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EXHIBIT NO. 12
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COMPUTATION OF
RATIO OF EARNINGS TO
FIXED CHARGES
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EXHIBIT 12
THE PROGRESSIVE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(millions)
(unaudited)
Six Months Ended June 30,
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1996 1995
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Income before income taxes $ 197.3 $ 166.0
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Fixed Charges:
Interest and amortization on indebtedness 29.3 28.5
Portion of rents representative of the interest factor 2.2 2.0
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Total fixed charges 31.5 30.5
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Total income available for fixed charges $ 228.8 $ 196.5
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Ratio of earnings to fixed charges 7.3 6.4
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