Exhibit 12
THE PROGRESSIVE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(millions)
(unaudited)
| Six Months Ended June 30, | Years Ended December 31, | |||||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
Income before income taxes | $ | 674.7 | $ | 1,911.6 | $ | 1,907.4 | $ | 1,720.0 | $ | 1,317.7 | $ | 1,487.0 | ||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest and amortization on indebtedness | 70.2 | 138.4 | 118.2 | 119.1 | 124.1 | 133.1 | ||||||||||||||||||
Portion of rents representative of the interest factor | 3.3 | 5.9 | 5.9 | 6.7 | 7.2 | 7.6 | ||||||||||||||||||
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Total fixed charges | 73.5 | 144.3 | 124.1 | 125.8 | 131.3 | 140.7 | ||||||||||||||||||
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Interest capitalized, net of amortized interest | (0.7 | ) | (0.8 | ) | (1.1 | ) | (0.6 | ) | 0 | (0.2 | ) | |||||||||||||
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Total income available for fixed charges | $ | 747.5 | $ | 2,055.1 | $ | 2,030.4 | $ | 1,845.2 | $ | 1,449.0 | $ | 1,627.5 | ||||||||||||
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Ratio of earnings to fixed charges | 10.2 | 14.2 | 16.4 | 14.7 | 11.0 | 11.6 | ||||||||||||||||||
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