Progressive 2008 Annual Report Download - page 34

Statements in this report that are not historical fact are forward-
looking statements that are subject to certain risks and uncertain-
ties that could cause actual events and results to differ materially
from those discussed herein. These risks and uncertainties
include, without limitation, uncertainties related to estimates,
assumptions, and projections generally; inflation and changes
in economic conditions (including changes in interest rates and
financial markets); the financial condition of, and other issues
relating to the strength of and liquidity available to, issuers of
securities held in our investment portfolios and other companies
with which we have ongoing business relationships, including
counterparties to certain financial transactions; the accuracy
and adequacy of our pricing and loss reserving methodologies;
the competitiveness of our pricing and the effectiveness of our
initiatives to retain more customers; initiatives by competitors
and the effectiveness of our response; our ability to obtain
regulatory approval for requested rate changes and the timing
thereof; the effectiveness of our brand strategy and advertising
campaigns relative to those of competitors; legislative and reg-
ulatory developments; disputes relating to intellectual property
rights; the outcome of litigation pending or that may be filed
against us; weather conditions (including the severity and
frequency of storms, hurricanes, snowfalls, hail, and winter
conditions); changes in driving patterns and loss trends; acts of
war and terrorist activities; our ability to maintain the uninter-
rupted 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 Com-
mission. In addition, investors should be aware that generally
accepted accounting principles prescribe when a company
may reserve for particular risks, including litigation exposures.
Accordingly, results for a given reporting period could be signif-
icantly affected if and when a reserve is established for one or
more contingencies. Also, our regular reserve reviews may
result in adjustments of varying magnitude as additional infor-
mation regarding pending loss and loss adjustment expense
reserves becomes known. Reported results, therefore, may
be volatile in certain accounting periods.
Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995
36
The Progressive Corporation’s common
shares (symbol PGR) are traded on the
New York Stock Exchange. 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 2009, with
a record date in January 2010 and payment
shortly thereafter. A complete description
of our annual variable dividend policy can
be found at: progressive.com/dividend.
Common Shares