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Exhibit No. 12
THE PROGRESSIVE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(millions)
(unaudited)
Years Ended December 31,
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2003 2002 2001 2000 1999
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Income before income taxes $ 1,859.7 $ 981.4 $ 587.6 $ 31.8 $ 412.2
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Fixed Charges:
Interest and amortization on indebtedness 97.0 75.1 53.4 81.1 79.8
Portion of rents representative
of the interest factor 7.5 5.6 7.4 8.0 6.8
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Total fixed charges 104.5 80.7 60.8 89.1 86.6
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Total income available for fixed charges(1) $ 1,963.0 $ 1,062.0 $ 647.7 $ 118.0 $ 495.6
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Ratio of earnings to fixed charges 18.8 13.2 10.7 1.3 5.7
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(1) Excludes interest capitalized, net of amortized interest, of $1.2 million,
$.1 million, $.7 million, $2.9 million, and $3.2 million for the years ended
December 31, 2003, 2002, 2001, 2000 and 1999, respectively.