EX-12 2 l15028aexv12.htm EX-12 COMPUTATION OF RATIO OF EARNINGS Exhibit 12
 

Exhibit No. 12
THE PROGRESSIVE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(millions)
(unaudited)
                 
    Six Months Ended
    June 30,
    2005   2004
Income before income taxes
   $ 1,201.4     $ 1,253.7  
 
                
Fixed Charges:
                
Interest and amortization on indebtedness
     42.0       42.6  
Portion of rents representative of the interest factor
     5.7       4.2  
 
                
Total fixed charges
     47.7       46.8  
 
                
Interest capitalized, net of amortized interest
     (.2 )     (2.3 )
 
                
Total income available for fixed charges
   $ 1,248.9     $ 1,298.2  
 
                
Ratio of earnings to fixed charges
     26.2       27.7