Exhibit No. 12
THE PROGRESSIVE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Three Months Ended | |||||||||
| March 31, | |||||||||
| 2003 | 2002 | ||||||||
| Income before income taxes | $ | 433.3 | $ | 261.3 | |||||
| Fixed Charges: | |||||||||
| Interest and amortization on indebtedness | 24.3 | 18.2 | |||||||
| Portion of rents representative of the interest factor | 1.7 | 1.5 | |||||||
| Total fixed charges | 26.0 | 19.7 | |||||||
Total income available for fixed charges1 | $ | 459.2 | $ | 281.0 | |||||
| Ratio of earnings to fixed charges | 17.7 | 14.3 | |||||||
1 Excludes interest capitalized, net of amortized interest, of $.1 million and $0 for the three months ended March 31, 2003 and 2002, respectively.
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