ALL Insurance
The Allstate Corporation
Allstate is the third-largest U.S. personal property and casualty insurer (A.M. Best, 2024 premiums), selling auto, homeowners, and other personal insurance under the Allstate, National General, and Direct Auto brands, plus protection plans, roadside assistance, and identity protection. It has about 211 million policies in force and 53,000 employees. After losses in 2022–2023, rate increases restored profitability: the property-liability combined ratio improved to 85.2 in 2025, and net income applicable to common shareholders reached $10.2 billion, helped by gains on selling its employer benefits and group health businesses.
Last updated
Analysis last edited: October 4, 2026 · Financial data fetched: October 4, 2026 14:24 (SEC EDGAR) · Source 10-K filed: February 20, 2026
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
Company profile
- Legal name
- ALLSTATE CORP
- Headquarters
- NORTHBROOK, IL
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: ALL
- Industry
- Insurance
- CIK
- 899051
- Website
- https://www.allstate.com/ ↗
Workforce (as of FY2025 year-end)
Employees
53,000
Source: Form 10-K (FY2025) cover page and business description
02
Earnings calendar
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q3 FY2026
Quarter end: September 2026. In past years, Q3 results were released 19–36 days after quarter end (Nov 5, 2025; Oct 30, 2024; Oct 19, 2023). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 18–36 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q2 FY2026 | Jun 30, 2026 | Aug 5, 2026 (+36 days) | Aug 5, 2026 10-Q (+36 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 29, 2026 (+29 days) | Apr 29, 2026 10-Q (+29 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 4, 2026 (+35 days) | Feb 20, 2026 10-K (+51 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 5, 2025 (+36 days) | Nov 5, 2025 10-Q (+36 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 30, 2025 (+30 days) | Jul 30, 2025 10-Q (+30 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | Apr 30, 2025 10-Q (+30 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 5, 2025 (+36 days) | Feb 24, 2025 10-K (+55 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 30, 2024 (+30 days) | Oct 30, 2024 10-Q (+30 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 31, 2024 (+31 days) | Jul 31, 2024 10-Q (+31 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 18, 2024 (+18 days) | May 1, 2024 10-Q (+31 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 18, 2024 (+18 days) | Feb 21, 2024 10-K (+52 days) |
| Q3 FY2023 | Sep 30, 2023 | Oct 19, 2023 (+19 days) | Nov 1, 2023 10-Q (+32 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. Fiscal years are labeled by the calendar year in which they end.
03
Flagship products & services
Allstate Protection
Auto insurance
Examples: Allstate, National General, Direct Auto
About 10% of the U.S. private auto market.
Allstate Protection
Homeowners and other personal lines
Examples: Homeowners, renters, condo, landlord
About 9% of the U.S. homeowners market.
Protection Services
Allstate Protection Plans and Roadside
Examples: Electronics and appliance protection, roadside assistance
Sold through retailers and directly.
Protection Services
Arity, Identity Protection, Dealer Services
Examples: Telematics analytics, identity protection, vehicle service contracts
Services built around customer data and vehicles.
Descriptions are from the FY2025 Form 10-K's Item 1.
U.S. and worldwide share of flagship products/services
Scope and timing vary by figure — treat these as approximate. "This site’s estimate" divides a company-disclosed figure by an industry-wide statistic.
Personal lines insurance
U.S., 2024 statutory direct written premium
U.S. share
9.7%
Company-disclosedBehind State Farm (18.5%) and Progressive (11.8%); GEICO 7.8%, USAA 6.3%.
Worldwide share
—
Not disclosedPrivate passenger auto insurance
U.S., 2024
U.S. share
10.2%
Company-disclosedState Farm 18.9%, Progressive 16.7%, GEICO 11.6%, USAA 6.2%.
Worldwide share
—
Not disclosedHomeowners insurance
U.S., 2024
U.S. share
8.7%
Company-disclosedState Farm 17.7%, USAA 6.6%, Liberty Mutual 6.1%, Farmers 5.3%.
Worldwide share
—
Not disclosed
Sources:
Shares from Allstate's 10-K charts, based on 2024 statutory direct written premium according to A.M. Best.
04
Recent strategic focus
FY2025 developments from the 10-K, and 2026 leadership changes from 8-Ks.
Sale of benefits businesses
Allstate sold its employer voluntary benefits business (closed April 1, 2025) and group health business (closed July 1, 2025), recording after-tax gains of $641M and $499M.
Source: Form 10-K (FY2025) MD&A
Record profit
Net income applicable to common shareholders rose to $10.17B and return on equity to 42.3%, driven by higher underwriting income and the disposition gains.
Source: Form 10-K (FY2025) MD&A
Leadership changes
Mario Rizzo became COO in October 2025, and Christian Lown, previously CFO of CoStar Group and Freddie Mac, joined as CFO on August 3, 2026.
Source: 8-Ks filed 2025-10-01 and 2026-07-14
Capex ÷ D&A (FY2025)
0.47x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$228M ÷ $482M = 0.47x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $345M in FY2021 to $228M in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
05
Key figures at a glance
FY2021–FY2025, 5 years.
Total revenue (FY2025)
$67.69B
As reported in the 10-K
Revenue CAGR (4 years)
+7.5%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($67,685M ÷ $50,601M) ^ (1÷4) − 1 = 7.5%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
39.5%▲favorable
5-year average: 12.5%
As reported in the 10-K
- ▲
Revenue grew +7.5% a year over 4 years (strong growth)
From $50.6B in FY2021 to $67.69B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Free cash flow was positive in 5 of 5 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 12.5% over 5 years (latest: 39.5%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
06
Business model
Allstate Protection (property-liability)
Private passenger auto, homeowners, and other personal lines, plus some commercial lines, sold through exclusive Allstate agents, independent agents, contact centers, and online, in all 50 states, D.C., and Canada.
01 what it draws on
Inputs & resources
- Exclusive and independent agents, about 2,200 contact-center representatives, and about 500 Direct Auto retail stores
- An $83B investment portfolio
- Reinsurance
02 what it does
Activities
- Pricing and underwriting personal insurance
- Handling claims
- Investing premiums
03 who it serves
Customers
- U.S. and Canadian households and drivers
04 how money comes in
How it earns
- Insurance premiums
- Investment income
Allstate Protection (property-liability): how it makes money
- Property-liability premiums earned $57.7B and underwriting income $8.54B in FY2025 (combined ratio 85.2, versus 104.5 in 2023).
- Catastrophe losses were $4.96B; prior-year reserve releases added $1.81B.
- Growth came from more auto and homeowners policies in force and premium rate increases.
Protection Services
Consumer product protection plans (Allstate Protection Plans), roadside assistance, vehicle service contracts sold through dealers, identity protection, and Arity, which analyzes driving data from telematics.
01 what it draws on
Inputs & resources
- Retail and dealer partnerships
- Telematics data (Arity)
02 what it does
Activities
- Selling protection plans and roadside and identity services
03 who it serves
Customers
- Consumers buying electronics, appliances, and vehicles; drivers
04 how money comes in
How it earns
- Premiums and service fees
Protection Services: how it makes money
- Revenue of about $3.5B and adjusted net income of $218M in FY2025.
- 81.6% of Allstate's policies in force but about 5% of total revenue.
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Property-Liability
59,733 (94%)profit 8,540 · margin 14.3%
Protection Services
3,546 (6%)profit 218 · margin 6.1%
Source: Form 10-K (FY2025) — MD&A, Property-Liability and Protection Services Property-Liability revenue is premiums earned plus other revenue, and profit is underwriting income (before investment income). Protection Services revenue includes intersegment fees and investment income, and profit is adjusted net income (non-GAAP, after tax). The two profit measures aren't directly comparable.
07
Contract structure
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Allstate's revenue is mainly premiums on personal auto and homeowners policies, which are priced and repriced through state-approved rate filings, plus investment income on the premiums it holds. Profitability depends on how claim costs — driven by vehicle repair and building material prices and by catastrophes — compare with those rates.
Personal auto and homeowners policies
Property-liability premiums earned: $57.7B (85% of FY2025 revenue)
Typical term: Rates change through state rate filings; Allstate reports implemented rate changes by state
Rate increases drove 2024–2025 premium growth.
Protection plans, roadside, and identity services
Protection Services: about $3.5B
Typical term: Product protection plans and service subscriptions
Lower U.S. retail sales reduce Protection Plans premiums.
08
Customers & suppliers
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Households and drivers in the U.S. and Canada, plus consumers buying protection plans and roadside and identity services.
Named by the company
No customer is named; Allstate has about 211 million policies in force.
What the filings disclose
- Protection Services accounts for 81.6% of policies in force but about 5% of revenue. (Form 10-K (FY2025), Item 1)
Suppliers
Agents (exclusive and independent), auto repair and building trades whose costs drive claims, and reinsurers.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- Higher vehicle, parts, and building material prices from tariffs increase claim costs. (Form 10-K (FY2025), MD&A)
09
Competitors & peers
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Allstate's 10-K calls personal lines insurance highly competitive and shows its market share against its principal U.S. competitors, using 2024 statutory direct written premium from A.M. Best.
Competitors named in the 10-K
Peer group the company chose
2025 compensation peer companies, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Insurance and financial companies chosen to reflect Allstate's business and operations; eight of the thirteen also list Allstate as a peer. Liberty Mutual is included but isn't publicly traded.
- Aflacsite ↗
- American International Group (AIG)site ↗
- Aonsite ↗
- Chubbsite ↗
- The Hartfordsite ↗
- Humanasite ↗
- Manulife Financialsite ↗
- Marsh & McLennan Companiessite ↗
- MetLifesite ↗
- Progressivesite ↗
- Prudential Financialsite ↗
- Travelerssite ↗
- Liberty Mutualsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
10
M&A history
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
Allstate's recent moves have been divestitures to focus on property-liability and protection services.
Apr 2025 (sale)
Employer voluntary benefits business (American Heritage Life Insurance Company)
Pretax gain of $888M
Since divestedVoluntary benefits sold through employers.
- Stated purpose (company)
- The 10-K reports the sale and gain; it doesn't state a purpose in the sections reviewed.
Jul 2025 (sale)
Group health business (Direct General Life, NSM Sales, The Association Benefits Solution)
Pretax gain of $715M
Since divestedGroup health insurance.
- Stated purpose (company)
- The 10-K reports the sale and gain; it doesn't state a purpose in the sections reviewed.
Gains as recorded in the FY2025 10-K.
11
Five years of financials
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Total revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
| Line item | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|
| Income statement ($M) | |||||
| Revenue | 50,601 | 51,411 | 57,094 | 64,106 | 67,685 |
| Pretax income | — | — | -348 | 5,761 | 13,156 |
| Net income (attributable) | 1,614 | -1,289 | -188 | 4,667 | 10,282 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 1.6% | 11.1% | 12.3% | 5.6% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 3.2% | -2.5% | -0.3% | 7.3% | 15.2% |
| Balance sheet ($M) | |||||
| Total assets | 99,440 | 97,989 | 103,362 | 111,617 | 119,758 |
| Total equity | 24,944 | 17,488 | 17,770 | 21,442 | 30,610 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 7,976 | 7,964 | 7,942 | 8,085 | 7,490 |
| Equity ratio | 25.1% | 17.8% | 17.2% | 19.2% | 25.6% |
| ROE | 6.5% | -6.1% | -1.1% | 23.8% | 39.5% |
| Cash flow ($M) | |||||
| Operating CF | 5,116 | 5,121 | 4,228 | 8,931 | 10,110 |
| Investing CF | 510 | -1,728 | -2,999 | -8,252 | -7,255 |
| Financing CF | -5,240 | -3,420 | -1,243 | -697 | -2,881 |
| Free cash flowcalccash flow from operations − capital expenditures | 4,771 | 4,701 | 3,961 | 8,721 | 9,882 |
| Cash and equivalents | 763 | 736 | 722 | 704 | 678 |
| Per share & other | |||||
| EPS ($) | 5.01 | -5.14 | -1.20 | 16.99 | 38.06 |
| BVPS ($) | 88.77 | 66.49 | 67.82 | 80.91 | 117.73 |
| Dividend per share ($) | 3.24 | 3.40 | 3.56 | 3.68 | 4.00 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 64.7% | — | — | 21.7% | 10.5% |
| P/E (x) | 23.5 | — | — | 11.4 | 5.5 |
| P/B (x)calcP/E × EPS ÷ BVPS (= period-end share price ÷ book value per share) | 1.33 | — | — | 2.38 | 1.77 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (five-year selected financial data and the consolidated financial statements), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
12
Is ROIC above WACC?
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.
13
What the price implies (DCF)
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.
14
Earnings quality
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.
15
Strengths & weaknesses
Strengths
1. Profitability restored
The property-liability combined ratio improved from 104.5 (2023) to 94.3 (2024) and 85.2 (2025), as rate increases outpaced claim costs.
Evidence: Form 10-K (FY2025) MD&A
2. Scale and brand
The third-largest U.S. personal P&C insurer, with about 211 million policies in force and a widely known brand ('You're In Good Hands With Allstate').
Evidence: Form 10-K (FY2025) Item 1
3. Multiple distribution channels
Exclusive agents, independent agents, contact centers (about 2,200 representatives), online, and about 500 Direct Auto retail stores, under the Allstate, National General, Direct Auto, and Answer Financial brands.
Evidence: Form 10-K (FY2025) Item 1
4. Simplified portfolio
Selling the employer voluntary benefits and group health businesses in 2025 produced pretax gains of $888M and $715M and focused Allstate on property-liability and protection services.
Evidence: Form 10-K (FY2025) MD&A
Weaknesses
1. Large catastrophe exposure
Catastrophe losses were $4.96B in 2025 and $5.64B in 2023, adding 8.6 points to the 2025 combined ratio.
Evidence: Form 10-K (FY2025) MD&A
2. Volatile earnings
Net income swung from a $1.29B loss (FY2022) to $10.28B profit (FY2025), and 2025 benefited from one-time disposition gains and $1.81B of reserve releases.
Evidence: SEC EDGAR XBRL; Form 10-K (FY2025) MD&A
3. Trailing the auto leaders
In auto insurance, State Farm (18.9%) and Progressive (16.7%) hold larger shares than Allstate (10.2%).
Evidence: Form 10-K (FY2025) Item 1 market share charts
16
What draws investors to it
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
5.5x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.92%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
11%
Dividends per share ÷ diluted EPS
1. Earnings power after repricing
Premium rate increases turned a 104.5 combined ratio in 2023 into 85.2 in 2025, and diluted EPS reached $38.06.
- What has to hold
- Claim costs and catastrophes stay near 2025 levels.
- The other side
- 2025 included about $1.8B of reserve releases and large one-time gains, so it overstates normal earnings.
Evidence: Form 10-K (FY2025) MD&A; SEC EDGAR XBRL
2. Rising dividend and buybacks
Dividends per share rose every year from $3.24 (FY2021) to $4.00 (FY2025), and a $1.5B buyback program runs through September 2026.
- What has to hold
- Capital stays strong after catastrophe seasons.
- The other side
- A severe catastrophe year can quickly absorb capital, as 2022–2023 losses showed.
Evidence: SEC EDGAR XBRL; Form 10-K (FY2025) Item 5
3. Low valuation
The P/E at FY2025 year-end was about 5.5x.
- What has to hold
- Earnings don't fall back sharply.
- The other side
- The low multiple reflects that 2025 earnings were inflated by one-time items and favorable reserve development.
Evidence: This site's P/E calculation
P/E, dividend yield, and payout ratio use the FY2025 year-end share price. FCF yield isn't shown for insurers because operating cash flow includes premiums held to pay future claims.
17
Resilience
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Net income | -179.9% in FY2022 ($1.61B → −$1.29B) | Yes, by FY2024 |
Covers only the 5 fiscal years on record (FY2021–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Capital rebuilt
Shareholders' equity rose to $30.6B at year-end 2025 from $21.4B a year earlier.
Source: Form 10-K (FY2025), MD&A
Large investment portfolio
Investments totaled $83.2B at year-end 2025, and net investment income was $3.45B.
Source: Form 10-K (FY2025), MD&A
Repricing power
Allstate restored underwriting profit within two years after 2022–2023 losses through rate increases.
Source: Form 10-K (FY2025), MD&A
Catastrophe concentration
Catastrophe losses of about $5B a year are a recurring drag; reinsurance limits but doesn't remove them.
Source: Form 10-K (FY2025), MD&A and Item 1A
18
Risks (including geopolitical)
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring).
- 1Disaster
Catastrophes and climate change
- Company disclosure (summarized from the 10-K)
- Hurricanes, wildfires, hail, and other catastrophes can cause losses that vary sharply from year to year, and the 10-K says climate change could increase that variability.
- Company’s stated mitigation
- Reinsurance (including aggregate covers) and catastrophe exposure management.
- This site’s assessment
- Impact High / Likelihood High
- 2Raw materials & energy
Claim cost inflation and tariffs
- Company disclosure (summarized from the 10-K)
- Tariffs and inflation raise vehicle, parts, and building material costs, increasing auto and homeowners claim costs.
- Company’s stated mitigation
- Rate increases and reserve estimates that incorporate tariff scenarios.
- This site’s assessment
- Impact Med / Likelihood High
- 3Competition & technology shift
Price competition
- Company disclosure (summarized from the 10-K)
- Personal lines markets are highly competitive, and Allstate faces larger rivals in auto and homeowners.
- Company’s stated mitigation
- Multiple brands and channels, and telematics data and analytics from Arity.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Law & regulation
Rate regulation
- Company disclosure (summarized from the 10-K)
- In 21 locations for auto and 20 for home, regulators must approve a rate before Allstate can use it, and regulators can disapprove rate filings, which can delay increases when claim costs rise.
- Company’s stated mitigation
- Ongoing rate filings across states.
- This site’s assessment
- Impact Med / Likelihood Med
19
What to watch going forward
- Catastrophe losses and whether 2025's 85 combined ratio holds.
- Auto and homeowners policy growth as competitors also cut rates.
- Use of capital after the disposition gains — buybacks and dividends.
- The new CFO, Christian Lown, who joined in August 2026.
20
Source documents
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 4, 2026 · Financial data fetched: October 4, 2026 14:24 (SEC EDGAR) · Source 10-K filed: February 20, 2026
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent The Allstate Corporation’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.