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

Exhibit 99

News Release dated December 12, 2003,
containing financial results
of The Progressive Corporation
for the month of November 2003

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

FOR IMMEDIATE RELEASE

MAYFIELD VILLAGE, OHIO – December 12, 2003 — The Progressive Corporation today reported the following results for November 2003:

(millions)		November		November
		2003		2002		Change
Net premiums written		$	875.5	$	711.2		23	%
Net premiums earned			939.5		762.4		23	%
Net income			99.5		56.7		75	%
	Per share		.45		.26		77	%
Combined ratio			86.7		96.3	9.6 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 November’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 Common Shares of The Progressive Corporation, the holding company, are publicly traded at NYSE:PGR.

THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
November 30, 2003
($ in millions)(unaudited)

Current Month
Description	Personal Lines									Commercial
										Auto			Other			Companywide
	Agency			Direct			Total			Business			Businesses			Total
Net Premiums Written	$	531.1		$	241.2		$	772.3		$	101.6		$	1.6		$	875.5
% Growth in NPW		21	%		27	%		23	%		32	%		(76	)%		23	%
Premiums Earned	$	572.3		$	259.2		$	831.5		$	104.6		$	3.4		$	939.5
% Growth in Premiums Earned		21	%		26	%		23	%		32	%		(47	)%		23	%
Loss/LAE Ratio		67.2			67.4			67.3			59.7			47.6			66.4
Expense Ratio		20.5			19.9			20.3			19.4			40.7			20.3
Combined Ratio		87.7			87.3			87.6			79.1			88.3			86.7
Actuarial Adjustments(a) - Reserve Decrease/(Increase)	$	(.2	)	$	.5		$	.3		$	1.2		$	.4		$	1.9

Year-to-Date
Description	Personal Lines									Commercial
										Auto			Other			Companywide
	Agency			Direct			Total			Business			Businesses			Total
Net Premiums Written	$	6,717.0		$	3,020.5		$	9,737.5		$	1,263.5		$	51.1		$	11,052.1
% Growth in NPW		25	%		29	%		26	%		36	%		(38	)%		27	%
Premiums Earned	$	6,380.2		$	2,843.7		$	9,223.9		$	1,121.4		$	60.3		$	10,405.6
% Growth in Premiums Earned		26	%		32	%		28	%		40	%		(33	)%		28	%
Loss/LAE Ratio		68.4			67.4			68.1			63.1			49.5			67.5
Expense Ratio		19.6			20.2			19.8			19.9			39.5			19.9
Combined Ratio		88.0			87.6			87.9			83.0			89.0			87.4
Actuarial Adjustments(a) - Reserve Decrease/(Increase)	$	(1.9	)	$	.7		$	(1.2	)	$	(9.0	)	$	3.4		$	(6.8	)

		November		November
Policies in Force		2003		2002		Change
(in thousands)
	Agency – Auto		3,967		3,362		18	%
	Direct – Auto		1,839		1,523		21	%
	Other Personal Lines(b)		1,989		1,640		21	%
Total Personal Lines			7,795		6,525		19	%
Commercial Auto Business			364		286		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 STATEMENTS
November 30, 2003
(millions – except per share amounts)
(unaudited)

			Current			Year-to
			Month			Date
Direct premiums written			$	896.8		$	11,304.5
Net premiums written			$	875.5		$	11,052.1
Revenues:
Premiums earned			$	939.5		$	10,405.6
Recurring investment income1				39.4			421.3
Net realized gains (losses) on securities				(10.6	)		15.3
Service revenues				3.8			38.1
Other income2				.2			31.2
	Total revenues			972.3			10,911.5
Expenses:
Losses and loss adjustment expenses				623.3			7,018.8
Underwriting expenses				190.9			2,071.0
Investment expenses				1.1			10.7
Service expenses				2.0			23.9
Interest expense				7.9			87.7
	Total expenses			825.2			9,212.1
Income before income taxes				147.1			1,699.4
Provision for income taxes				47.6			556.6
Net income			$	99.5		$	1,142.8
COMPUTATION OF EARNINGS PER SHARE3
Basic:
Average shares outstanding				215.6			216.9
		Per share	$	.46		$	5.27
Diluted:
Average shares outstanding				215.6			216.9
Net effect of dilutive stock-based compensation				4.2			4.0
		Total equivalent shares		219.8			220.9
		Per share	$	.45		$	5.17

¹The following table sets forth the total return for the periods ended November 30, 2003:

		Current			Year-to
		Month			Date
Fully taxable equivalent total return:
	Fixed income securities		.4	%		4.6	%
	Common stocks		1.2	%		22.8	%
	Total portfolio		.5	%		7.2	%

²Amount represents the estimated interest earned through November 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.

³Prior to November 2003, the Company’s “average shares outstanding” inadvertently included the effect of the unvested restricted stock awards, thereby understating Basic earnings per share since April 2003 (the date of the initial restricted stock grant). The impact on any period was less than $.01 as to Basic earnings per share only. Diluted earnings per share were properly stated for each period due to the fact that the unvested restricted stock awards which were included in “average shares outstanding” would have otherwise been included in the “net effect of dilutive stock-based compensation,” thereby having no impact on the total Diluted equivalent shares.

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

					November 30, 2003
CONDENSED GAAP BALANCE SHEET:1
		Investments -
			Available-for-sale:
				Fixed maturities, at market (amortized cost: $9,092.6)	$	9,293.6
				Equity securities, at market:
				Preferred stocks (cost: $805.2)		830.7
				Common equities (cost: $1,588.9)		1,880.8
			Short-term investments, at amortized cost (market: $1,117.7)			1,117.7
				Total investments2		13,122.8
		Net premiums receivable				2,131.0
		Deferred acquisition costs				422.7
		Other assets				1,143.9
				Total assets	$	16,820.4
		Unearned premiums			$	3,968.8
		Loss and loss adjustment expense reserves				4,526.9
		Other liabilities2				1,992.0
		Debt				1,489.7
		Shareholders’ equity				4,843.0
				Total liabilities and shareholders’ equity	$	16,820.4
	Common Shares outstanding					216.4
	Shares repurchased – November					—
		Average cost per share				—
	Book value per share				$	22.38
	Return on average shareholders’ equity					28.7	%

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 $220.3 million at November 30, 2003.

² Amounts include net unsettled security acquisitions of $624.4 million at November 30, 2003, including repurchase commitment transactions.