The Progressive Corporation (PGR) 8-K Regulation FD Disclosure

Exhibit 99

News Release dated November 14, 2003,
containing financial results
of The Progressive Corporation
for the month of October 2003

PROGRESSIVE NEWS
RELEASE

The Progressive Corporation	Company Contact:
6300 Wilson Mills Road	Thomas A. King
Mayfield Village, Ohio 44143	(440) 395-2260
http://www.progressive.com

FOR IMMEDIATE RELEASE

MAYFIELD VILLAGE, OHIO – November 14, 2003 — The Progressive Corporation today reported the following results for October 2003:

		October		October
(millions)		2003		2002		Change
Net premiums written		$	1,169.6	$	967.7		21	%
Net premiums earned			1,165.1		935.0		25	%
Net income			145.7		95.5		53	%
	Per share		.66		.43		54	%
Combined ratio			84.7		91.4	6.7 pts.

See the “Income Statement” for further information.

     Progressive’s Personal Lines business units write insurance for private passenger automobiles and recreation vehicles. Progressive’s Commercial Auto business unit writes primary liability, physical damage and other auto-related insurance for automobiles and trucks owned by small businesses. The Company’s other businesses principally include writing directors’ and officers’ liability insurance and managing the wind down of the Company’s lender’s collateral protection program. See “Supplemental Information” for October’s results.

     The Progressive group of insurance companies ranks third in the nation for auto insurance, offering its products by phone at 1-800-PROGRESSIVE, online at progressive.com and through more than 30,000 independent agencies and insurance brokers. The Progressive Corporation, the holding company, is publicly traded at NYSE:PGR.

THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
October 31, 2003
($ in millions)(unaudited)

Current Month
		Personal Lines									Commercial
Description											Auto			Other			Companywide
		Agent			Direct			Total			Business			Businesses			Total
Net Premiums Written		$	705.9		$	322.1		$	1,028.0		$	138.8		$	2.8		$	1,169.6
% Growth in NPW			19	%		23	%		20	%		32	%		(56	)%		21	%
Premiums Earned		$	711.7		$	321.1		$	1,032.8		$	128.6		$	3.7		$	1,165.1
% Growth in Premiums Earned			23	%		28	%		24	%		34	%		(50	)%		25	%
Loss/LAE Ratio			65.8			65.9			65.8			61.8			(19.0	)		65.1
Expense Ratio			19.7			19.3			19.6			19.0			36.8			19.6
Combined Ratio			85.5			85.2			85.4			80.8			17.8			84.7
Actuarial Adjustments(a) -
	Reserve Decrease/(Increase)	$	(2.3	)	$	.3		$	(2.0	)	$	2.5		$	2.2		$	2.7

Year-to-Date
		Personal Lines									Commercial
Description											Auto			Other			Companywide
		Agent			Direct			Total			Business			Businesses			Total
Net Premiums Written		$	6,185.9		$	2,779.3		$	8,965.2		$	1,161.9		$	49.5		$	10,176.6
% Growth in NPW			25	%		30	%		26	%		37	%		(34	)%		27	%
Premiums Earned		$	5,807.9		$	2,584.5		$	8,392.4		$	1,016.8		$	56.9		$	9,466.1
% Growth in Premiums Earned			26	%		32	%		28	%		41	%		(32	)%		29	%
Loss/LAE Ratio			68.5			67.4			68.2			63.4			49.6			67.5
Expense Ratio			19.5			20.3			19.7			19.9			39.4			19.9
Combined Ratio			88.0			87.7			87.9			83.3			89.0			87.4
Actuarial Adjustments(a) -
	Reserve Decrease/(Increase)	$	(1.7	)	$	.2		$	(1.5	)	$	(10.2	)	$	3.0		$	(8.7	)

				October		October
				2003		2002		Change
Policies in Force
	(in thousands)
			Agent – Auto		3,939		3,338		18	%
			Direct – Auto		1,818		1,509		20	%
			Other Personal Lines(b)		1,991		1,643		21	%
		Total Personal Lines			7,748		6,490		19	%
		Commercial Auto Business			361		284		27	%

^(a) Represents adjustments based solely on the Company’s corporate actuarial review.

^(b) Includes insurance for motorcycles, recreation vehicles, mobile homes, watercraft, snowmobiles, homeowners and similar items.

THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
INCOME STATEMENT
October 31, 2003
(millions – except per share amounts)
(unaudited)

			Current		Year-to
			Month		Date
Direct premiums written			$	1,196.4	$	10,407.7
Net premiums written			$	1,169.6	$	10,176.6
Revenues:
Premiums earned			$	1,165.1	$	9,466.1
Recurring investment income1				37.9		381.9
Net realized gains on securities				10.2		25.9
Service revenues				4.2		34.3
Other income2				.2		31.0
	Total revenues			1,217.6		9,939.2
Expenses:
Losses and loss adjustment expenses				758.6		6,395.5
Underwriting expenses				228.1		1,880.1
Investment expenses				1.3		9.6
Service expenses				2.5		21.9
Interest expense				8.0		79.8
	Total expenses			998.5		8,386.9
Income before income taxes				219.1		1,552.3
Provision for income taxes				73.4		509.0
Net income			$	145.7	$	1,043.3
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding				216.2		217.4
		Per share	$	.67	$	4.80
Diluted:
Average shares outstanding				216.2		217.4
Net effect of dilutive stock options				3.7		3.6
		Total equivalent shares		219.9		221.0
		Per share	$	.66	$	4.72

¹The following table sets forth the total return for the periods ended October 31, 2003:

		Current			Year-to
		Month			Date
Fully taxable equivalent total return:
	Fixed income securities		(.5	)%		4.1	%
	Common stocks		5.8	%		21.4	%
	Total portfolio		.4	%		6.6	%

² Amount represents the estimated interest earned through October on the income tax refund the Company will receive. See the Company’s quarterly report on Form 10-Q for the period ended September 30, 2003, for further information.

THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
BALANCE SHEET AND OTHER INFORMATION
(millions– except per share amounts)
(unaudited)

					October 31,
					2003
CONDENSED GAAP BALANCE SHEET:1
		Investments -
			Available-for-sale:
				Fixed maturities, at market (amortized cost: $8,969.2)	$	9,158.3
				Equity securities, at market:
				Preferred stocks (cost: $794.4)		819.9
				Common equities (cost: $1,589.7)		1,863.3
			Short-term investments, at amortized cost (market: $1,256.4)			1,256.4
				Total investments		13,097.9
		Net premiums receivable				2,154.3
		Deferred acquisition costs				431.0
		Other assets				1,135.8
				Total assets	$	16,819.0
		Unearned premiums			$	4,033.3
		Loss and loss adjustment expense reserves				4,452.0
		Other liabilities2				2,128.0
		Debt				1,489.6
		Shareholders’ equity				4,716.1
				Total liabilities and shareholders’ equity	$	16,819.0
	Common Shares outstanding					216.0
	Shares repurchased – October					.250
				Average cost per share	$	74.00
	Book value per share				$	21.83
	Return on average shareholders’ equity					28.5	%

¹ Pursuant to SFAS 113, “Accounting and Reporting for Reinsurance of Short-Duration and Long-Duration Contracts,” loss and loss adjustment expense reserves are stated gross of reinsurance recoverables on unpaid losses of $217.3 million at October 31, 2003.

² Amounts include net unsettled security acquisitions of $826.3 million at October 31, 2003, including repurchase commitment transactions.