SCHEDULE I - Summary Of Investments - Other Than Investments in Related Parties

12 Months Ended

Dec. 31, 2013

SCHEDULE I - Summary Of Investments - Other Than Investments In Related Parties

SCHEDULE I — SUMMARY OF INVESTMENTS — OTHER THAN INVESTMENTS IN RELATED PARTIES

THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

(millions)



	December 31, 2013
Type of Investment	Cost		Fair Value		Amount At Which Shown In The Balance Sheet
Available-for-sale
Fixed maturities:
Bonds:
United States Government and government agencies and authorities	$	3,630.4	$	3,662.2	$	3,662.2
States, municipalities, and political subdivisions	2,247.3		2,256.0		2,256.0
Foreign government obligations	15.6		15.6		15.6
Public utilities	96.3		100.0		100.0
Corporate and other debt securities	2,788.7		2,826.6		2,826.6
Asset-backed securities	4,337.5		4,366.1		4,366.1
Redeemable preferred stocks	299.5		313.9		313.9
Total fixed maturities	13,415.3		13,540.4		13,540.4
Equity securities:
Common stocks:
Public utilities	106.7		156.4		156.4
Banks, trusts, and insurance companies	208.1		332.4		332.4
Industrial, miscellaneous, and all other	1,136.3		2,041.7		2,041.7
Nonredeemable preferred stocks	445.7		711.2		711.2
Total equity securities	1,896.8		3,241.7		3,241.7
Short-term investments¹	1,272.6		1,272.6		1,272.6
Total investments	$	16,584.7	$	18,054.7	$	18,054.7

¹Includes $6.3 million in treasury bills issued by the Australian government.

Progressive did not have any securities of any one issuer, excluding U.S. government obligations, with an aggregate cost or fair value exceeding 10% of total shareholders’ equity at December 31, 2013.

- Definition

The entire disclosure for the schedule applicable to insurance companies summarizing investments held as of the most recent audited balance sheet. At a minimum, such summary is by three major categories of investments including: (1) fixed maturities primarily consisting of bonds, including convertibles and bonds with warrants, and redeemable preferred stocks, (2) equity securities primarily consisting of common stocks and nonredeemable preferred stocks, and (3) other investments including mortgage loans on real estate, real estate held for investment, real estate acquired in satisfaction of debt, policy loans, other long-term investments, and short-term investments not otherwise categorized. The information provided with respect to each item within each category includes: (A) the original cost of equity securities and, as to fixed maturity securities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts, (B) fair value as of the reporting date, and (C) the amount at which the item within each category is shown in the statement of financial position; with respect to (C), if the amount at which shown in the statement of financial position is different from the items original [amortized] cost or fair value, an explanation of the difference may be included herein.

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