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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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1995 1994 % Change
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Total direct premiums written $726.0 $605.6 20
Reinsurance ceded, net (39.1) (47.4) 18
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Net premiums written 686.9 558.2 23
Change in net unearned premiums(1) (62.6) (79.5) 21
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Premiums earned $624.3 $478.7 30
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<FN>
(1) Represents change in unearned premiums net of prepaid reinsurance premiums.