EX-12 3 l02097aexv12.htm EX-12 COMPUTATION OF RATIO OF EARNINGS EX-12 Computation of Ratio of Earnings
 

     Exhibit No. 12

THE PROGRESSIVE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(millions)
(unaudited)
                   
      Three Months Ended
      March 31,
     
      2003   2002
     
 
Income before income taxes
   $ 433.3     $ 261.3  
 
    
     
 
Fixed Charges:
                
 
Interest and amortization on indebtedness
     24.3       18.2  
 
Portion of rents representative of the interest factor
     1.7       1.5  
 
    
     
 
Total fixed charges
     26.0       19.7  
 
    
     
 
Total income available for fixed charges1
   $ 459.2     $ 281.0  
 
    
     
 
Ratio of earnings to fixed charges
     17.7       14.3  
 
    
     
 

     1 Excludes interest capitalized, net of amortized interest, of $.1 million and $0 for the three months ended March 31, 2003 and 2002, respectively.

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