PGR · 8-K · 20260819PR000315
Investment Results
PROGRESSIVE CORP/OH/ · 2026-08-19 · Importance 45 · Surprise 64 · No source text
July total pretax net realized losses on securities were $47 million versus $79 million of gains in July 2025, driven by a $52 million net holding-period loss. Year-to-date net realized gains increased to $437 million from $254 million, while investment income increased to $2,233 million from $1,989 million. July total portfolio FTE return was negative 0.4%, with fixed-income securities down 0.4% and common stocks down 0.1%. The year-to-date total portfolio return was 0.9%, compared with 4.3% in 2025.
Key facts
- Year-to-date total net realized gains (losses) on securities as of July 31, 2026: $437 million, 2025: $254 million source
- Net unrealized pretax gains (losses) on fixed-maturity securities as of July 31, 2026: $(1,704) million; Increase (decrease) from the previous month: $(651) million; Increase (decrease) from December 2025: $(1,852) million source
- Total pretax net realized gains (losses) on securities for July 2026: $(47) million, 2025: $79 million, change (159)% source
- Year-to-date investment income as of July 31, 2026: $2,233 million, 2025: $1,989 million source
- Other comprehensive income (loss) for July 2026: $(514) million; Total comprehensive income (loss): $447 million source
- Investment income for July 2026: $337 million (current month line item) source
- As of July 31, 2026, the company held certain hybrid securities and recognized a change in fair value of $1 million as a realized loss during the period held source
- Fully taxable equivalent (FTE) total return for July 2026: Fixed-income securities (0.4)%, Common stocks (0.1)%, Total portfolio (0.4)% source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | negative | realized | -1.5% | Net unrealized pretax gains (losses) on fixed-maturity securities as of July 31, 2026: $(1,704) million; Increase (decrease) from the… |
| net_income | positive | realized | +1.0% | Year-to-date investment income as of July 31, 2026: $2,233 million, 2025: $1,989 million |
| net_income | positive | realized | +0.8% | Year-to-date total net realized gains (losses) on securities as of July 31, 2026: $437 million, 2025: $254 million |
| net_income | negative | realized | -0.5% | Total pretax net realized gains (losses) on securities for July 2026: $(47) million, 2025: $79 million, change (159)% |
| assets | negative | realized | -0.5% | Net unrealized pretax gains (losses) on fixed-maturity securities as of July 31, 2026: $(1,704) million; Increase (decrease) from the… |