Earnings Release

The Progressive Corporation's latest earnings press release, filed Jul 15, 2026, scored line by line for tone, guidance and what changed since the prior release.

No guidance given15 lines scoredFiled Jul 15, 2026SEC 8-K · Exhibit 99

Release Tone

UPBEAT

GuidanceNo guidance givenWhat this release does to the company's outlook

Tone change▲ 5.0pointsvs the prior release (Apr 15, 2026)

Hedging language0.63per 100 words▲ 0.04 vs prior

New this quarter9of 15 linesWording that was not in the prior release

The lines that matter most

Ranked by how material, how strongly worded and how new each sentence is.

1
1 Loss/LAE and combined ratios include a favorable 11.7 point impact related to an actuarial methodology process change, which impacted our incurred but not reported loss and loss adjustment expense reserves for our property products.
New this quarter
2
1 As of June 30, 2026, we held certain hybrid securities and recognized a change in fair value of $3 million as a realized gain during the period we held these securities.
3
The resulting one-time adjustment will not have an impact on future periods.
New this quarter

Release by release

Tone and guidance for the last 2 earnings releases.

Jul 15, 2026No guidance given72.1+5.0
Apr 15, 2026No guidance given67.2

Bar length: tone on a 50–78 scale.

The release, annotated

1Highlight rankPositive toneNeutralNegative toneDimmed text: low materiality

Results

PROGRESSIVE REPORTS JUNE RESULTS

MAYFIELD VILLAGE, OHIO -- July 15, 2026 -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month and quarter ended June 30, 2026:

(millions)

INVESTMENT RESULTS

For the month and year-to-date periods ended June 30,

(millions – except per share amounts)

11 Loss/LAE and combined ratios include a favorable 11.7 point impact related to an actuarial methodology process change, which impacted our incurred but not reported loss and loss adjustment expense reserves for our property products.

3The resulting one-time adjustment will not have an impact on future periods.

21 As of June 30, 2026, we held certain hybrid securities and recognized a change in fair value of $3 million as a realized gain during the period we held these securities.

Management commentary

Monthly Commentary

Corporate events

Events

Management commentary

the highly competitive nature of property-casualty insurance markets;

Capital return

the variable nature of our common share dividend policy;

Management commentary

the impact from not managing to short-term earnings expectations in light of our goal to maximize the long-term value of the enterprise;

96 boilerplate lines (safe-harbor disclaimer, contacts, call details) are set aside.

How this is scored

Source: the press release The Progressive Corporation filed with the SEC as Exhibit 99 to Form 8-K (Item 2.02). Financial statements and boilerplate are set aside.
Tone: a financial sentiment model scores each sentence 0 to 100; the release score weights sentences by how material they are.
Materiality and guidance: a classifier judges whether each sentence is specific information, and what the release does to the outlook.
New this quarter: wording that does not appear in the prior release.
Hedging: uncertainty words (may, could, approximately, headwinds and similar) per 100 words of narrative.

These scores describe the release's language. They are not a forecast or a recommendation. Read the original filing

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