The Progressive Corporation and Subsidiaries

Ten Year Summary -- Financial Highlights

(unaudited)

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

1) Represents the closing price at December 31.

2) For 1995, represents net income minus preferred share dividends ÷ average common shareholders' equity.

3) For 1995, represents the ratio of earnings to combined fixed charges and preferred share dividends.

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

5) Underwriting margins are calculated as underwriting profit (loss), as defined in Note 9 — Segment Information, as a percent of net premiums earned.

6) Presented on a diluted basis. In 1997, the Company adopted SFAS 128, "Earnings Per Share," and, as a result, restated prior periods per share amounts, if applicable.

NA = Not available. The revised segment disclosure requirements became effective for the three years ended December 31, 1998; comparative information is not available for prior periods.

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