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Letter to the Editor
Monday January 5
Progressive Confirms No Annual Dividend Will Be Paid for 2008
The Board of Directors of The Progressive Corporation has confirmed that there would not be a dividend paid under the company’s annual variable dividend policy, with respect to 2008.Pursuant to the company’s annual variable dividend policy, a dividend to shareholders would be calculated using the company’s operating results for the full year of 2008, but a dividend would not be paid if after-tax comprehensive income is less than after-tax underwriting income. Based on the company’s results through November 30, 2008, it is apparent that Progressive’s after-tax comprehensive loss (which amounted to $860.8 million for the year-to-date period) will be less than after-tax underwriting income for 2008 and, therefore, the Board of Directors determined that no dividend would be paid for 2008.
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