EX-12 16 l17994aexv12.htm EX-12 COMPUTATION OF EARNINGS/RATIOS-FIXED CHARGES EX-12 COMPUTATION OF EARNINGS/RATIOS-FIXED CHARGES
 

Exhibit No. 12
THE PROGRESSIVE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(millions)
(unaudited)
                                         
    Years Ended December 31,  
    2005     2004     2003     2002     2001  
 
Income before income taxes
   $ 2,058.9     $ 2,450.8     $ 1,859.7     $ 981.4     $ 587.6  
 
                              
Fixed Charges:
                                        
Interest and amortization on indebtedness
     83.9       84.7       97.0       75.1       53.4  
Portion of rents representative of the interest factor
     17.5       8.9       7.5       5.6       7.4  
 
                              
Total fixed charges
     101.4       93.6       104.5       80.7       60.8  
 
                              
Interest capitalized, net of amortized interest
     (.7 )     (3.6 )     (1.2 )     (.1 )     (.7 )
 
                              
Total income available for fixed charges
   $ 2,159.6     $ 2,540.8     $ 1,963.0     $ 1,062.0     $ 647.7  
 
                              
Ratio of earnings to fixed charges
     21.3       27.1       18.8       13.2       10.7