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PROGRESSIVE CORP/OH/ – 10-Q – Management's Discussion And Analysis Of Financial Condition And Results Of Operations. – Insurance News Net

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  • PROGRESSIVE CORP/OH/ – 10-Q – Management's Discussion And Analysis Of Financial Condition And Results Of Operations. – Insurance News Net

I. OVERVIEW
A. Insurance Operations
B. Investments
II. FINANCIAL CONDITION
A. Liquidity and Capital Resources
III. RESULTS OF OPERATIONS – UNDERWRITING
A. Segment Overview
The following table shows the composition of our companywide net premiums
written, by segment, for the respective periods:
100 % 100 %
B. Profitability
10.7 %
The decrease in the companywide underwriting profit margin during the three
months ended March 31, 2022, compared to the same period last year, were
primarily driven by higher accident severity. See the Losses and Loss Adjustment
Expenses (LAE) section below for further discussion of our frequency and
severity trends and catastrophe losses incurred during the period.
Change
Losses and Loss Adjustment Expenses (LAE)
31,
Our total loss and LAE ratio increased 6.7 points for the first quarter 2022,
compared to the same period last year, primarily due to higher accident
severity, partially offset by lower catastrophe losses.
The following table shows our consolidated catastrophe losses, excluding loss
adjustment expenses, incurred during the periods:
Underwriting Expenses
C. Growth
1 Includes insurance for motorcycles, watercraft, RVs, and similar items.
D. Personal Lines
E. Commercial Lines
The following table shows our year-over-year changes for our Commercial Lines
business, excluding our TNC, BOP, and Protective Insurance products:
7 7
F. Property
(7) (3)
G. Income Taxes
IV. RESULTS OF OPERATIONS – INVESTMENTS
A. Investment Results
A further break-down of our FTE total returns for our fixed-income portfolio for
the periods ended March 31, follows:
0.4
B. Portfolio Allocation
The composition of the investment portfolio was:
Our asset allocation strategy is to maintain 0%-25% of our portfolio in Group I
securities, with the balance (75%-100%) of our portfolio in Group II securities.
1 We did not hold any non-investment-grade redeemable preferred stocks at
March 31, 2022 and 2021, or December 31, 2021.
See Note 2 – Investments for a further break-out of our gross unrealized gains
(losses).
Holding Period Gains and Losses
The following table provides the balance and activity for both the gross and net
holding period gains (losses) for the three months ended March 31, 2022:
(115.2) $ 3,481.4
Fixed-Income Securities
The fixed-income portfolio is managed internally and includes fixed-maturity
securities, short-term investments, and nonredeemable preferred stocks.
Non-investment grade/non-rated1
1 The ratings in the table above are assigned by NRSROs.
ASSET-BACKED SECURITIES
Included in the fixed-income portfolio are asset-backed securities, which were
comprised of the following at the balance sheet dates listed:
A-
A+
AA
AA-
March 31, 2021
Residential mortgage-backed securities $ 553.2 $ 4.9
AA
AA-
AA+
AA-
December 31, 2021
Residential mortgage-backed securities $ 790.0 $ 1.7
A-
AA-
1 The credit quality ratings in the table above are assigned by NRSROs.
1 The credit quality ratings are assigned by NRSROs; when we assigned the NAIC
ratings for our CMBS, 38% of our non-investment-grade securities were rated
investment grade and reported as Group II securities, with the remainder
classified as Group I.
MUNICIPAL SECURITIES
The following table details the credit quality rating of our municipal
securities at March 31, 2022, without the benefit of credit or bond insurance:
CORPORATE DEBT SECURITIES
The following table details the credit quality rating of our corporate debt
securities at March 31, 2022:
PREFERRED STOCKS – REDEEMABLE AND NONREDEEMABLE
Common Equities
——————————————————————————–
CNA FINANCIAL CORP – 10-Q – Management's Discussion and Analysis (MD&A) of Financial Condition and Results of Operations
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