Progressive 2011 Annual Report Download - page 32

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33
Fleetwood (Kevin H, age 32)
uninterrupted operation of our facilities, systems (including
information technology systems), and business functions;
court decisions and trends in litigation and health care and
auto repair costs; and other matters described from time
to time in our releases and publications, and in our periodic
reports and other documents filed with the United States
Securities and Exchange Commission. In addition, investors
should be aware that generally accepted accounting princi-
ples prescribe when a company may reserve for particular
risks, including litigation exposures. Accordingly, results
for a given reporting period could be significantly affected
if and when a reserve is established for one or more contin-
gencies. Also, our regular reserve reviews may result in
adjustments of varying magnitude as additional information
regarding claims activity becomes known. eported results,
therefore, may be volatile in certain accounting periods.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders
of The Progressive Corporation:
We have audited, in accordance with the standards of the
Public Company Accounting Oversight Board (United
States), the consolidated balance sheets of The Progressive
Corporation and its subsidiaries as of December 31, 2 011
and 2010, and the related consolidated statements of com-
prehensive income, changes in shareholders’ equity and
cash flows for each of the three years in the period ended
December 31, 2 011 (not presented herein) appearing in
The Progressive Corporation’s 2 011 Annual eport to Share-
holders, which is attached as an Appendix to The Progressive
Corporation’s 2012 Proxy Statement. In our report dated
February 28, 2012, we expressed an unqualified opinion on
those consolidated financial statements.
In our opinion, the information set forth in the accompany-
ing condensed consolidated financial statements is fairly
stated, in all material respects, in relation to the consolidated
financial statements from which it has been derived.
Cleveland, Ohio
February 28, 2012
COMMON SHARES AND DIVIDENDS
The Progressive Corporation’s common shares are traded on
the New York Stock Exchange (symbol PG). Progressive
currently has an annual variable dividend policy. We expect
the Board to declare the next annual variable dividend, subject
to policy limitations, in December 2012, with a record
date
in January 2013 and payment shortly thereafter. A complete
description of our annual variable dividend policy can be
found at: progressive.com/dividend.
Bug (Mark, age 49)