PGR · 8-K · 20261014PR000367

Investment Results

PROGRESSIVE CORP/OH/ · 2026-10-14 · Importance 45 · Surprise 64 · No source text

September pretax net realized losses on securities were $231 million, compared with $138 million of gains in September 2025, driven primarily by $228 million of net holding-period losses. Year-to-date pretax net realized gains were $314 million, down from $470 million in 2025. The September total investment portfolio posted a negative 1.5% FTE total return, including negative 1.6% on fixed-income securities and negative 0.5% on common stocks. At September 30, 2026, total investments were $99,197 million, including $94,372 million of available-for-sale securities, and the fixed-income portfolio had an AA- weighted average credit quality.

Key facts

• Total pretax net realized losses on securities for September 2026: $(231) million versus $138 million in Sept 2025, a (267)% change. source
• Total pretax net realized losses on securities for the quarter ended September 30, 2026: $(170) million versus $295 million in 2025, a (158)% change. source
• Net unrealized pretax losses on fixed-maturity securities as of September 30, 2026: $(3,455) million, an increase (decrease) from the previous month of $(1,656) million and from December 2025 of $(3,603) million. source
• As of September 30, 2026, the company held certain hybrid securities and recognized a change in fair value of $17 million as a realized loss during the period held. source
• For the month ended September 30, 2026, investment income was $352 million and total net realized losses on securities were $(231) million. source
• Fully taxable equivalent (FTE) total return on fixed-income securities for September 2026: (1.6)%. source
• Fully taxable equivalent (FTE) total return on common stocks for September 2026: (0.5)%. source
• Total portfolio FTE return for September 2026: (1.5)%. source

Impact estimates