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Progressive Reports December Results And Annual Dividend Amount

The Progressive Corporation today reported the following results for December and the fourth quarter 2012:

             
    Month   Quarter
(millions, except per share amounts and ratios; unaudited)   2012     2011     Change 2012     2011     Change
 
Net premiums written $ 1,137.5 $ 1,011.5 12 % $ 3,839.3 $ 3,538.1 9 %
Net premiums earned $ 1,266.1 $ 1,164.7 9 % $ 4,105.6 $ 3,776.9 9 %
Net income $ 95.1 $ 76.3 25 % $ 249.1 $ 256.7 (3)%
Per share $ .16 $ .12 26 % $ .41 $ .42 (2)%

Total pretax net realized gains (losses) on securities (including net impairment losses)

$ 27.6 $ (23.1) NM $ 62.1 $ 29.5 111 %
Combined ratio 93.5 91.2 2.3 pts. 94.6 93.0 1.6 pts.
Average equivalent shares 605.5 611.6 (1)% 605.4 613.4 (1)%
 
NM = Not Meaningful                                          
                 
(thousands; unaudited)     December     December  
    2012 2011 Change

Policies in Force:

Agency – auto 4,790.4 4,648.5 3 %
Direct – auto 4,000.1 3,844.5 4 %
Total personal auto 8,790.5 8,493.0 4 %
Total special lines 3,944.8 3,790.8 4 %
Total Personal Lines 12,735.3 12,283.8 4 %
Total Commercial Auto 519.6 509.1 2 %
                     

On December 7, 2012, the Board of Directors declared an annual variable dividend to be paid on February 1, 2013, to shareholders of record at the close of business on January 25, 2013 (ex-dividend date of January 23, 2013). The amount of the dividend is $.2845 per common share, or an estimated $172.0 million in the aggregate, and is reflected in our 2012 financial statements.

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