Consolidated Statements of Income | Consolidated Balance Sheets | Consolidated Statements of Changes in Shareholders' Equity
Consolidated Statements of Cash Flows | Notes to Consolidated Financial Statements

2004

The Progressive Corporation and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2004, 2003 and 2002

1

Reporting and Accounting Policies

8

Employee Benefit Plans

2

Investments

9

Segment Information

3

Income Taxes

10

Other Comprehensive Income

4

Debt

11

Litigation

5

Loss and Loss Adjustment Expense Reserves

12

Commitments and Contingencies

6

Reinsurance

13

Fair Value of Financial Instruments

7

Statutory Financial Information

14

Related Party Transactions

14 Related Party Transactions

The following table summarizes the Company's repurchase of its Common Shares, $1.00 par value, from Peter B. Lewis, the Company's Chairman of the Board, or through an entity owned and controlled, directly or indirectly, by Mr. Lewis, during the three year period ended December 31, 2004. The 2004 transaction was part of the Company's "Dutch auction" tender offer and the price per share was the same price given to all shareholders who elected to participate in the tender offer. The prices per share for 2003 and 2002 equaled the then current market price of the Company's stock as quoted on the New York Stock Exchange and were part of the Company's ongoing repurchase program to eliminate the effect of dilution created by equity compensation awards.



1) Per share amount was adjusted for the April 22, 2002, 3-for-1 stock split.

continue to MANAGEMENT'S INTERNAL CONTROL REPORT

See Current Version:
Notes to Consolidated Financial Statements, 1st Quarter 2005