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Progressive Corp. (a property and casualty insurance company) reported Loss and loss adjustment expense reserves (an operating liability) of $8,479.7 million its 2013 annual report.
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- Progressive Corp. (a property and casualty insurance company) reported Loss and loss adjustment expense reserves (an operating liability) of $8,479.7 million its 2013 annual report. What is the allowance for loan and lease losses? How could Progressives managers use the reserve to manage income? Provide a numerical example of the income statement effect of this sort of earnings management.
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