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EXHIBIT NO. 12(A)
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COMPUTATION OF
RATIO OF EARNINGS TO
FIXED CHARGES
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EXHIBIT 12(A)
THE PROGRESSIVE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(millions)
(unaudited)
Three Months Ended March 31,
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1996 1995
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Income before income taxes $ 87.1 $81.5
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Fixed Charges:
Interest and amortization on indebtedness 14.3 14.3
Portion of rents representative of the interest factor 1.1 .9
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Total fixed charges 15.4 15.2
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Total income available for fixed charges $102.5 $96.7
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Ratio of earnings to fixed charges 6.7 6.4
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