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EXHIBIT NO. 99
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COMPUTATION OF PREMIUMS EARNED
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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
COMPUTATION OF PREMIUMS EARNED
(millions)
(unaudited)
Three Months Ended March 31,
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1994 1993 % Change
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Total direct premiums written $605.6 $451.2 34
Reinsurance ceded, net (47.4) (29.4) 61
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Net premiums written 558.2 421.8 32
Change in net unearned premiums(1) (79.5) (49.6) 60
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Premiums earned $478.7 $372.2 29
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<FN>
(1) Represents change in unearned premiums net of prepaid reinsurance premiums.