PGR · 10-Q · 2026Q3 · Full report

Investment Portfolio Unrealized Loss

PROGRESSIVE CORP/OH/ · 2026-11-02 · Importance 51 · Surprise 64

At September 30, 2026, the fixed-maturity portfolio had an after-tax net unrealized loss of $2.730 billion, recorded in accumulated other comprehensive income (loss). This compared with an after-tax net unrealized gain of $203 million at September 30, 2025 and $117 million at December 31, 2025. The decline reflected valuation decreases across fixed-maturity sectors as interest rates rose during 2026, with U.S. government and corporate and other debt securities experiencing the most significant decreases.

Key facts

• Progressive’s fixed-maturity portfolio had an after-tax net unrealized loss of $2,730 million at September 30, 2026, versus an after-tax net unrealized gain of $203 million at September 30, 2025 and $117 million at December 31, 2025. source
• Third quarter 2026 net income decreased $73 million year over year, and total comprehensive income decreased $2,254 million, primarily due to net unrealized losses on fixed-maturity securities versus net unrealized gains in third quarter 2025. source
• Progressive attributed the decline in fixed-maturity unrealized value from September 30, 2025 and December 31, 2025 to valuation decreases across fixed-maturity sectors as interest rates rose during 2026; U.S. government and corporate and other debt securities had the largest decreases. source