PGR · 10-Q · 2026Q2 · Full report

Liquidity and Credit Position

PROGRESSIVE CORP/OH/ · 2026-08-03 · Importance 37 · Surprise 6

At June 30, 2026, Progressive held a $97.221 billion investment portfolio with a 3.5-year duration and an AA- weighted average credit rating. Group II securities comprised 93% of the portfolio, while Group I securities comprised 7%, keeping the allocation within the stated 0% to 25% Group I target range. Approximately $11.2 billion, or 24%, of principal repayments from the fixed-income portfolio excluding U.S. government securities and short-term investments were expected over the next 12 months. The company reported no investment concentration exceeding its constraints and stated that the portfolio remained sufficient to meet near-term liquidity requirements.

Key facts

• Held $45.8 billion in short-term investments and U.S. Treasury securities at June 30, 2026, representing about half of total portfolio fair value at quarter end. source
• Renewed unsecured discretionary line of credit with PNC Bank in April 2026 in maximum principal amount of $300 million and amended interest rate to 1-month SOFR plus 1.0%. source
• At June 30, 2026 we had $568 million of net unsettled security transactions included in accounts payable, accrued expenses, and other liabilities. source
• Did not engage in short-term borrowings, including under the line of credit, to fund operations or for liquidity during the reported periods. source