Exhibit 12
THE PROGRESSIVE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(millions)
(unaudited)
| Years Ended December 31, | ||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Income before income taxes | $ | 2,138.9 | $ | 1,470.7 | $ | 1,911.6 | $ | 1,907.4 | $ | 1,720.0 | ||||||||||
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Fixed Charges: | ||||||||||||||||||||
Interest and amortization on indebtedness | 155.9 | 143.9 | 138.4 | 118.2 | 119.1 | |||||||||||||||
Portion of rents representative of the interest factor | 8.3 | 6.9 | 5.9 | 5.9 | 6.7 | |||||||||||||||
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Total fixed charges | 164.2 | 150.8 | 144.3 | 124.1 | 125.8 | |||||||||||||||
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Interest capitalized, net of amortized interest | (0.7 | ) | (0.9 | ) | (0.8 | ) | (1.1 | ) | (0.6 | ) | ||||||||||
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Total income available for fixed charges | $ | 2,302.4 | $ | 1,620.6 | $ | 2,055.1 | $ | 2,030.4 | $ | 1,845.2 | ||||||||||
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Ratio of earnings to fixed charges | 14.0 | 10.7 | 14.2 | 16.4 | 14.7 | |||||||||||||||
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