Gross Unrealized Gains | 312.2 | 13.9 |
Gross Unrealized Losses | (2,346.8) | (3,551.5) |
Net Holding Period Gains (Losses) | (29.1) | (74.5) |
Fair Value | $ 62,168.1 | $ 49,513.6 |
% of Total Fair Value | 94.20% | 92.50% |
Equity securities, at fair value: | ||
Cost | $ 1,683.1 | $ 2,190.3 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Net Holding Period Gains (Losses) | 2,147.4 | 1,844.4 |
Fair Value | $ 3,830.5 | $ 4,034.7 |
% of Total Fair Value | 5.80% | 7.50% |
Debt and Equity Securities, at Fair Value | ||
Cost | $ 65,914.9 | $ 55,316 |
Gross Unrealized Gains | 312.2 | 13.9 |
Gross Unrealized Losses | (2,346.8) | (3,551.5) |
Net Holding Period Gains (Losses) | 2,118.3 | 1,769.9 |
Fair value | $ 65,998.6 | $ 53,548.3 |
% of Total Fair Value | 100% | 100% |
Other Receivable from Broker-Dealer and Clearing Organization | $ 45.6 | $ 34.4 |
Securities held in consolidated non-insurance subsidiary | 4,200 | 4,400 |
Nonredeemable preferred stocks | ||
Equity securities, at fair value: | ||
Cost | 977.1 | 1,364.2 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Net Holding Period Gains (Losses) | (75) | (151) |
Fair Value | $ 902.1 | $ 1,213.2 |
% of Total Fair Value | 1.40% | 2.30% |
Common equities | ||
Equity securities, at fair value: | ||
Cost | $ 706 | $ 826.1 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Net Holding Period Gains (Losses) | 2,222.4 | 1,995.4 |
Fair Value | $ 2,928.4 | $ 2,821.5 |
% of Total Fair Value | 4.40% | 5.20% |
Fixed maturities | ||
Available-for-sale securities, at fair value: | ||
Cost | $ 62,441.9 | $ 50,264 |
Gross Unrealized Gains | 312.2 | 13.9 |
Gross Unrealized Losses | (2,346.8) | (3,551.5) |
Net Holding Period Gains (Losses) | (29.1) | (74.5) |
Fair Value | $ 60,378.2 | $ 46,651.9 |
% of Total Fair Value | 91.50% | 87.10% |
Fixed maturities | U.S. government obligations | ||
Available-for-sale securities, at fair value: | ||
Cost | $ 37,823.2 | $ 26,770.7 |
Gross Unrealized Gains | 204.1 | 1.4 |
Gross Unrealized Losses | (1,157.9) | (1,604.7) |
Net Holding Period Gains (Losses) | 0 | 0 |
Fair Value | $ 36,869.4 | $ 25,167.4 |
% of Total Fair Value | 55.90% | 47% |
Fixed maturities | State and local government obligations | ||
Available-for-sale securities, at fair value: | ||
Cost | $ 2,338.4 | $ 2,180 |
Gross Unrealized Gains | 2.8 | 0 |
Gross Unrealized Losses | (138.4) | (202.9) |
Net Holding Period Gains (Losses) | 0 | 0 |
Fair Value | $ 2,202.8 | $ 1,977.1 |
% of Total Fair Value | 3.30% | 3.70% |
Fixed maturities | Foreign government obligations | ||
Available-for-sale securities, at fair value: | ||
Cost | $ 17.3 | $ 16.8 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1) | (1.3) |
Net Holding Period Gains (Losses) | 0 | 0 |
Fair Value | $ 16.3 | $ 15.5 |
% of Total Fair Value | 0.10% | 0.10% |
Fixed maturities | Corporate debt securities | ||
Available-for-sale securities, at fair value: | ||
Cost | $ 11,446 | $ 10,125.8 |
Gross Unrealized Gains | 87.2 | 9.8 |
Gross Unrealized Losses | (332.3) | (676.1) |
Net Holding Period Gains (Losses) | (17.2) | (46.8) |
Fair Value | $ 11,183.7 | $ 9,412.7 |
% of Total Fair Value | 16.90% | 17.60% |
Fixed maturities | Residential mortgage-backed securities | ||
Available-for-sale securities, at fair value: | ||
Cost | $ 426.9 | $ 696.1 |
Gross Unrealized Gains | 0.2 | 0.3 |
Gross Unrealized Losses | (10) | (17.5) |
Net Holding Period Gains (Losses) | 0.1 | (12.1) |
Fair Value | $ 417.2 | $ 666.8 |
% of Total Fair Value | 0.60% | 1.20% |
Fixed maturities | Commercial mortgage-backed securities | ||
Available-for-sale securities, at fair value: | ||
Cost | $ 4,535.2 | $ 5,446 |
Gross Unrealized Gains | 2.2 | 1.5 |
Gross Unrealized Losses | (597.7) | (784) |
Net Holding Period Gains (Losses) | 0 | 0 |
Fair Value | $ 3,939.7 | $ 4,663.5 |
% of Total Fair Value | 6% | 8.70% |
Fixed maturities | Other asset-backed securities | ||
Available-for-sale securities, at fair value: | ||
Cost | $ 5,667.2 | $ 4,826 |
Gross Unrealized Gains | 15.7 | 0.9 |
Gross Unrealized Losses | (107.1) | (260.5) |
Net Holding Period Gains (Losses) | (0.4) | (1.8) |
Fair Value | $ 5,575.4 | $ 4,564.6 |
% of Total Fair Value | 8.40% | 8.50% |
Fixed maturities | Redeemable preferred stocks | ||
Available-for-sale securities, at fair value: | ||
Cost | $ 187.7 | $ 202.6 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (2.4) | (4.5) |
Net Holding Period Gains (Losses) | (11.6) | (13.8) |
Fair Value | $ 173.7 | $ 184.3 |
% of Total Fair Value | 0.30% | 0.30% |
Short-term investments | ||
Available-for-sale securities, at fair value: | ||
Cost | $ 1,789.9 | $ 2,861.7 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Net Holding Period Gains (Losses) | 0 | 0 |
Fair Value | $ 1,789.9 | $ 2,861.7 |
% of Total Fair Value | 2.70% | 5.40% |
Investments Hybrid Securities (
Investments Hybrid Securities (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Hybrid Securities [Line Items] | ||
Hybrid securities | $ 1,010.3 | $ 1,221.7 |
Corporate debt securities | ||
Hybrid Securities [Line Items] | ||
Hybrid securities | 531.3 | 535.4 |
Residential mortgage-backed securities | ||
Hybrid Securities [Line Items] | ||
Hybrid securities | 323.9 | 509.6 |
Other asset-backed securities | ||
Hybrid Securities [Line Items] | ||
Hybrid securities | 13.9 | 42 |
Redeemable preferred stocks | ||
Hybrid Securities [Line Items] | ||
Hybrid securities | $ 141.2 | $ 134.7 |
Investments Composition of Fixe
Investments Composition of Fixed Maturities by Maturity (Detail) - Fixed maturities $ in Millions | Dec. 31, 2023 USD ($) |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | |
Less than one year | $ 9,782.8 |
One to five years | 37,948.6 |
Five to ten years | 14,637.1 |
Ten years or greater | 73.4 |
Cost | 62,441.9 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | |
Less than one year | 9,566.2 |
One to five years | 36,796.2 |
Five to ten years | 13,942.5 |
Ten years or greater | 73.3 |
Debt Securities, Available-for-Sale | $ 60,378.2 |
Investments Gross Unrealized lo
Investments Gross Unrealized losses by Major Security (Detail) $ in Millions | Dec. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) security |
Number of Securities | ||
Total | security | 1,223 | 1,468 |
Less than 12 Months | security | 126 | 873 |
12 Months or Greater | security | 1,097 | 595 |
Fair Value | ||
Total | $ 44,062.1 | $ 44,315.9 |
Less than 12 Months | 13,347.6 | 28,119.4 |
12 Month or Greater | 30,714.5 | 16,196.5 |
Gross Unrealized Losses | ||
Total | 2,346.8 | 3,551.5 |
Less than 12 Months | 119.3 | 1,505 |
12 Months or Greater | $ 2,227.5 | $ 2,046.5 |
U.S. government obligations | ||
Number of Securities | ||
Total | security | 147 | 160 |
Less than 12 Months | security | 25 | 90 |
12 Months or Greater | security | 122 | 70 |
Fair Value | ||
Total | $ 28,225 | $ 24,802.5 |
Less than 12 Months | 11,890 | 17,327.2 |
12 Month or Greater | 16,335 | 7,475.3 |
Gross Unrealized Losses | ||
Total | 1,157.9 | 1,604.7 |
Less than 12 Months | 100 | 699.2 |
12 Months or Greater | $ 1,057.9 | $ 905.5 |
State and local government obligations | ||
Number of Securities | ||
Total | security | 324 | 348 |
Less than 12 Months | security | 31 | 239 |
12 Months or Greater | security | 293 | 109 |
Fair Value | ||
Total | $ 1,846.2 | $ 1,948.8 |
Less than 12 Months | 169.9 | 1,124.2 |
12 Month or Greater | 1,676.3 | 824.6 |
Gross Unrealized Losses | ||
Total | 138.4 | 202.9 |
Less than 12 Months | 0.9 | 76.8 |
12 Months or Greater | $ 137.5 | $ 126.1 |
Foreign government obligations | ||
Number of Securities | ||
Total | security | 1 | 1 |
Less than 12 Months | security | 0 | 0 |
12 Months or Greater | security | 1 | 1 |
Fair Value | ||
Total | $ 16.3 | $ 15.5 |
Less than 12 Months | 0 | 0 |
12 Month or Greater | 16.3 | 15.5 |
Gross Unrealized Losses | ||
Total | 1 | 1.3 |
Less than 12 Months | 0 | 0 |
12 Months or Greater | $ 1 | $ 1.3 |
Corporate debt securities | ||
Number of Securities | ||
Total | security | 313 | 422 |
Less than 12 Months | security | 26 | 285 |
12 Months or Greater | security | 287 | 137 |
Fair Value | ||
Total | $ 6,642.4 | $ 8,449.6 |
Less than 12 Months | 617.2 | 5,717.6 |
12 Month or Greater | 6,025.2 | 2,732 |
Gross Unrealized Losses | ||
Total | 332.3 | 676.1 |
Less than 12 Months | 14.7 | 426.1 |
12 Months or Greater | $ 317.6 | $ 250 |
Residential mortgage-backed securities | ||
Number of Securities | ||
Total | security | 39 | 45 |
Less than 12 Months | security | 2 | 27 |
12 Months or Greater | security | 37 | 18 |
Fair Value | ||
Total | $ 88.4 | $ 151 |
Less than 12 Months | 0.4 | 65.1 |
12 Month or Greater | 88 | 85.9 |
Gross Unrealized Losses | ||
Total | 10 | 17.5 |
Less than 12 Months | 0 | 6.8 |
12 Months or Greater | $ 10 | $ 10.7 |
Commercial mortgage-backed securities | ||
Number of Securities | ||
Total | security | 189 | 226 |
Less than 12 Months | security | 1 | 99 |
12 Months or Greater | security | 188 | 127 |
Fair Value | ||
Total | $ 3,912.2 | $ 4,651.1 |
Less than 12 Months | 30.7 | 1,702 |
12 Month or Greater | 3,881.5 | 2,949.1 |
Gross Unrealized Losses | ||
Total | 597.7 | 784 |
Less than 12 Months | 2.5 | 192.1 |
12 Months or Greater | $ 595.2 | $ 591.9 |
Other asset-backed securities | ||
Number of Securities | ||
Total | security | 207 | 262 |
Less than 12 Months | security | 41 | 130 |
12 Months or Greater | security | 166 | 132 |
Fair Value | ||
Total | $ 3,299.1 | $ 4,247.8 |
Less than 12 Months | 639.4 | 2,144.8 |
12 Month or Greater | 2,659.7 | 2,103 |
Gross Unrealized Losses | ||
Total | 107.1 | 260.5 |
Less than 12 Months | 1.2 | 100.9 |
12 Months or Greater | $ 105.9 | $ 159.6 |
Redeemable preferred stocks | ||
Number of Securities | ||
Total | security | 3 | 4 |
Less than 12 Months | security | 0 | 3 |
12 Months or Greater | security | 3 | 1 |
Fair Value | ||
Total | $ 32.5 | $ 49.6 |
Less than 12 Months | 0 | 38.5 |
12 Month or Greater | 32.5 | 11.1 |
Gross Unrealized Losses | ||
Total | 2.4 | 4.5 |
Less than 12 Months | 0 | 3.1 |
12 Months or Greater | $ 2.4 | $ 1.4 |
Investments Components of Net R
Investments Components of Net Realized Gains (Losses) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Gain (Loss) on Securities [Line Items] | |||
Debt Securities, Available-for-Sale, Realized Gain | $ 14 | $ 20.4 | $ 305.9 |
Equity Securities, FV-NI, Realized Gain | 381.3 | 863.7 | 397.6 |
Debt and Equity Securities, Realized Gains | 395.3 | 884.1 | 703.5 |
Debt Securities, Available-for-Sale, Realized Loss | (263.1) | (599.8) | (67.4) |
Equity Securities, FV-NI, Realized Loss | (140.1) | (87.8) | (21.8) |
Debt and Equity Securities, Realized Losses | (403.2) | (687.6) | (89.2) |
Debt Securities, Available-for-Sale, Realized Gain (Loss) | (249.1) | (579.4) | 238.5 |
Equity Securities, FV-NI, Realized Gain (Loss) | 241.2 | 775.9 | 375.8 |
Net realized gains (losses) on security sales | (7.9) | 196.5 | 614.3 |
Realized Gain (Loss) on Security Sales, Other Assets | 21.6 | 0 | 0 |
Net impairment losses recognized in earnings | (9) | (8.6) | (5) |
Realized Gains (Losses), Other Assets | 12.6 | (8.6) | (5) |
Unrealized Gain (Loss) on Hybrid Instrument, Net | 45.4 | (82) | (7.7) |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 303 | (2,018.1) | 907.6 |
Net holding period gains (losses) on securities | 348.4 | (2,100.1) | 899.9 |
Total net realized gains (losses) on securities | 353.1 | (1,912.2) | 1,509.2 |
U.S. government obligations | |||
Gain (Loss) on Securities [Line Items] | |||
Debt Securities, Available-for-Sale, Realized Gain | 12.1 | 10.8 | 105.8 |
Debt Securities, Available-for-Sale, Realized Loss | (64.6) | (433.3) | (52) |
Debt Securities, Available-for-Sale, Realized Gain (Loss) | (52.5) | (422.5) | 53.8 |
State and local government obligations | |||
Gain (Loss) on Securities [Line Items] | |||
Debt Securities, Available-for-Sale, Realized Gain | 0 | 0 | 51.2 |
Debt Securities, Available-for-Sale, Realized Loss | 0 | (1) | (3.4) |
Debt Securities, Available-for-Sale, Realized Gain (Loss) | 0 | (1) | 47.8 |
Foreign government obligations | |||
Gain (Loss) on Securities [Line Items] | |||
Debt Securities, Available-for-Sale, Realized Loss | 0 | 0 | (0.1) |
Debt Securities, Available-for-Sale, Realized Gain (Loss) | 0 | 0 | (0.1) |
Corporate debt securities | |||
Gain (Loss) on Securities [Line Items] | |||
Debt Securities, Available-for-Sale, Realized Gain | 1 | 8.7 | 104 |
Debt Securities, Available-for-Sale, Realized Loss | (85.7) | (88.3) | (8.3) |
Debt Securities, Available-for-Sale, Realized Gain (Loss) | (84.7) | (79.6) | 95.7 |
Residential mortgage-backed securities | |||
Gain (Loss) on Securities [Line Items] | |||
Debt Securities, Available-for-Sale, Realized Gain | 0.9 | 0.7 | 0.3 |
Debt Securities, Available-for-Sale, Realized Loss | 0 | 0 | (1.1) |
Debt Securities, Available-for-Sale, Realized Gain (Loss) | 0.9 | 0.7 | (0.8) |
Commercial mortgage-backed securities | |||
Gain (Loss) on Securities [Line Items] | |||
Debt Securities, Available-for-Sale, Realized Gain | 0 | 0 | 41.9 |
Debt Securities, Available-for-Sale, Realized Loss | (106.8) | (72.4) | (1.9) |
Debt Securities, Available-for-Sale, Realized Gain (Loss) | (106.8) | (72.4) | 40 |
Other asset-backed securities | |||
Gain (Loss) on Securities [Line Items] | |||
Debt Securities, Available-for-Sale, Realized Gain | 0 | 0.2 | 1.2 |
Debt Securities, Available-for-Sale, Realized Loss | (5.6) | (4.4) | (0.6) |
Debt Securities, Available-for-Sale, Realized Gain (Loss) | (5.6) | (4.2) | 0.6 |
Redeemable preferred stocks | |||
Gain (Loss) on Securities [Line Items] | |||
Debt Securities, Available-for-Sale, Realized Gain | 0 | 0 | 1.5 |
Debt Securities, Available-for-Sale, Realized Gain (Loss) | 0 | 0 | 1.5 |
Short-term investments | |||
Gain (Loss) on Securities [Line Items] | |||
Debt Securities, Available-for-Sale, Realized Loss | (0.4) | (0.4) | 0 |
Debt Securities, Available-for-Sale, Realized Gain (Loss) | (0.4) | (0.4) | 0 |
Nonredeemable preferred stocks | |||
Gain (Loss) on Securities [Line Items] | |||
Equity Securities, FV-NI, Realized Gain | 0.3 | 17.6 | 28 |
Equity Securities, FV-NI, Realized Loss | (118.3) | (9.8) | (1.7) |
Equity Securities, FV-NI, Realized Gain (Loss) | (118) | 7.8 | 26.3 |
Common equities | |||
Gain (Loss) on Securities [Line Items] | |||
Equity Securities, FV-NI, Realized Gain | 381 | 846.1 | 369.6 |
Equity Securities, FV-NI, Realized Loss | (21.8) | (78) | (20.1) |
Equity Securities, FV-NI, Realized Gain (Loss) | $ 359.2 | $ 768.1 | $ 349.5 |
Investments Components of Equit
Investments Components of Equity Realized Gains (Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Equity Securities, FV-NI, Gain (Loss) | $ 544.2 | $ (1,242.2) | $ 1,283.4 |
Equity Securities, FV-NI, Realized Gain (Loss) | 241.2 | 775.9 | 375.8 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ 303 | $ (2,018.1) | $ 907.6 |
Investments Components of Net I
Investments Components of Net Investment Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Investment Income [Line Items] | |||
Investment income | $ 1,891.8 | $ 1,260.3 | $ 860.9 |
Investment expenses | (26.2) | (24.3) | (25.5) |
Net investment income | 1,865.6 | 1,236 | 835.4 |
Available-for-sale Securities | |||
Net Investment Income [Line Items] | |||
Investment income | 1,798 | 1,129.6 | 726.4 |
Equity securities | |||
Net Investment Income [Line Items] | |||
Investment income | 93.8 | 130.7 | 134.5 |
Equity securities | Nonredeemable preferred stocks | |||
Net Investment Income [Line Items] | |||
Investment income | 51.4 | 70.2 | 70.3 |
Equity securities | Common equities | |||
Net Investment Income [Line Items] | |||
Investment income | 42.4 | 60.5 | 64.2 |
Fixed maturities | |||
Net Investment Income [Line Items] | |||
Investment income | 1,705.6 | 1,076 | 723.3 |
Fixed maturities | U.S. government obligations | |||
Net Investment Income [Line Items] | |||
Investment income | 864 | 339.1 | 149.5 |
Fixed maturities | State and local government obligations | |||
Net Investment Income [Line Items] | |||
Investment income | 47.6 | 39.7 | 44.1 |
Fixed maturities | Foreign government obligations | |||
Net Investment Income [Line Items] | |||
Investment income | 0.2 | 0.2 | 0.1 |
Fixed maturities | Corporate debt securities | |||
Net Investment Income [Line Items] | |||
Investment income | 365.4 | 288.8 | 301.1 |
Fixed maturities | Residential mortgage-backed securities | |||
Net Investment Income [Line Items] | |||
Investment income | 28.7 | 31.6 | 11.9 |
Fixed maturities | Commercial mortgage-backed securities | |||
Net Investment Income [Line Items] | |||
Investment income | 196.1 | 190.6 | 143 |
Fixed maturities | Other asset-backed securities | |||
Net Investment Income [Line Items] | |||
Investment income | 192.5 | 174.6 | 64.1 |
Fixed maturities | Redeemable preferred stocks | |||
Net Investment Income [Line Items] | |||
Investment income | 11.1 | 11.4 | 9.5 |
Short-term investments | |||
Net Investment Income [Line Items] | |||
Investment income | $ 92.4 | $ 53.6 | $ 3.1 |
Investments - Additional Inform
Investments - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) | |
Investments, Debt and Equity Securities [Abstract] | ||
Principal amount of bonds and certificates of deposit on deposit to meet state insurance regulatory and/or rating agency requirements | $ 671,800,000 | |
Securities exceeding 10% of Shareholders' Equity | 0 | $ 0 |
Fair value of fixed-maturity securities that were non-income producing during the preceding 12 months | 0 | |
Securities sold under agreements to repurchase | 0 | 0 |
Open reverse repurchase commitments | $ 0 | 0 |
Securities with credit ratings downgraded | security | 29 | |
Value of securities with credit rating downgraded | $ 447,900,000 | |
Unrealized loss on securities with credit downgraded | 59,000,000 | |
Allowance for credit losses, securities | 0 | 0 |
Credit loss allowance balance, available-for-sale securities | 0 | 0 |
Write off of accrued income | $ 0 | $ 0 |
Recovery of Impairment, Other Assets, Number of Positions | security | 3 | |
Percent change in investment income | 50% | 46% |
Percent change in book yield | 29% | 26% |
Fair Value Composition of Inves
Fair Value Composition of Investment Portfolio by Major Security Type (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 65,998.6 | $ 53,548.3 |
Debt, fair value | 6,431.3 | 5,717.9 |
Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 62,168.1 | 49,513.6 |
Available-for-sale Securities | Fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 60,378.2 | 46,651.9 |
Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 50,272.2 | 36,572.7 |
Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 36,869.4 | 25,167.4 |
Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | State and local government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 2,202.8 | 1,977.1 |
Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | Foreign government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 16.3 | 15.5 |
Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 11,183.7 | 9,412.7 |
Available-for-sale Securities | Fixed maturities | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 9,932.3 | 9,894.9 |
Available-for-sale Securities | Fixed maturities | Asset-backed Securities | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 417.2 | 666.8 |
Available-for-sale Securities | Fixed maturities | Asset-backed Securities | Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 3,939.7 | 4,663.5 |
Available-for-sale Securities | Fixed maturities | Asset-backed Securities | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 5,575.4 | 4,564.6 |
Available-for-sale Securities | Fixed maturities | Redeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 173.7 | 184.3 |
Available-for-sale Securities | Fixed maturities | Redeemable preferred stocks | Financials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 23.1 | 40.5 |
Available-for-sale Securities | Fixed maturities | Redeemable preferred stocks | Utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 9.4 | 9.1 |
Available-for-sale Securities | Fixed maturities | Redeemable preferred stocks | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 141.2 | 134.7 |
Available-for-sale Securities | Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 1,789.9 | 2,861.7 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 3,830.5 | 4,034.7 |
Equity securities | Nonredeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 902.1 | 1,213.2 |
Equity securities | Nonredeemable preferred stocks | Financials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 851.9 | 1,100.8 |
Equity securities | Nonredeemable preferred stocks | Utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 35.4 | 71.2 |
Equity securities | Nonredeemable preferred stocks | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 14.8 | 41.2 |
Equity securities | Common equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 2,928.4 | 2,821.5 |
Equity securities | Common equities | Common Stocks, by Industry | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 2,907.8 | 2,801.7 |
Equity securities | Common equities | Other risk investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 20.6 | 19.8 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 41,511.7 | 30,799.7 |
Debt, fair value | 0 | 0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 38,626.4 | 27,977.3 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 36,869.4 | 25,176.6 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 36,869.4 | 25,167.4 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 36,869.4 | 25,167.4 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | State and local government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | Foreign government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Fixed maturities | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Fixed maturities | Asset-backed Securities | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Fixed maturities | Asset-backed Securities | Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Fixed maturities | Asset-backed Securities | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Fixed maturities | Redeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 9.2 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Fixed maturities | Redeemable preferred stocks | Financials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Fixed maturities | Redeemable preferred stocks | Utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Fixed maturities | Redeemable preferred stocks | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 9.2 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 1,757 | 2,800.7 |
Fair Value, Inputs, Level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 2,885.3 | 2,822.4 |
Fair Value, Inputs, Level 1 | Equity securities | Nonredeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 39 |
Fair Value, Inputs, Level 1 | Equity securities | Nonredeemable preferred stocks | Financials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 39 |
Fair Value, Inputs, Level 1 | Equity securities | Nonredeemable preferred stocks | Utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 1 | Equity securities | Nonredeemable preferred stocks | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 1 | Equity securities | Common equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 2,885.3 | 2,783.4 |
Fair Value, Inputs, Level 1 | Equity securities | Common equities | Common Stocks, by Industry | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 2,885.3 | 2,783.4 |
Fair Value, Inputs, Level 1 | Equity securities | Common equities | Other risk investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 24,376.8 | 22,626.7 |
Debt, fair value | 6,431.3 | 5,717.9 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 23,538.7 | 21,536.3 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 23,505.8 | 21,475.3 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 13,399.8 | 11,405.3 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | State and local government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 2,202.8 | 1,977.1 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | Foreign government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 16.3 | 15.5 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 11,180.7 | 9,412.7 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Fixed maturities | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 9,932.3 | 9,894.9 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Fixed maturities | Asset-backed Securities | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 417.2 | 666.8 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Fixed maturities | Asset-backed Securities | Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 3,939.7 | 4,663.5 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Fixed maturities | Asset-backed Securities | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 5,575.4 | 4,564.6 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Fixed maturities | Redeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 173.7 | 175.1 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Fixed maturities | Redeemable preferred stocks | Financials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 23.1 | 40.5 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Fixed maturities | Redeemable preferred stocks | Utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 9.4 | 9.1 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Fixed maturities | Redeemable preferred stocks | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 141.2 | 125.5 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 32.9 | 61 |
Fair Value, Inputs, Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 838.1 | 1,090.4 |
Fair Value, Inputs, Level 2 | Equity securities | Nonredeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 838.1 | 1,090.4 |
Fair Value, Inputs, Level 2 | Equity securities | Nonredeemable preferred stocks | Financials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 802.7 | 994.4 |
Fair Value, Inputs, Level 2 | Equity securities | Nonredeemable preferred stocks | Utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 35.4 | 71.2 |
Fair Value, Inputs, Level 2 | Equity securities | Nonredeemable preferred stocks | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 24.8 |
Fair Value, Inputs, Level 2 | Equity securities | Common equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 2 | Equity securities | Common equities | Common Stocks, by Industry | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 2 | Equity securities | Common equities | Other risk investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 110.1 | 121.9 |
Debt, fair value | 0 | 0 |
Fair Value, Inputs, Level 3 | Fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 3 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 3 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 3 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | State and local government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | Foreign government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 3 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Fixed maturities | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Fixed maturities | Asset-backed Securities | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Fixed maturities | Asset-backed Securities | Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Fixed maturities | Asset-backed Securities | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Fixed maturities | Redeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Fixed maturities | Redeemable preferred stocks | Financials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Fixed maturities | Redeemable preferred stocks | Utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Fixed maturities | Redeemable preferred stocks | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 3 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 107.1 | 121.9 |
Fair Value, Inputs, Level 3 | Equity securities | Nonredeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 64 | 83.8 |
Fair Value, Inputs, Level 3 | Equity securities | Nonredeemable preferred stocks | Financials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 49.2 | 67.4 |
Fair Value, Inputs, Level 3 | Equity securities | Nonredeemable preferred stocks | Utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 3 | Equity securities | Nonredeemable preferred stocks | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 14.8 | 16.4 |
Fair Value, Inputs, Level 3 | Equity securities | Common equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 43.1 | 38.1 |
Fair Value, Inputs, Level 3 | Equity securities | Common equities | Common Stocks, by Industry | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 22.5 | 18.3 |
Fair Value, Inputs, Level 3 | Equity securities | Common equities | Other risk investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 20.6 | 19.8 |
Carrying (Reported) Amount, Fair Value Disclosure | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 65,914.9 | 55,316 |
Carrying value | 6,888.6 | 6,388.3 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 64,231.8 | 53,125.7 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 62,441.9 | 50,264 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 51,624.9 | 39,093.3 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 37,823.2 | 26,770.7 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | State and local government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 2,338.4 | 2,180 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | Foreign government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 17.3 | 16.8 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Fixed maturities | Debt Securities [Member] | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 11,446 | 10,125.8 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Fixed maturities | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 10,629.3 | 10,968.1 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Fixed maturities | Asset-backed Securities | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 426.9 | 696.1 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Fixed maturities | Asset-backed Securities | Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 4,535.2 | 5,446 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Fixed maturities | Asset-backed Securities | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 5,667.2 | 4,826 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Fixed maturities | Redeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 187.7 | 202.6 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Fixed maturities | Redeemable preferred stocks | Financials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 24.5 | 43.6 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Fixed maturities | Redeemable preferred stocks | Utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 10.4 | 10.5 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Fixed maturities | Redeemable preferred stocks | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 152.8 | 148.5 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 1,789.9 | 2,861.7 |
Carrying (Reported) Amount, Fair Value Disclosure | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 1,683.1 | 2,190.3 |
Carrying (Reported) Amount, Fair Value Disclosure | Equity securities | Nonredeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 977.1 | 1,364.2 |
Carrying (Reported) Amount, Fair Value Disclosure | Equity securities | Nonredeemable preferred stocks | Financials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 922.1 | 1,244.2 |
Carrying (Reported) Amount, Fair Value Disclosure | Equity securities | Nonredeemable preferred stocks | Utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 40 | 79.9 |
Carrying (Reported) Amount, Fair Value Disclosure | Equity securities | Nonredeemable preferred stocks | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 15 | 40.1 |
Carrying (Reported) Amount, Fair Value Disclosure | Equity securities | Common equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 706 | 826.1 |
Carrying (Reported) Amount, Fair Value Disclosure | Equity securities | Common equities | Common Stocks, by Industry | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 685.4 | 806.3 |
Carrying (Reported) Amount, Fair Value Disclosure | Equity securities | Common equities | Other risk investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 20.6 | $ 19.8 |
Fair Value Summary of Changes i
Fair Value Summary of Changes in Fair Value Associated With Level 3 Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Fair Value | $ 121.9 | $ 127.7 |
Calls/ Maturities/ Paydowns | 0.8 | 2.4 |
Purchases | 4 | 2.5 |
Sales | (10) | (15) |
Net Realized (Gain)/Loss on Sales | 8.9 | (17.2) |
Change in Valuation | (15.5) | 3.2 |
Net Transfers In (Out) | 0 | 18.3 |
Ending Fair value | 110.1 | $ 121.9 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net realized gains (losses) on security sales | |
Corporate debt securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Fair Value | 0 | |
Calls/ Maturities/ Paydowns | 0 | |
Purchases | 3 | |
Sales | 0 | |
Net Realized (Gain)/Loss on Sales | 0 | |
Change in Valuation | 0 | |
Net Transfers In (Out) | 0 | |
Ending Fair value | 3 | $ 0 |
Nonredeemable preferred stocks | Financials | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Fair Value | 67.4 | 76.4 |
Calls/ Maturities/ Paydowns | (8.1) | 0 |
Purchases | 1 | 2.5 |
Sales | 0 | (15) |
Net Realized (Gain)/Loss on Sales | 0 | (17.2) |
Change in Valuation | (11.1) | 20.7 |
Net Transfers In (Out) | 0 | 0 |
Ending Fair value | 49.2 | 67.4 |
Nonredeemable preferred stocks | Industrials | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Fair Value | 16.4 | 34.4 |
Calls/ Maturities/ Paydowns | 0 | (0.5) |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Net Realized (Gain)/Loss on Sales | 0 | 0 |
Change in Valuation | (1.6) | (17.5) |
Net Transfers In (Out) | 0 | 0 |
Ending Fair value | 14.8 | 16.4 |
Common equities | Common Stocks, by Industry | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Fair Value | 18.3 | 0 |
Calls/ Maturities/ Paydowns | 8.1 | 0 |
Purchases | 0 | 0 |
Sales | (10) | 0 |
Net Realized (Gain)/Loss on Sales | 8.9 | 0 |
Change in Valuation | (2.8) | 0 |
Net Transfers In (Out) | 0 | 18.3 |
Ending Fair value | 22.5 | 18.3 |
Common equities | Other risk investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Fair Value | 19.8 | 16.9 |
Calls/ Maturities/ Paydowns | 0.8 | 2.9 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Net Realized (Gain)/Loss on Sales | 0 | 0 |
Change in Valuation | 0 | 0 |
Net Transfers In (Out) | 0 | 0 |
Ending Fair value | $ 20.6 | $ 19.8 |
Fair Value Summary of Quantitat
Fair Value Summary of Quantitative Information about Level 3 Fair Value Measurements (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 65,998.6 | $ 53,548.3 |
Fair Value, Inputs, Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 110.1 | 121.9 |
Fair Value, Inputs, Level 3 | Total Quantitative Level Three Securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 89.5 | 102.1 |
Fair Value, Inputs, Level 3 | Third Party Pricing Exemption Securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 20.6 | 19.8 |
Fair Value, Inputs, Level 3 | Corporate debt securities | Total Quantitative Level Three Securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 3 | |
Fair Value Inputs, Market Cap Price Change Percentage, Range, Minimum | 0.30% | |
Fair Value Inputs, Market Cap Price Change Percentage, Range, Maximum | 7.70% | |
Fair Value Inputs, Market Cap Price Change Percentage, Weighted Average | 2.60% | |
Fair Value, Inputs, Level 3 | Nonredeemable preferred stocks | Total Quantitative Level Three Securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 64 | $ 83.8 |
Fair Value Inputs, Market Cap Price Change Percentage, Range, Minimum | 17.20% | (0.60%) |
Fair Value Inputs, Market Cap Price Change Percentage, Range, Maximum | 39.70% | 19.90% |
Fair Value Inputs, Market Cap Price Change Percentage, Weighted Average | 21.70% | 10.50% |
Fair Value, Inputs, Level 3 | Common equities | Total Quantitative Level Three Securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 22.5 | $ 18.3 |
Fair Value Inputs, Market Cap Price Change Percentage, Range, Minimum | (45.80%) | (42.50%) |
Fair Value Inputs, Market Cap Price Change Percentage, Range, Maximum | 95.60% | 59.10% |
Fair Value Inputs, Market Cap Price Change Percentage, Weighted Average | 39.70% | 30% |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | $ 65,998.6 | $ 53,548.3 | |
Goodwill impairment | $ 0 | 224.8 | $ 0 |
Property Segment | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill impairment | $ 224.8 | ||
Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Vendor quoted prices, percent of FV hierarchy level | 93% | 90% | |
Fair value | $ 41,511.7 | $ 30,799.7 | |
Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Vendor quoted prices, percent of FV hierarchy level | 100% | 98% | |
Dealer quoted prices, percent of FV hierarchy level | 2% | ||
Fair value | $ 24,376.8 | $ 22,626.7 | |
Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | $ 110.1 | 121.9 | |
Fair Value, Inputs, Level 3 | Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | $ 0 |
Debt (Detail)
Debt (Detail) - USD ($) | Dec. 31, 2023 | May 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2020 | Oct. 31, 2018 | Mar. 31, 2018 | Apr. 30, 2017 | Aug. 31, 2016 | Jan. 31, 2015 | Apr. 30, 2014 | Nov. 30, 2002 | Mar. 31, 1999 | |
Debt Instrument [Line Items] | ||||||||||||||
Fair Value | $ 6,431,300,000 | $ 5,717,900,000 | ||||||||||||
Debt, Long-term and Short-term, Combined Amount | [1] | 6,888,600,000 | 6,388,300,000 | |||||||||||
2.45% Senior Notes Due 2027 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying value | 498,600,000 | 498,200,000 | ||||||||||||
Fair Value | 468,900,000 | 457,700,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.45% | |||||||||||||
Debt Instrument, Face Amount | $ 500,000,000 | |||||||||||||
2.50% Senior Notes due 2027 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying value | 498,100,000 | 497,500,000 | ||||||||||||
Fair Value | 469,100,000 | 460,300,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | |||||||||||||
Debt Instrument, Face Amount | $ 500,000,000 | |||||||||||||
6 5/8% Senior Notes due 2029 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying value | 297,800,000 | 297,500,000 | ||||||||||||
Fair Value | 328,700,000 | 326,800,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | |||||||||||||
Debt Instrument, Face Amount | $ 300,000,000 | |||||||||||||
4.00% Senior Notes due 2029 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying value | 546,900,000 | 546,400,000 | ||||||||||||
Fair Value | 542,600,000 | 527,800,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4% | |||||||||||||
Debt Instrument, Face Amount | $ 550,000,000 | |||||||||||||
3.20% Senior Notes due 2030 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying value | 497,300,000 | 496,900,000 | ||||||||||||
Fair Value | 462,200,000 | 448,600,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | |||||||||||||
Debt Instrument, Face Amount | $ 500,000,000 | |||||||||||||
3.00% Senior Notes due 2032 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying value | 496,300,000 | 495,900,000 | ||||||||||||
Fair Value | 446,000,000 | 438,100,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3% | |||||||||||||
Debt Instrument, Face Amount | $ 500,000,000 | |||||||||||||
6.25% Senior Notes due 2032 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying value | 396,700,000 | 396,400,000 | ||||||||||||
Fair Value | 445,600,000 | 435,400,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | |||||||||||||
4.95% Senior Notes due 2033 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying value | 496,400,000 | 0 | ||||||||||||
Fair Value | 513,000,000 | 0 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.95% | |||||||||||||
Debt Instrument, Face Amount | $ 500,000,000 | |||||||||||||
4.35% Senior Notes due 2044 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying value | 347,000,000 | 346,900,000 | ||||||||||||
Fair Value | 314,200,000 | 298,400,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.35% | |||||||||||||
Debt Instrument, Face Amount | $ 350,000,000 | |||||||||||||
3.70% Senior Notes due 2045 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying value | 395,900,000 | 395,700,000 | ||||||||||||
Fair Value | 325,100,000 | 310,200,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | |||||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | |||||||||||||
4.125% Senior Notes due 2047 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying value | 842,300,000 | 842,100,000 | ||||||||||||
Fair Value | 756,200,000 | 716,200,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.125% | |||||||||||||
Debt Instrument, Face Amount | $ 850,000,000 | |||||||||||||
4.20% Senior Notes due 2048 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying value | 590,600,000 | 590,400,000 | ||||||||||||
Fair Value | 534,100,000 | 507,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |||||||||||||
Debt Instrument, Face Amount | $ 600,000,000 | |||||||||||||
3.95% Senior Notes due 2050 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying value | 491,100,000 | 490,900,000 | ||||||||||||
Fair Value | 422,300,000 | 404,900,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | |||||||||||||
Debt Instrument, Face Amount | $ 500,000,000 | |||||||||||||
3.70% Senior Notes due 2052 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Carrying value | 493,600,000 | 493,500,000 | ||||||||||||
Fair Value | $ 403,300,000 | $ 386,500,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | |||||||||||||
Debt Instrument, Face Amount | $ 500,000,000 | |||||||||||||
[1] Consists of long-term debt. See Note 4 – Debt for further discussion . |
Debt Aggregate Principal Paymen
Debt Aggregate Principal Payments On Debt Outstanding (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
Debt Instrument, Periodic Payment, Principal in Next Twelve Months | $ 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 |
Long-Term Debt, Maturities, Repayments of Principal in Year Three | 0 |
Long-Term Debt, Maturities, Repayments of Principal in Year Four | 1,000 |
Long-Term Debt, Maturities, Repayments of Principal in Year Five | 0 |
Long-Term Debt, Maturities, Repayments of Principal after Year Five | 5,950 |
Total | $ 6,950 |
Debt Unrealized Gains (Losses)
Debt Unrealized Gains (Losses) From Debt Hedges Included In Accumulated Other (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Apr. 30, 2017 | Jan. 31, 2015 | Apr. 30, 2014 | Nov. 30, 2002 | Mar. 31, 1999 |
Debt Instrument [Line Items] | |||||||
Net unrealized losses on forecasted transactions | $ (14) | $ (14.5) | |||||
6 5/8% Senior Notes due 2029 | |||||||
Debt Instrument [Line Items] | |||||||
Unrealized Gain (Loss) | $ (4.2) | ||||||
Net unrealized losses on forecasted transactions | (1.5) | ||||||
6.25% Senior Notes due 2032 | |||||||
Debt Instrument [Line Items] | |||||||
Unrealized Gain (Loss) | $ 5.1 | ||||||
Net unrealized losses on forecasted transactions | 2.6 | ||||||
4.35% Senior Notes due 2044 | |||||||
Debt Instrument [Line Items] | |||||||
Unrealized Gain (Loss) | $ (1.6) | ||||||
Net unrealized losses on forecasted transactions | (1.3) | ||||||
3.70% Senior Notes due 2045 | |||||||
Debt Instrument [Line Items] | |||||||
Unrealized Gain (Loss) | $ (12.9) | ||||||
Net unrealized losses on forecasted transactions | (10.5) | ||||||
4.125% Senior Notes due 2047 | |||||||
Debt Instrument [Line Items] | |||||||
Unrealized Gain (Loss) | $ (8) | ||||||
Net unrealized losses on forecasted transactions | $ (7) |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
May 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Long-term Debt, Current Maturities | $ 0 | $ 0 | ||
Proceeds from debt invested | $ 496,300,000 | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 600,000 | 500,000 | $ 900,000 | |
Discretionary Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000,000 | 250,000,000 | ||
Discretionary Line of Credit Repayment Period | 30 days | |||
Proceeds from Lines of Credit | $ 0 | $ 0 | ||
Discretionary Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | |||
4.95% Senior Notes due 2033 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 500,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.95% |
Income Taxes Components of Inco
Income Taxes Components of Income Tax Provision (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 1,102.5 | $ 733.2 | $ 739.5 |
Current State and Local Tax Expense (Benefit) | 18.7 | 12.7 | 20.7 |
Deferred Federal Income Tax Expense (Benefit) | (119.9) | (528.7) | 98.6 |
Deferred State and Local Income Tax Expense (Benefit) | 0 | (16.6) | 0.3 |
Provision for income taxes | $ 1,001.3 | $ 200.6 | $ 859.1 |
Income Taxes Reconciliation of
Income Taxes Reconciliation of Provision (Benefit) for income Taxes Reported in Consolidated Statements Of Income with Tax at Statutory Rate (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income before income taxes | $ 4,903.7 | $ 922.1 | $ 4,210 |
Tax at statutory federal rate | 1,029.8 | 193.6 | 884.1 |
Stock-based compensation | (21.7) | (18.1) | (19.4) |
Tax credits | (16.4) | (14.8) | (9.9) |
Tax-preferenced investment income | (10.2) | (12.7) | (13.2) |
State income taxes, net of federal taxes | 14.7 | (3.1) | 16.6 |
Nondeductible compensation expense | 9.8 | 11.1 | 8.4 |
Tax-deductible dividends | (4.8) | (1.8) | (9.4) |
Goodwill impairment | 0 | 47.2 | 0 |
Other items, net | 0.1 | (0.8) | 1.9 |
Provision for income taxes | $ 1,001.3 | $ 200.6 | $ 859.1 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Tax at statutory federal rate | 21% | 21% | 21% |
Stock-based compensation | (1.00%) | (2.00%) | (1.00%) |
Tax credits | 0% | (2.00%) | 0% |
Tax-preferenced investment income | 0% | (1.00%) | 0% |
State income taxes, net of federal taxes | 0% | 0% | 0% |
Nondeductible compensation expense | 0% | 1% | 0% |
Tax-deductible dividends | 0% | 0% | 0% |
Goodwill impairment | 0% | 5% | 0% |
Other items, net | 0% | 0% | 0% |
Total income tax provision | 20% | 22% | 20% |
Income Taxes Components of Net
Income Taxes Components of Net Deferred Tax Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Federal deferred income tax assets: | ||
Unearned premiums reserve | $ 836 | $ 719.2 |
Net unrealized losses on fixed-maturity securities | 427.3 | 742.9 |
Loss and loss adjustment expense reserves | 292.7 | 239.9 |
Non-deductible accruals | 238.2 | 225.9 |
Software development costs | 66 | 37.8 |
Operating lease liabilities | 37.2 | 28.8 |
Hedges on forecasted transactions | 3.7 | 3.8 |
Investment basis differences | 0.2 | 17 |
Other | 13.4 | 12.7 |
Federal deferred income tax liabilities: | ||
Net holding period gains on equity securities | (451) | (387.3) |
Deferred acquisition costs | (354.4) | (324.3) |
Property and equipment | (88.4) | (97) |
Operating lease assets | (37.2) | (28.8) |
Loss and loss adjustment expense reserve transition adjustment | (15.9) | (24.1) |
Intangible assets | (8.7) | (11.1) |
Prepaid expenses | (6.2) | (6.5) |
Other | (16.9) | (17.4) |
Net federal deferred income taxes | 936 | 1,131.5 |
State deferred income tax assets | 39.9 | 42.2 |
State deferred income tax liabilities | 0 | 0 |
Total | $ 975.9 | $ 1,173.7 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Deferred tax assets valuation allowance | $ 0 | $ 0 | |
Net taxes payable | 311,800,000 | 10,900,000 | |
Provision for income taxes | 1,001,300,000 | 200,600,000 | $ 859,100,000 |
Unrecognized Tax Benefits | 0 | 0 | |
Interest and Penalties | |||
Income Taxes [Line Items] | |||
Provision for income taxes | $ 200,000 | $ 100,000 | $ 100,000 |
Loss And Loss Adjustment Expe_3
Loss And Loss Adjustment Expense Reserves Activity in Loss and loss Adjustment Expense Reserves (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Jan. 01, 2022 | Jan. 01, 2021 | Jan. 01, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||||
Balance at beginning of period | $ 26,164.1 | $ 20,265.8 | $ 30,359.3 | $ 26,164.1 | $ 20,265.8 | |
Less reinsurance recoverables on unpaid losses | 4,733.6 | 3,798.2 | 5,559.2 | 4,733.6 | 3,798.2 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Business Acquisitions | 0 | 0 | $ 729.2 | |||
Net balance at beginning of period | 21,430.5 | 16,467.6 | 24,800.1 | 21,430.5 | 16,467.6 | |
Incurred related to: | ||||||
Current year | 44,560.6 | 38,209 | 33,632.3 | |||
Prior years | 1,094 | (86.3) | (4.7) | |||
Total incurred | 45,654.6 | 38,122.7 | 33,627.6 | |||
Paid related to: | ||||||
Current year | 26,874.3 | 23,542.9 | 20,561.1 | |||
Prior years | 13,980.2 | 11,210.2 | 8,832.8 | |||
Total paid | 40,854.5 | 34,753.1 | 29,393.9 | |||
Net balance at ending of period | $ 24,800.1 | $ 21,430.5 | $ 17,196.8 | 29,600.2 | 24,800.1 | 21,430.5 |
Plus reinsurance recoverables on unpaid losses | 4,789 | 5,559.2 | 4,733.6 | |||
Balance at ending of period | $ 34,389.2 | $ 30,359.3 | $ 26,164.1 |
Loss And Loss Adjustment Expe_4
Loss And Loss Adjustment Expense Reserves Loss And Loss Adjustment Expense Reserves - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) data_subset | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Number of subsets of business data reviewed (over) | data_subset | 400 | ||
Reserve development, prior years | $ 1,094 | $ (86.3) | $ (4.7) |
2022 | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Reserve development, prior years | 950 | ||
2021 | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Reserve development, prior years | 125 | (22) | |
2020 | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Reserve development, prior years | (47) | (140) | |
2019 | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Reserve development, prior years | 87 | ||
Commercial Lines Segment | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Reserve development, prior years | $ 365 | 82 | 87 |
Property Segment | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Reserve development, prior years | 36 | ||
environmental and asbestos | Upper Limit | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Percentage of reserves | 1% | ||
Auto | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Percentage of reserves | 92% | ||
Personal Auto | Personal Lines Segment | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Reserve development, prior years | $ 715 | $ (157) | (113) |
Direct Channel | Personal Auto | Personal Lines Segment | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Reserve development, prior years | $ (80) |
Loss And Loss Adjustment Expe_5
Loss And Loss Adjustment Expense Reserves Incurred and Paid Claims Development with IBNR and Claim Counts (Details) $ in Millions | Dec. 31, 2023 USD ($) claim | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2015 USD ($) | Dec. 31, 2014 USD ($) |
Claims Development [Line Items] | ||||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 27,846.5 | $ 23,103.9 | ||||||||
Commercial Lines - Liability | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 18,730.4 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 9,641.8 | |||||||||
Short-Duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 103.2 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 9,191.8 | 7,177 | ||||||||
Commercial Lines - Physical Damage | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 4,843.4 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 4,646.8 | |||||||||
Short-Duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 0.8 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 197.4 | 211.2 | ||||||||
Commercial Lines - Other | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 717.7 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 487.4 | |||||||||
Short-Duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 30.2 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 260.5 | 242.5 | ||||||||
Property | Property Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 6,928.5 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 6,191.2 | |||||||||
Short-Duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 7.4 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 744.7 | 839.7 | ||||||||
2014 | Commercial Lines - Other | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 70.4 | 70.4 | $ 70.9 | $ 70.7 | $ 69.4 | $ 70.7 | $ 70.5 | $ 68.3 | $ 70 | $ 74.9 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 3.2 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 9,226 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 65.5 | 65 | 64.2 | 61.1 | 59 | 56.9 | 51.1 | 44.3 | 33.9 | $ 18.6 |
2015 | Commercial Lines - Other | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 44.8 | 44.6 | 45.1 | 44.8 | 47 | 48.3 | 46.1 | 45.4 | 51.2 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 3.4 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 9,527 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 38.7 | 37.8 | 37.1 | 36.1 | 33.9 | 30.9 | 26.5 | 18.1 | $ 6.5 | |
2016 | Commercial Lines - Other | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 40.4 | 40 | 40.1 | 40.2 | 41.5 | 41 | 43.3 | 51.8 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 3.1 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 7,648 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 35.5 | 35 | 33.8 | 32.7 | 30.6 | 27 | 20.9 | $ 8.5 | ||
2017 | Commercial Lines - Other | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 55.1 | 48 | 46.2 | 48.8 | 51.1 | 54.6 | 62.6 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 10.2 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 17,675 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 41.6 | 39.7 | 36.9 | 34.5 | 30.8 | 24.4 | $ 9.6 | |||
2018 | Commercial Lines - Other | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 81.7 | 76.5 | 77 | 76.7 | 81.3 | 81.5 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 10 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 15,475 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 65.2 | 61.7 | 56.7 | 49.5 | 39.6 | $ 17.6 | ||||
2019 | Commercial Lines - Liability | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,429.9 | 2,434.4 | 2,426.3 | 2,370.9 | 2,301.1 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 7.6 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 136,213 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 2,250 | 2,037.5 | 1,684.5 | 1,184.4 | 474.8 | |||||
2019 | Commercial Lines - Physical Damage | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 626.4 | 625.9 | 626.6 | 628.3 | 633.1 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 99,508 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 625.4 | 625.3 | 624.8 | 625.1 | 561.1 | |||||
2019 | Commercial Lines - Other | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 87.7 | 88.3 | 85.4 | 83.1 | 80.7 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 10.3 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 10,709 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 70.8 | 64.6 | 56 | 42.4 | 20 | |||||
2019 | Property | Property Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 964.8 | 965.8 | 962.8 | 965.2 | 971.7 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 9 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 73,051 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 962.2 | 959.3 | 950.5 | 930.4 | 708 | |||||
2020 | Commercial Lines - Liability | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,436.5 | 2,418.9 | 2,388.8 | 2,335.7 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 58.6 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 117,614 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 2,043.5 | 1,628.9 | 1,110.4 | 440.8 | ||||||
2020 | Commercial Lines - Physical Damage | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 624.8 | 622 | 624.9 | 631.8 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 2.9 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 99,588 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 620.5 | 620.4 | 621.8 | 540.6 | ||||||
2020 | Commercial Lines - Other | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 82.9 | 81.9 | 80.7 | 75 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 14 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 9,505 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 59.6 | 52.2 | 38.6 | 15.8 | ||||||
2020 | Property | Property Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,256 | 1,260.9 | 1,246.8 | 1,223.5 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 1.5 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 88,736 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 1,237.2 | 1,210.7 | 1,141.2 | 832.5 | ||||||
2021 | Commercial Lines - Liability | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 3,573.7 | 3,527.3 | 3,446.6 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 134.7 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 156,829 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 2,414.3 | 1,545.9 | 573.6 | |||||||
2021 | Commercial Lines - Physical Damage | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 910.1 | 909.8 | 920.9 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 3.6 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 121,900 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 901.5 | 903.1 | 764.2 | |||||||
2021 | Commercial Lines - Other | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 88.8 | 87.3 | 84.1 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 24.4 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 9,367 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 52.4 | 39.6 | 16.9 | |||||||
2021 | Property | Property Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,503.2 | 1,516.3 | 1,539.6 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 23.6 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 89,864 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 1,444 | 1,374.5 | 1,035.4 | |||||||
2022 | Commercial Lines - Liability | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 4,834.5 | 4,526.1 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 406.2 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 180,500 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 2,086.4 | 749.2 | ||||||||
2022 | Commercial Lines - Physical Damage | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,330.3 | 1,314.9 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 0.7 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 147,146 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 1,315 | 1,114 | ||||||||
2022 | Commercial Lines - Other | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 80.9 | 84 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 26.3 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 7,660 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 39.7 | 18.4 | ||||||||
2022 | Property | Property Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,622 | 1,664.6 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 77 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 89,348 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 1,469.5 | 1,041.7 | ||||||||
2023 | Commercial Lines - Liability | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 5,455.8 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 1,299.6 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 184,840 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 847.6 | |||||||||
2023 | Commercial Lines - Physical Damage | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,351.8 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ (6.5) | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 164,859 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 1,184.4 | |||||||||
2023 | Commercial Lines - Other | Commercial Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 85 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 45.2 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 6,795 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 18.4 | |||||||||
2023 | Property | Property Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,582.5 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 392.4 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 75,812 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 1,078.3 | |||||||||
Agency Channel | Personal Lines - Liability | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 34,191.1 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 26,175 | |||||||||
Short-Duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 92.9 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 8,109 | 6,791.2 | ||||||||
Agency Channel | Personal Lines - Physical Damage | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 22,539 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 22,329.4 | |||||||||
Short-Duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 3.7 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 213.3 | 261.5 | ||||||||
Agency Channel | 2019 | Personal Lines - Liability | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 5,879.2 | 5,959.9 | 5,918.2 | 5,886.9 | 5,885 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 916,543 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 5,779.3 | 5,626.6 | 5,272.8 | 4,533.2 | 2,715.2 | |||||
Agency Channel | 2019 | Personal Lines - Physical Damage | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 3,268.1 | 3,259 | 3,261.1 | 3,254.7 | 3,277.9 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 0.4 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 1,879,041 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 3,263.7 | 3,260.9 | 3,255.9 | 3,259.2 | 3,242.5 | |||||
Agency Channel | 2020 | Personal Lines - Liability | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 5,458.1 | 5,385.7 | 5,405.4 | 5,433.8 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 142.8 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 757,024 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 5,122 | 4,796.8 | 4,112.2 | 2,383 | ||||||
Agency Channel | 2020 | Personal Lines - Physical Damage | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 3,323.3 | 3,327.3 | 3,319.8 | 3,328.5 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ (8.4) | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 1,785,036 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 3,328 | 3,323 | 3,322.5 | 3,250.1 | ||||||
Agency Channel | 2021 | Personal Lines - Liability | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 6,936.4 | 6,861.8 | 6,716.4 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 174.2 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 885,607 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 6,183.1 | 5,239.4 | 2,855.4 | |||||||
Agency Channel | 2021 | Personal Lines - Physical Damage | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 4,628.5 | 4,624.3 | 4,708.3 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 8.9 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 2,105,540 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 4,611.5 | 4,620.9 | 4,438.1 | |||||||
Agency Channel | 2022 | Personal Lines - Liability | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 7,301.5 | 7,076.9 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 402.8 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 838,763 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 5,564.1 | 3,018.8 | ||||||||
Agency Channel | 2022 | Personal Lines - Physical Damage | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 5,544.6 | 5,429.4 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ (13.3) | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 2,031,717 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 5,542 | 5,176.2 | ||||||||
Agency Channel | 2023 | Personal Lines - Liability | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 8,615.9 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 1,715.2 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 883,430 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 3,526.5 | |||||||||
Agency Channel | 2023 | Personal Lines - Physical Damage | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 5,774.5 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ (298) | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 2,091,830 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 5,584.2 | |||||||||
Direct Channel | Personal Lines - Liability | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 35,886.8 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 27,148.2 | |||||||||
Short-Duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 79.4 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 8,818 | 7,187.2 | ||||||||
Direct Channel | Personal Lines - Physical Damage | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 27,394.8 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 27,174.5 | |||||||||
Short-Duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 2.8 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 223.1 | 284.7 | ||||||||
Direct Channel | 2019 | Personal Lines - Liability | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 5,802.1 | 5,870 | 5,837.9 | 5,811.7 | 5,756.5 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 0.1 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 957,826 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 5,716.3 | 5,568.8 | 5,218.8 | 4,452.5 | 2,630.3 | |||||
Direct Channel | 2019 | Personal Lines - Physical Damage | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 3,757.8 | 3,747.9 | 3,749.6 | 3,737.8 | 3,787.9 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 0.3 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 2,272,383 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 3,753.9 | 3,750.9 | 3,746.8 | 3,751.3 | $ 3,782.6 | |||||
Direct Channel | 2020 | Personal Lines - Liability | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 5,343.1 | 5,301.5 | 5,322.7 | 5,356.9 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 126.4 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 789,952 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 5,035.9 | 4,721.4 | 4,018.7 | 2,301.3 | ||||||
Direct Channel | 2020 | Personal Lines - Physical Damage | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 3,762 | 3,765.9 | 3,753.3 | 3,775.6 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ (9.7) | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 2,139,045 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 3,767.4 | 3,762.2 | 3,765.9 | $ 3,720 | ||||||
Direct Channel | 2021 | Personal Lines - Liability | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 7,244.1 | 7,180.3 | 6,964.7 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 164.5 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 981,424 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 6,487.9 | 5,460.5 | 2,915 | |||||||
Direct Channel | 2021 | Personal Lines - Physical Damage | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 5,572.9 | 5,568.2 | 5,752.3 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 3.6 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 2,602,359 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 5,559.6 | 5,578.7 | $ 5,421.9 | |||||||
Direct Channel | 2022 | Personal Lines - Liability | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 7,869.6 | 7,563.4 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 398.5 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 970,145 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 5,982.6 | 3,131.8 | ||||||||
Direct Channel | 2022 | Personal Lines - Physical Damage | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 6,724.2 | 6,613.3 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ (27.3) | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 2,606,698 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 6,731.9 | $ 6,325.7 | ||||||||
Direct Channel | 2023 | Personal Lines - Liability | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 9,627.9 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 1,763.6 | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 1,080,475 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 3,925.5 | |||||||||
Direct Channel | 2023 | Personal Lines - Physical Damage | Personal Lines Segment | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 7,577.9 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ (459.8) | |||||||||
Cumulative Number of Incurred Claim Counts | claim | 2,851,047 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 7,361.7 |
Loss And Loss Adjustment Expe_6
Loss And Loss Adjustment Expense Reserves Reconciliation of the Claims Development to the Liability for Claims and Claim Adjustment Expenses (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | $ 27,846.5 | $ 23,103.9 | ||
Total reinsurance recoverables on unpaid claims | 4,748 | 5,485.4 | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 1,753.7 | 1,696.2 | ||
Reinsurance recoverables on unpaid claims | 41 | 73.8 | ||
Total gross liability for unpaid claims and claim adjustment expense | 34,389.2 | 30,359.3 | $ 26,164.1 | $ 20,265.8 |
Other business | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 88.7 | 108.9 | ||
Total reinsurance recoverables on unpaid claims | 475.1 | 559 | ||
Commercial Lines Segment | Commercial Lines - Liability | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 9,191.8 | 7,177 | ||
Total reinsurance recoverables on unpaid claims | 1,077.7 | 1,273.7 | ||
Commercial Lines Segment | Commercial Lines - Physical Damage | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 197.4 | 211.2 | ||
Total reinsurance recoverables on unpaid claims | 1.4 | 0.5 | ||
Commercial Lines Segment | Commercial Lines - Other | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 260.5 | 242.5 | ||
Total reinsurance recoverables on unpaid claims | 216 | 204.6 | ||
Property Segment | Property | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 744.7 | 839.7 | ||
Total reinsurance recoverables on unpaid claims | 631.4 | 1,068.1 | ||
Agency Channel | Personal Lines Segment | Personal Lines - Liability | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 8,109 | 6,791.2 | ||
Total reinsurance recoverables on unpaid claims | 875.1 | 894.1 | ||
Agency Channel | Personal Lines Segment | Personal Lines - Physical Damage | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 213.3 | 261.5 | ||
Total reinsurance recoverables on unpaid claims | 0 | 0 | ||
Direct Channel | Personal Lines Segment | Personal Lines - Liability | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 8,818 | 7,187.2 | ||
Total reinsurance recoverables on unpaid claims | 1,471.3 | 1,485.4 | ||
Direct Channel | Personal Lines Segment | Personal Lines - Physical Damage | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 223.1 | 284.7 | ||
Total reinsurance recoverables on unpaid claims | $ 0 | $ 0 |
Loss And Loss Adjustment Expe_7
Loss And Loss Adjustment Expense Reserves Historical Claims Duration (Details) | Dec. 31, 2023 |
Personal Lines Segment | Agency Channel | Personal Lines - Liability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 42.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 33.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 13% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 6% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 2.60% |
Personal Lines Segment | Agency Channel | Personal Lines - Physical Damage | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 96.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 3.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | (0.10%) |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 0.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 0.10% |
Personal Lines Segment | Direct Channel | Personal Lines - Liability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 41.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 34% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 13.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 6% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 2.50% |
Personal Lines Segment | Direct Channel | Personal Lines - Physical Damage | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 97.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 2.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | (0.20%) |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 0.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 0.10% |
Commercial Lines Segment | Commercial Lines - Liability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 16.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 27.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 22.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 15.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 8.70% |
Commercial Lines Segment | Commercial Lines - Physical Damage | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 86% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 13.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | (0.20%) |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 0% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 0% |
Commercial Lines Segment | Commercial Lines - Other | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 20.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 26.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 14.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 9% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 6.40% |
Property Segment | Property | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 67.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 24.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 4.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 1.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 0.30% |
Reinsurance Effect of Reinsuran
Reinsurance Effect of Reinsurance on Premiums Written and Earned (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct premiums written | $ 62,721.2 | $ 52,335.6 | $ 48,129.6 |
Ceded written | (1,171) | (1,254.5) | (1,724.4) |
Net premiums written | 61,550.2 | 51,081.1 | 46,405.2 |
Direct premiums earned | 59,881.1 | 50,650.2 | 46,018.6 |
Ceded earned | (1,216.7) | (1,409) | (1,649.9) |
Net premiums earned | 58,664.4 | 49,241.2 | 44,368.7 |
non regulated reinsurance plan | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Ceded written | (636) | (633) | (1,049.9) |
Ceded earned | (671.4) | (734.2) | (999.7) |
Regulated reinsurance plan | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Ceded written | (535) | (621.5) | (674.5) |
Ceded earned | $ (545.3) | $ (674.8) | $ (650.2) |
Reinsurance Prepaid Reinsurance
Reinsurance Prepaid Reinsurance Premiums and Reinsurance Recoverables (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 5,093.9 | $ 5,832.1 |
Percentage Of Total Reinsurance Recoverables | 100% | 100% |
Prepaid reinsurance premiums | $ 249.8 | $ 295.5 |
Percentage Of Total Prepaid Reinsurance Premiums | 100% | 100% |
Commercial Lines reinsurance program | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 1,385.7 | $ 1,544.3 |
Percentage Of Total Reinsurance Recoverables | 27% | 27% |
Prepaid reinsurance premiums | $ 56.3 | $ 91 |
Percentage Of Total Prepaid Reinsurance Premiums | 23% | 31% |
Property reinsurance program | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 381.2 | $ 524.4 |
Percentage Of Total Reinsurance Recoverables | 8% | 9% |
Prepaid reinsurance premiums | $ 11 | $ 11.6 |
Percentage Of Total Prepaid Reinsurance Premiums | 4% | 4% |
Other reinsurance program | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 10 | $ 5.5 |
Percentage Of Total Reinsurance Recoverables | 0% | 0% |
Prepaid reinsurance premiums | $ 0 | $ 0 |
Percentage Of Total Prepaid Reinsurance Premiums | 0% | 0% |
Non State Reinsurance Plans | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 1,776.9 | $ 2,074.2 |
Percentage Of Total Reinsurance Recoverables | 35% | 36% |
Prepaid reinsurance premiums | $ 67.3 | $ 102.6 |
Percentage Of Total Prepaid Reinsurance Premiums | 27% | 35% |
State Reinsurance Plans | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 3,317 | $ 3,757.9 |
Percentage Of Total Reinsurance Recoverables | 65% | 64% |
Prepaid reinsurance premiums | $ 182.5 | $ 192.9 |
Percentage Of Total Prepaid Reinsurance Premiums | 73% | 65% |
State Reinsurance Plans | Michigan Catastrophic Claims Association | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 2,272.1 | $ 2,332.3 |
Percentage Of Total Reinsurance Recoverables | 45% | 40% |
Prepaid reinsurance premiums | $ 40.2 | $ 26.4 |
Percentage Of Total Prepaid Reinsurance Premiums | 16% | 9% |
State Reinsurance Plans | Commercial Auto Insurance Procedures Plans | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 539.1 | $ 626.8 |
Percentage Of Total Reinsurance Recoverables | 10% | 11% |
Prepaid reinsurance premiums | $ 0 | $ 50.4 |
Percentage Of Total Prepaid Reinsurance Premiums | 0% | 17% |
State Reinsurance Plans | Florida Hurricane Catastrophe Fund | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 306.6 | $ 437.3 |
Percentage Of Total Reinsurance Recoverables | 6% | 7% |
Prepaid reinsurance premiums | $ 0 | $ 0 |
Percentage Of Total Prepaid Reinsurance Premiums | 0% | 0% |
State Reinsurance Plans | North Carolina Reinsurance Facility | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 184.7 | $ 143.2 |
Percentage Of Total Reinsurance Recoverables | 4% | 2% |
Prepaid reinsurance premiums | $ 74.6 | $ 54.5 |
Percentage Of Total Prepaid Reinsurance Premiums | 30% | 18% |
State Reinsurance Plans | Other reinsurance program | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 3.8 | $ 2.9 |
Percentage Of Total Reinsurance Recoverables | 0% | 0% |
Prepaid reinsurance premiums | $ 1.3 | $ 1.5 |
Percentage Of Total Prepaid Reinsurance Premiums | 0% | 1% |
Federal Reinsurance Plans | National Flood Insurance Program | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 10.7 | $ 215.4 |
Percentage Of Total Reinsurance Recoverables | 0% | 4% |
Prepaid reinsurance premiums | $ 66.4 | $ 60.1 |
Percentage Of Total Prepaid Reinsurance Premiums | 27% | 20% |
Statutory Financial Informati_2
Statutory Financial Information - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statutory Financial Information Disclosures [Abstract] | |||
Consolidated statutory policyholders' surplus | $ 22,249.6 | $ 17,879.9 | |
Statutory net income | 3,502.2 | $ 2,763.5 | $ 2,283.9 |
Consolidated statutory policyholders' surplus, net admitted assets of insurance subsidiaries and affiliate that are required to meet minimum statutory surplus requirements in such entities' states of domicile | 1,513.2 | ||
Cash and Non-Cash Dividends Paid To Parent Company | 413.4 | ||
Maximum aggregate dividend amount subsidiaries could pay without prior approval from regulatory authorities | $ 3,365.1 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Benefits Disclosure [Line Items] | |||
Minimum employment period for benefits | 30 days | ||
Postemployment benefits liability | $ 18.7 | $ 19.6 | |
Compensation, Percentage | 100% | ||
Employee Restricted Equity Awards | |||
Employee Benefits Disclosure [Line Items] | |||
Aggregate fair value of the restricted equity awards that vested during the period | $ 195.2 | 154.4 | $ 139.1 |
Non Employee Director Restricted Equity Awards | |||
Employee Benefits Disclosure [Line Items] | |||
Vesting period of grants to date | 11 months | ||
Total pretax intrinsic value of options exercised and restricted stock vested | $ 4.2 | $ 3.4 | 3.8 |
Non Employee Director Restricted Equity Awards | 2017 Directors Equity Incentive Plan | |||
Employee Benefits Disclosure [Line Items] | |||
Shares authorized | 650 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized | 150 | ||
Executive Deferred Compensation Plan | |||
Employee Benefits Disclosure [Line Items] | |||
Common shares reserved for issuance under executive deferred compensation plan | 11,100 | ||
Equity Incentive Plan Twenty Fifteen | |||
Employee Benefits Disclosure [Line Items] | |||
Shares authorized | 17,000 | ||
Defined Contribution Pension Plan 401k | |||
Employee Benefits Disclosure [Line Items] | |||
Defined Contribution Plan, Requisite Service Period | 2 years | ||
Matching contributions | $ 205.9 | $ 179.9 | $ 159.2 |
Defined Contribution Pension Plan 401k | Upper Limit | |||
Employee Benefits Disclosure [Line Items] | |||
Matching contribution to defined contribution pension plan | 6% | ||
Cash | |||
Employee Benefits Disclosure [Line Items] | |||
Compensation, Percentage | 40% | ||
Non Employee Director Restricted Equity Awards | |||
Employee Benefits Disclosure [Line Items] | |||
Compensation, Percentage | 60% | ||
Vesting tranche one | Employee Restricted Equity Awards | |||
Employee Benefits Disclosure [Line Items] | |||
Vesting period of grants to date | 3 years | ||
Vesting tranche two | Employee Restricted Equity Awards | |||
Employee Benefits Disclosure [Line Items] | |||
Vesting period of grants to date | 4 years | ||
Vesting tranche three | Employee Restricted Equity Awards | |||
Employee Benefits Disclosure [Line Items] | |||
Vesting period of grants to date | 5 years | ||
Common equities | |||
Employee Benefits Disclosure [Line Items] | |||
Employee Stock Ownership Plan Shares held | 18,200 |
Employee Benefit Plans Amounts
Employee Benefit Plans Amounts Charged to Income for employees Incentive Compensation Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Incentive Compensation Cash Award | |||
Incentive Compensation Plans Expense [Line Items] | |||
Pretax | $ 897.3 | $ 380.8 | $ 619.3 |
After Tax | 708.9 | 300.8 | 489.2 |
Employee Stock | |||
Incentive Compensation Plans Expense [Line Items] | |||
Pretax | 121.3 | 122.7 | 100.7 |
After Tax | $ 104.3 | $ 106.7 | $ 86.6 |
Employee Benefit Plans - Vestin
Employee Benefit Plans - Vesting ranges of outstanding performance based equity awards (Details) - Performance Shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Insurance Operating Results | Lower Limit | |||
Employee Benefits Disclosure [Line Items] | |||
Performance-based awards granted vesting percentage of the award amount | 0% | 0% | 0% |
Insurance Operating Results | Upper Limit | |||
Employee Benefits Disclosure [Line Items] | |||
Performance-based awards granted vesting percentage of the award amount | 250% | 250% | 250% |
Investment Results | Lower Limit | |||
Employee Benefits Disclosure [Line Items] | |||
Performance-based awards granted vesting percentage of the award amount | 0% | 0% | 0% |
Investment Results | Upper Limit | |||
Employee Benefits Disclosure [Line Items] | |||
Performance-based awards granted vesting percentage of the award amount | 200% | 200% | 200% |
Employee Benefit Plans Summary
Employee Benefit Plans Summary of All Employee Restricted Equity Award Activity (Detail) - Employee Restricted Equity Awards - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Shares | |||
Beginning of year | 3,198,150 | 3,539,022 | 3,570,271 |
Add (deduct): | |||
Granted | 1,080,658 | 1,154,838 | 1,476,802 |
Vested | (1,338,466) | (1,378,070) | (1,452,353) |
Forfeited | (46,600) | (117,640) | (55,698) |
End of year | 2,893,742 | 3,198,150 | 3,539,022 |
Weighted Average Grant Date Fair Value | |||
Beginning of year | $ 81.71 | $ 67.24 | $ 57.68 |
Granted | 110.93 | 96.54 | 70.11 |
Vested | 63.10 | 57.79 | 46.88 |
Forfeited | 84.86 | 72.44 | 60.81 |
End of year | $ 101.18 | $ 81.71 | $ 67.24 |
Unrecognized compensation cost related to unvested equity awards | $ 93.3 | ||
Period of recognition of compensation expense related to unvested equity awards | 2 years 2 months 12 days | ||
Dividend Equivalent Units | |||
Add (deduct): | |||
Granted | 36,656 | 44,327 | 237,582 |
Weighted Average Grant Date Fair Value | |||
Granted | $ 0 | $ 0 | $ 0 |
Performance Shares | |||
Weighted Average Grant Date Fair Value | |||
Target shares | 557,119 | ||
Units expected to vest | 1,204,918 |
Employee Benefit Plans Summar_2
Employee Benefit Plans Summary of all Directors' Restricted Stock Activity (Detail) - Non Employee Director Restricted Equity Awards - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost related to unvested equity awards | $ 1 | $ 1 | $ 0.9 |
Number of Shares | |||
Beginning of year | 30,439 | 29,206 | 39,403 |
Add (deduct): | |||
Granted | 25,075 | 30,439 | 29,206 |
Vested | (30,439) | (29,206) | (39,403) |
End of year | 25,075 | 30,439 | 29,206 |
Weighted Average Grant Date Fair Value | |||
Beginning of year | $ 109.75 | $ 105.16 | $ 74.77 |
Granted | 133.43 | 109.75 | 105.16 |
Vested | 109.75 | 105.16 | 74.77 |
End of year | $ 133.43 | $ 109.75 | $ 105.16 |
Employee Benefit Plans Assets H
Employee Benefit Plans Assets Held in Deferral Plan Irrevocable Grantor Trust Account (Detail) - USD ($) shares in Millions, $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Assets held in Deferral Plan Irrevocable Grantor Trust account | $ 283.6 | $ 281.4 |
Other Investment Funds | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Assets held in Deferral Plan Irrevocable Grantor Trust account | 165.1 | 150.4 |
Common equities | Progressive common shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Assets held in Deferral Plan Irrevocable Grantor Trust account | $ 118.5 | $ 131 |
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 1.6 | 2 |
Segment Information Operating R
Segment Information Operating Results (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 62,108.5 | $ 49,610.7 | $ 47,702 |
Pretax Profit (Loss) | 4,903.7 | 922.1 | 4,210 |
Goodwill impairment | 0 | 224.8 | 0 |
Amortization of intangible assets | 14.2 | 31 | 57.7 |
Personal Lines Segment | Agency Channel | Underwriting Operations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 21,198.2 | 17,744.7 | 16,881 |
Pretax Profit (Loss) | 1,029.2 | 734.1 | 992.1 |
Personal Lines Segment | Direct Channel | Underwriting Operations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 25,015.1 | 20,135.5 | 18,492.3 |
Pretax Profit (Loss) | 1,828.2 | 769.4 | 619.2 |
Property Segment | |||
Segment Reporting Information [Line Items] | |||
Goodwill impairment | 224.8 | ||
Operating Segments | Underwriting Operations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 58,664.4 | 49,241.2 | 44,368.7 |
Pretax Profit (Loss) | 2,992.3 | 2,064 | 2,065.4 |
Operating Segments | Personal Lines Segment | Underwriting Operations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 46,213.3 | 37,880.2 | 35,373.3 |
Pretax Profit (Loss) | $ 2,857.4 | $ 1,503.5 | $ 1,611.3 |
Personal auto insurance percentage of the total personal lines segment net premiums earned | 94% | 94% | 94% |
Operating Segments | Commercial Lines Segment | Underwriting Operations | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 9,898.7 | $ 9,088.3 | $ 6,945.2 |
Pretax Profit (Loss) | 123 | 810.3 | 767.8 |
Operating Segments | Property Segment | |||
Segment Reporting Information [Line Items] | |||
Pretax Profit (Loss) | (463.2) | ||
Goodwill impairment | 0 | (224.8) | 0 |
Operating Segments | Property Segment | Underwriting Operations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,551.4 | 2,270 | 2,042.5 |
Pretax Profit (Loss) | 28.1 | (238.4) | (312.3) |
Operating Segments | Other Indemnity | Underwriting Operations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1 | 2.7 | 7.7 |
Pretax Profit (Loss) | (16.2) | (11.4) | (1.4) |
Segment Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Interest Expense | (268.4) | (243.5) | (218.6) |
Segment Reconciling Items | Fees And Other Revenues | |||
Segment Reporting Information [Line Items] | |||
Revenues | 889.1 | 722.1 | 691.8 |
Segment Reconciling Items | Service Businesses | |||
Segment Reporting Information [Line Items] | |||
Revenues | 310.1 | 299.3 | 271.4 |
Pretax Profit (Loss) | (38.9) | 2.6 | 18.6 |
Segment Reconciling Items | Investments Member | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,244.9 | (651.9) | 2,370.1 |
Pretax Profit (Loss) | $ 2,218.7 | $ (676.2) | $ 2,344.6 |
Segment Information Underwritin
Segment Information Underwriting Margins and Combined Ratios for our Underwriting Operations (Details) - Underwriting Operations | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Personal Lines Segment | Agency Channel | |||
Segment Reporting Information [Line Items] | |||
Underwriting Margin | 4.90% | 4.10% | 5.90% |
Combined Ratio | 95.10% | 95.90% | 94.10% |
Personal Lines Segment | Direct Channel | |||
Segment Reporting Information [Line Items] | |||
Underwriting Margin | 7.30% | 3.80% | 3.40% |
Combined Ratio | 92.70% | 96.20% | 96.60% |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Underwriting Margin | 5.10% | 4.20% | 4.70% |
Combined Ratio | 94.90% | 95.80% | 95.30% |
Operating Segments | Personal Lines Segment | |||
Segment Reporting Information [Line Items] | |||
Underwriting Margin | 6.20% | 4% | 4.60% |
Combined Ratio | 93.80% | 96% | 95.40% |
Operating Segments | Commercial Lines Segment | |||
Segment Reporting Information [Line Items] | |||
Underwriting Margin | 1.20% | 8.90% | 11.10% |
Combined Ratio | 98.80% | 91.10% | 88.90% |
Operating Segments | Property Segment | |||
Segment Reporting Information [Line Items] | |||
Underwriting Margin | 1.10% | (10.50%) | (15.30%) |
Combined Ratio | 98.90% | 110.50% | 115.30% |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Entity | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | |||
Depreciation | $ | $ 285.5 | $ 305.6 | $ 279.7 |
Operating Segments | Personal Lines Segment | Agency Channel | Lower Limit | |||
Segment Reporting Information [Line Items] | |||
Independent insurance agencies and brokerages | Entity | 40,000 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) Components of Other Comprehensive Income (Loss) Including Reclassification Adjustments by Income Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | |||
AOCI before Tax, Attributable to Parent, beginning balance | $ (3,556.9) | $ 52.3 | $ 1,187.4 |
Unrealized Holding Gain (Loss) on Securities Arising During the Period, before tax | 1,256.1 | (4,168.4) | (892.4) |
Foreign Currently Translation Adjustment, before tax | 0.4 | (0.7) | (0.8) |
Total other comprehensive income (loss) before reclassifications, before tax | 1,256.5 | (4,169.1) | (893.2) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | (246.9) | (559.4) | 242.8 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (0.6) | (0.5) | (0.9) |
Total reclassification adjustment for amounts realized in net income, before tax | (247.5) | (559.9) | 241.9 |
Total other comprehensive income, before tax | 1,504 | (3,609.2) | (1,135.1) |
AOCI before Tax, Attributable to Parent, ending balance | (2,052.9) | (3,556.9) | 52.3 |
Accumulated Other Comprehensive Income (Loss), Tax [Roll Forward] | |||
AOCI Tax, Attributable to Parent, beginning balance | 754.9 | (11.6) | (255.7) |
Unrealized Holding Gain (Loss) on Securities Arising During the Period, tax | (265.6) | 878.7 | 193 |
Foreign currency translation adjustment, tax | (0.1) | 0.1 | 0.2 |
Total Other Comprehensive Income (Loss), before Reclassification Adjustments, Tax | (265.7) | 878.8 | 193.2 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 51.9 | 112.2 | (51.1) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 0.1 | 0.1 | 0.2 |
Total reclassification adjustment for amounts realized in net income, Total tax (provisions) benefit | 52 | 112.3 | (50.9) |
Total other comprehensive income, Total tax (provision) benefit | (317.7) | 766.5 | 244.1 |
AOCI Tax, Attributable to Parent, ending balance | 437.2 | 754.9 | (11.6) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
After tax total accumulated other comprehensive income, beginning balance | (2,802) | 40.7 | 931.7 |
Unrealized Holding Gain (Loss) on Securities Arising During Period, after tax | 990.5 | (3,289.7) | (699.4) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 0.3 | (0.6) | (0.6) |
Total other comprehensive income (loss), before reclassifications, after tax | 990.8 | (3,290.3) | (700) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (195) | (447.2) | 191.7 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (0.5) | (0.4) | (0.7) |
Total reclassification adjustment for amounts realized in net income, Net of tax | (195.5) | (447.6) | 191 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 1,186.3 | (2,842.7) | (891) |
After tax total accumulated other comprehensive income, ending balance | (1,615.7) | (2,802) | 40.7 |
Net unrealized gains (losses) on securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
After tax total accumulated other comprehensive income, beginning balance | (2,786.3) | 56.2 | 947.3 |
Unrealized Holding Gain (Loss) on Securities Arising During Period, after tax | 990.5 | (3,289.7) | (699.4) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 0 | 0 | 0 |
Total other comprehensive income (loss), before reclassifications, after tax | 990.5 | (3,289.7) | (699.4) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (195) | (447.2) | 191.7 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 0 | 0 | 0 |
Total reclassification adjustment for amounts realized in net income, Net of tax | (195) | (447.2) | 191.7 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 1,185.5 | (2,842.5) | (891.1) |
After tax total accumulated other comprehensive income, ending balance | (1,600.8) | (2,786.3) | 56.2 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
After tax total accumulated other comprehensive income, beginning balance | (14.5) | (14.9) | (15.6) |
Unrealized Holding Gain (Loss) on Securities Arising During Period, after tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 0 | 0 | 0 |
Total other comprehensive income (loss), before reclassifications, after tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (0.5) | (0.4) | (0.7) |
Total reclassification adjustment for amounts realized in net income, Net of tax | (0.5) | (0.4) | (0.7) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0.5 | 0.4 | 0.7 |
After tax total accumulated other comprehensive income, ending balance | (14) | (14.5) | (14.9) |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
After tax total accumulated other comprehensive income, beginning balance | (1.2) | (0.6) | 0 |
Unrealized Holding Gain (Loss) on Securities Arising During Period, after tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 0.3 | (0.6) | (0.6) |
Total other comprehensive income (loss), before reclassifications, after tax | 0.3 | (0.6) | (0.6) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 0 | 0 | 0 |
Total reclassification adjustment for amounts realized in net income, Net of tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0.3 | (0.6) | (0.6) |
After tax total accumulated other comprehensive income, ending balance | $ (0.9) | $ (1.2) | $ (0.6) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) Components of Other Comprehensive Income (Loss) Including Reclassification Adjustments by Income Statement Additional Information (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Statement of Comprehensive Income [Abstract] | |
Net unrealized losses on forecasted transactions, expected to reclassify into interest expense within the next 12 months | $ (0.6) |
Litigation - Additional Informa
Litigation - Additional Information (Details) | Dec. 31, 2023 segment |
Loss Contingency, Information about Litigation Matters [Abstract] | |
Number of States, Classes Certified | 4 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accounts payable, accrued expenses, and other liabilities | Accounts payable, accrued expenses, and other liabilities |
Operating lease assets | $ 172.5 | $ 130.5 |
Operating lease liabilities | $ 177.2 | $ 137.2 |
Weighted-average remaining term | 3 years 2 months 12 days | 2 years 6 months |
Weighted-average discount rate | 5.10% | 2% |
Leases - Schedule of operating
Leases - Schedule of operating lease maturities (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 74 | |
2025 | 54.6 | |
2026 | 37.6 | |
2027 | 15.8 | |
2028 | 6 | |
Thereafter | 4.8 | |
Total | 192.8 | |
Interest | (15.6) | |
Present value of lease liabilities | $ 177.2 | $ 137.2 |
Leases Expenses Incurred for Le
Leases Expenses Incurred for Leases (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Expense | $ 94.4 | $ 89.1 | $ 90.4 |
Dividends Dividends (Details)
Dividends Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2023 | Oct. 31, 2023 | Sep. 30, 2023 | Jul. 31, 2023 | Jun. 30, 2023 | Apr. 30, 2023 | Mar. 31, 2023 | Jan. 31, 2023 | Oct. 31, 2022 | Sep. 30, 2022 | Jul. 31, 2022 | Apr. 30, 2022 | Mar. 31, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | Oct. 31, 2021 | Sep. 30, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Mar. 31, 2021 | Jan. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Payments of Ordinary Dividends, Common Stock | [1] | $ 234 | $ 234 | $ 3,746.5 | |||||||||||||||||||||
Common shares, dividends declared (USD per share) | $ 1.15 | $ 0.40 | $ 1.90 | ||||||||||||||||||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | [1] | $ 43.6 | $ 26.8 | $ 26.8 | |||||||||||||||||||||
Annual variable dividend | |||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.50 | $ 4.50 | |||||||||||||||||||||||
Payments of Ordinary Dividends, Common Stock | $ 876.5 | $ 2,635.9 | |||||||||||||||||||||||
Common shares, dividends declared (USD per share) | $ 0.75 | ||||||||||||||||||||||||
Quarterly dividend | |||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | |||||||||||||
Payments of Ordinary Dividends, Common Stock | $ 58.5 | $ 58.5 | $ 58.5 | $ 58.5 | $ 58.5 | $ 58.5 | $ 58.5 | $ 58.5 | $ 58.5 | $ 58.5 | $ 58.5 | $ 58.6 | |||||||||||||
Common shares, dividends declared (USD per share) | $ 0.10 | ||||||||||||||||||||||||
Series B Preferred Stock | |||||||||||||||||||||||||
Dividends Payable | $ 0 | 13.4 | 0 | 13.4 | 13.4 | ||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 20.753157 | $ 20.67700 | $ 18.92463 | $ 26.875 | $ 26.875 | $ 26.875 | $ 26.875 | $ 26.875 | |||||||||||||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $ 10.4 | $ 10.3 | $ 9.5 | $ 13.4 | $ 13.4 | $ 13.4 | $ 13.4 | $ 13.4 | |||||||||||||||||
Common equities | |||||||||||||||||||||||||
Dividends Payable | 497.9 | $ 58.5 | 497.9 | $ 58.5 | $ 58.5 | ||||||||||||||||||||
Common equities | Annual variable dividend | |||||||||||||||||||||||||
Dividends Payable | 439.3 | 439.3 | |||||||||||||||||||||||
Common equities | Quarterly dividend | |||||||||||||||||||||||||
Dividends Payable | $ 58.6 | $ 58.6 | |||||||||||||||||||||||
[1] See Note 14 – Dividends for further discussion. |
Dividends-Additional Informatio
Dividends-Additional Information (Details) - Series B Preferred Stock - USD ($) $ / shares in Units, $ in Millions | 60 Months Ended | ||||
Sep. 15, 2023 | Mar. 15, 2023 | Mar. 14, 2023 | Mar. 31, 2024 | Dec. 31, 2018 | |
Dividends Payable [Line Items] | |||||
Preferred shares, issued (in shares) | 500,000 | ||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | ||||
Preferred Stock, Dividend Rate, Percentage | 5.375% | ||||
Subsequent Event | |||||
Dividends Payable [Line Items] | |||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | ||||
Preferred Stock, Redemption Amount | $ 507.8 | ||||
London Interbank Offered Rate (LIBOR) | |||||
Dividends Payable [Line Items] | |||||
Preferred Stock, Basis Spread on Variable Rate | 2.539% | ||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||
Dividends Payable [Line Items] | |||||
Preferred Stock, Basis Spread on Variable Rate | 2.539% | ||||
Preferred Stock, Basis Spread on Variable Rate, Tenor Spread Adjustment | 0.26161% |