Ten Year Summary -- Financial Highlights | Ten Year Summary -- GAAP Consolidated Operating Results

The Progressive Corporation and Subsidiaries

Ten Year Summary -- Financial Highlights

(unaudited - not covered by report of independent auditors)

All share and per share amounts were adjusted for the April 22, 2002, 3-for-1 stock split.

1) In 1994, the $71.0 million "supplemental reserve" was eliminated, increasing book value per share $.21, underwriting profit margin 3.2% and shareholders' equity $46.1 million.

2) Represents the closing price at December 31.

3) Net income minus preferred share dividends ÷ average common shareholders' equity.

4) 1995 and 1994 represents the ratio of earnings to combined fixed charges and preferred share dividends.

5) Represents the closing stock price ÷ earnings per share.

continue to TEN YEAR SUMMARY -- GAAP CONSOLIDATED OPERATING RESULTS