Progressive 2010 Annual Report Download - page 30

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36
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 Com pany
Accounting Oversight Board (United States), the consolidated balance
sheets of The Progressive Corporation and its subsidiaries as of Decem-
ber 31, 2010 and 2009, 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, 2010 (not presented herein) appearing
in The Progressive Corporation’s 2010 Annual Report to Shareholders,
which is attached as an Appendix to The Progressive Corporation’s 2011
Proxy Statement. In our report dated March 1, 2011, we expressed an un-
qualified opinion on those consolidated financial statements.
In our opinion, the information set forth in the accompanying con-
densed 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
March 1, 2011
COMMON SHARES AND DIVIDENDS
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
2011,
with a record date in January 2012 and payment
shortly thereafter. A complete description of our
annual variable dividend policy can be found at:
progressive.com/dividend.
Rate Declared
Quarter High Low Close of Return per Share
2010
1 $ 19.69 $ 16.18 $ 19.09 $ 0
2 20.94 18.67 18.72 0
3 21.59 18.41 20.87 0
4 22.13 19.54 19.87 1.3987
$ 22.13 $ 16.18 $ 19.87 16.9% $ 1.3987
2009
1 $ 15.24 $ 9.76 $ 13.44 $ 0
2 17.00 13.00 15.1 1 0
3 17.50 14.12 16.58 0
4 18.10 15.90 17.99 .1613
$ 18.10 $ 9.76 $ 17.99 21.5% $ .1613
Stock Price
Dividends