PGR · 10-Q · 2026Q3 · Full report

Investment Portfolio Performance

PROGRESSIVE CORP/OH/ · 2026-11-02 · Importance 42 · Surprise 40 · Matches filing data

For the three months ended September 30, 2026, the portfolio’s FTE total return was negative 1.5%, compared with positive 1.7% in the prior-year quarter; for the first nine months of 2026, it was negative 0.3%, compared with positive 6.1%. Fixed-income FTE total returns were negative 1.7% for the quarter and negative 0.9% year to date, while common-stock returns were positive 2.2% and 13.0%, respectively. The pretax recurring investment book yield was 4.3% for the quarter and 4.2% for the first nine months of 2026. The portfolio’s fair value increased to $99.197 billion at September 30, 2026, from $94.509 billion a year earlier, with U.S. government securities declining to 41.9% of the portfolio from 54.3% and corporate and other debt increasing to 23.5% from 19.9%.

Key facts

• The fair value of Progressive’s investment portfolio was $99.2 billion at September 30, 2026, compared with $97.4 billion at December 31, 2025. source
• Progressive’s investment portfolio fair value was $99,197 million at September 30, 2026, compared with $94,509 million at September 30, 2025 and $97,373 million at December 31, 2025. source
• Progressive modestly increased fixed-income portfolio duration during 2026 to take advantage of higher market yields. source
• Progressive’s fixed-income portfolio duration was 3.6 years at September 30, 2026 and 3.4 years at both September 30, 2025 and December 31, 2025, within its acceptable range of 1.5 to 5.0 years. source
• Progressive’s other asset-backed securities portfolio fair value increased $1.6 billion during third quarter 2026, primarily from adding highly rated, shorter-duration collateralized loan obligations in the new-issue market. source
• Progressive’s corporate and other debt portfolio fair value increased $1.7 billion during third quarter 2026. source
• The fixed-income portfolio maintained weighted-average credit quality of AA- at September 30, 2026 and 2025 and December 31, 2025; duration was 3.6 years at September 30, 2026, versus 3.4 years at the two comparison dates. source
• Progressive’s annualized pretax recurring investment book yield was 4.3% for the three months and 4.2% for the nine months ended September 30, 2026. source

Impact estimates