Progressive 2009 Annual Report Download - page 28

Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995
Statements in this report that are not historical fact are
forward-looking statements that are subject to certain
risks and uncertainties 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 pro-
jections generally; inflation and changes in economic
conditions (including changes in interest rates and finan-
cial 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 rela-
tionships, 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 effec-
tiveness 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
regulatory developments; disputes relating to intellectual
Common Shares
The Progressive Corporation’s common shares (symbol
PGR) are traded on the New York Stock Exchange. Pro-
gressive currently has an annual variable dividend policy.
We expect the Board to declare the next annual variable
dividend, subject to policy limitations, in December 2010,
with a record date in January 2011 and payment shortly
thereafter. A complete description of our annual variable
dividend policy can be found at: progressive.com/dividend.
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 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 re-
leases 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 principles
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 con-
tingencies. Also, our regular reserve reviews may result in
adjustments of varying magnitude as additional informa-
tion regarding pending loss and loss adjustment expense
reserves becomes known. Reported results, therefore, may
be volatile in certain accounting periods.
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