Progressive 2008 Annual Report Download - page 33

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 con-
solidated balance sheets of The Progressive Corporation and its
subsidiaries as of December 31, 2008 and 2007, and the related
consolidated statements of income, changes in shareholders’
equity and cash flows for each of the three years in the period
ended December 31, 2008 (not presented herein) appearing
in The Progressive Corporation’s 2008 Annual Report to Share-
holders, which is attached as an Appendix to The Progressive
Corporation’s 2009 Proxy Statement; and in our report dated
February 25, 2009, we expressed an unqualified opinion on those
consolidated financial statements.
In our opinion, the information set forth in the accompanying
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 25, 2009
Report of Independent Registered Public
Accounting Firm
Progressive’s management is responsible for establishing and
maintaining adequate internal control over financial reporting.
Based on Progressive’s evaluation under the framework in
Internal Control–Integrated Framework issued by the Commit-
tee of Sponsoring Organizations of the Treadway Commission
(COSO), management concluded that Progressive’s internal con-
trol over financial reporting was effective as of December 31,
2008. The complete “Management’s Report on Internal Control
over Financial Reporting,” as required by Section 404 of The
Sarbanes-Oxley Act of 2002 and applicable SEC regulations,
along with the related report of PricewaterhouseCoopers LLP, is
presented in the 2008 Annual Report to Shareholders, which is
attached as an Appendix to Progressive’s 2009 Proxy Statement.
Internal Control over Financial Reporting
35