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Exhibit 12
THE PROGRESSIVE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(millions)
(unaudited)
Twelve Months Ended December 31,
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1997 1996
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Income before income taxes $578.5 $441.7
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Fixed Charges:
Interest and amortization on indebtedness 64.6 61.5
Portion of rents representative of the interest factor 5.6 4.5
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Total fixed charges 70.2 66.0
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Total income available for fixed charges $648.7 $507.7
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Ratio of earnings to fixed charges 9.2 7.7
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