01—Abstract
Summary
Summary of the 10-K/A filed June 8, 1998. Cited figures are marked; the original filing is the authoritative source.
This Form 10-K/A (Amendment No. 2) for The Progressive Corporation's fiscal year ended December 31, 1997 does not contain new financial statements or operating results.
It was filed solely to add Item 7A, Quantitative and Qualitative Disclosures About Market Risk, to the original 10-K filed March 27, 1998. Item 7A incorporates by reference the "Investments" section of MD&A and Exhibit 13 (the 1997 Annual Report to Shareholders), so the substantive market-risk discussion is in those documents, not in this amendment. The filing confirms basic registration details: Progressive is an Ohio corporation headquartered in Mayfield Village, Ohio, with Common Shares ($1.00a par value) listed on the New York Stock Exchange.
As of February 27, 1998, 72,427,300 shares were outstanding. The aggregate market value of voting stock held by non-affiliates was $6,748,111,562.50b as of January 31, 1998.
Investors seeking performance, underwriting, or balance-sheet figures for 1997 should consult the original 10-K and its Exhibit 13. This amendment's main value is the market-risk disclosure cross-reference, which is relevant to how Progressive's investment portfolio exposure is discussed.
02—Key points
Key Highlights
- Filing purpose: Amendment No. 2 to the FY1997 10-K, adding Item 7A (market risk disclosures) to Part II, which was not in the original March 27, 1998 filing.
- Market risk content is incorporated by reference from the 'Investments' section of MD&A and from the 1997 Annual Report (Exhibit 13), rather than presented in full here.
- Shares outstanding: 72,427,300 Common Shares as of February 27, 1998.
- Non-affiliate market value: approximately $6.75 billion as of January 31, 1998.
- Listing: Common Shares are registered on the New York Stock Exchange under Section 12(b); the company reports no Section 12(g) registrations.
- No new financial results, revenue, earnings, or balance sheet data are included in this amendment.
03—Questions
Frequently Asked Questions
Why was this 10-K/A filed?
The company filed it to add Item 7A, Quantitative and Qualitative Disclosures About Market Risk, which was omitted from the original 10-K filed March 27, 1998. The amendment itself contains only this item and cross-references to existing disclosures.
Where can I find the actual market risk disclosures?
Item 7A incorporates by reference the 'Investments' section of MD&A in Item 7 of the original 10-K and the 1997 Annual Report to Shareholders, which is included as Exhibit 13 to the original filing. Those documents are not reproduced in this amendment.
How many shares were outstanding and what was the public float?
As of February 27, 1998, there were 72,427,300 Common Shares outstanding. The aggregate market value of voting stock held by non-affiliates was $6,748,111,562.50 as of January 31, 1998.
Does this filing contain Progressive's 1997 financial results?
No. This amendment does not include income statements, balance sheets, or operating metrics. Those figures appear in the original 10-K and its Exhibit 13 (1997 Annual Report to Shareholders).
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