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Progressive10-Q: Margin pressure

Investment portfolio value drops, swinging from $117M gain to $832M unrealized loss in 2026.

What happened

Rising interest rates caused a significant valuation decrease in the company's fixed-maturity portfolio. This nearly $1 billion swing in value puts pressure on investment returns and capital adequacy, likely triggering reviews of interest rate risk management and hedging strategies.

Source

SEC EDGARAug 3, 2026

Quarterly report (Form 10-Q)

Progressive 10-Q

Filing excerpt

As of June 30, 2026 and 2025, our fixed-maturity portfolio had a total after-tax net unrealized loss, which is recorded as part of accumulated other comprehensive income (loss) on our consolidated balance sheets, of $832 million and $81 million, respectively, compared to a total after-tax net unrealized gain of $117 million at December 31, 2025.

sec.gov/Archives/edgar/data/80661/000008066126000308/pgr-20260630.htmRead the full source

Other signals in this filing (4)

Extracted by Autobound

From the Signal API record
Signal
10-Q: Margin pressure

What this signalsFilings often name leadership changes, deals and spending plans.

Fiscal year end
06/30
Filed
Aug 3, 2026

More 10-Q signals at other companies

The full record

From the Signal API record

Numbers

Dollar figure
$832M (after-tax net unrealized loss on fixed-maturity portfolio as of June 30, 2026)

Details

CIK
80661
Accession number
0000080661-26-000308
Timeframe
Current quarter
Filing year
2026
Fiscal year
0
Why it matters
Efficiency tools needed
Signal category
Financial

Extraction

Confidence
High
Relevance
80%
Sentiment
Negative
Detected
Aug 4, 2026
signal_type
sec-10q
signal_subtype
marginPressure

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The API returns more than this page shows

This page shows a preview. The full sec-10q record in the Signal API and MCP can also have these 8 fields. Some fields are empty for some signals.

Company

  • linkedin_urlValue in the API
  • industriesValue in the API
  • employee_count_lowValue in the API
  • employee_count_highValue in the API
  • revenueValue in the API
  • descriptionValue in the API

Signal

  • signal_nameValue in the API
  • associationValue in the API
Show the full JSONThe record on this page and the API request

GET /v1/signals/2c38f2cc-7497-425c-afd5-e526d5a739f0 returns this record as JSON. POST /v1/companies/enrich returns every signal for progressive.com.

{
  "signal_id": "2c38f2cc-7497-425c-afd5-e526d5a739f0",
  "signal_type": "sec-10q",
  "signal_subtype": "marginPressure",
  "detected_at": "2026-08-04T07:06:57.796+00:00",
  "company": {
    "name": "Progressive",
    "domain": "progressive.com"
  },
  "data": {
    "detail": "Rising interest rates caused a significant valuation decrease in the company's fixed-maturity portfolio. This nearly $1 billion swing in value puts pressure on investment returns and capital adequacy, likely triggering reviews of interest rate risk management and hedging strategies.",
    "metrics": {
      "timeframe": "current_quarter",
      "dollar_context": "after-tax net unrealized loss on fixed-maturity portfolio as of June 30, 2026",
      "dollar_millions": 832
    },
    "summary": "Investment portfolio value drops, swinging from $117M gain to $832M unrealized loss in 2026.",
    "excerpts": "As of June 30, 2026 and 2025, our fixed-maturity portfolio had a total after-tax net unrealized loss, which is recorded as part of accumulated other comprehensive income (loss) on our consolidated balance sheets, of $832 million and $81 million, respectively, compared to a total after-tax net unrealized gain of $117 million at December 31, 2025.",
    "relevance": 0.8,
    "sentiment": "negative",
    "confidence": "high",
    "source_url": "https://www.sec.gov/Archives/edgar/data/80661/000008066126000308/pgr-20260630.htm",
    "filing_date": "2026-08-03",
    "filing_year": 2026,
    "fiscal_year": 0,
    "fiscal_year_end": "06/30",
    "sales_relevance": "Efficiency tools needed",
    "signal_category": "financial"
  }
}

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