The Progressive Corporation Becomes First to Report Earnings per Share Monthly

First Publicly Held Company To Issue Monthly Operating Results Now Becomes First to Report Monthly EPS

MAYFIELD VILLAGE, Ohio, Aug. 14 -- In May 2001, The Progressive Corporation became the first publicly held company to issue operating results monthly. Now, more than two years later, it is still the only such company reporting monthly results and, with its July 2003 monthly results to be released tomorrow, Friday, August 15, 2003, Progressive will become the only publicly held company to report earnings per share monthly. The Company will also begin reporting repurchases of its Common Shares each month.

The new format of the monthly release will feature key numbers in an easy- to-read table in the opening paragraph, including premiums written and earned, net income, net income per share and the combined ratio. The news release will also contain both the Balance Sheet and the Income Statement that includes the computation of earnings per share. The Balance Sheet and Income Statement were previously only provided in quarterly reporting.

The July 2003 release will also include the trailing 12 months of earnings per share and share repurchases to give perspective to July's results. The Company issues results approximately two weeks after the close of its accounting period each month.

Progressive believes that good decisions flow from clear information; transparency of information is a cornerstone of the Company's brand. Progressive's insurance company subsidiaries are the only auto insurance companies to offer consumers their rates alongside the rates of other big-name companies. At the companies' online servicing site, customers can control their own auto insurance policy by making changes and payments and checking the status of a claim. And, the companies are the only auto insurers providing consumers with in-depth information about how and why they use information about credit history in helping to determine auto insurance rates, including providing them with a "Personalized Insurance Credit Inquiry," as well as toll-free access to a group of specially-trained customer service representatives available to answer questions.

The Progressive group of insurance companies, in business since 1937, comprises the nation's third largest auto insurance group and provides drivers with competitive rates and 24/7, in-person service. The companies offer insurance by phone at 1-800-PROGRESSIVE, online at progressive.com and through more than 30,000 independent insurance agencies throughout the U.S. The Progressive Corporation, the holding company, has headquarters in Mayfield Village, Ohio. More information can be found at progressive.com .