US Market News
1月前
University of Virginia coxswain and volunteer firefighter and EMT Shelby Bavin named captain of the Allstate NACDA Spring Good Works TeamMay 5, 2026 8:00 AM
PR Newswire (US) Bavin is devoted to supporting Charlottesville families, serving as the first volunteer firefighter and EMT to lead the Good Works Team, which recognizes 20 spring season student-athletes for their commitment to community serviceKey takeaways: Allstate and NACDA named 20 student-athletes to the 2025-26 Spring Good Works Team for their excellence in community service, academics and athletics.UVA senior Shelby Bavin was selected as team captain for her dedication to protecting families in Charlottesville, Virginia as a volunteer firefighter and EMT.The Allstate NACDA Good Works Team was created to spotlight and reward student-athletes at all levels of college sports for their outstanding community service.NORTHBROOK, Ill., May 5, 2026 /PRNewswire/ -- Allstate and the National Association of Collegiate Directors of Athletics (NACDA) today announced the 2025-26 Allstate NACDA Good Works Team (Spring), a group of 20 student-athletes who lead in their sport, academics and in communities across the country. University of Virginia (UVA) women's rowing coxswain Shelby Bavin was named team captain for her dedication to service as a first responder, protecting families across Charlottesville. The Allstate NACDA Good Works Team was created to spotlight student-athletes for their meaningful community service. Honorees include men and women from NCAA Divisions I, II and III, NAIA and junior/community colleges, with student-athletes recognized each season across spring, fall and winter sports.This season's team was selected from 137 student-athletes nominated by their schools. Honorees receive a monetary contribution from Allstate to further support their community service, with the team captain receiving an additional contribution and surprise in-person recognition by ESPN sports commentator Holly Rowe. Chris DeBiase, Allstate executive vice president, chief legal officer and general counsel and collegiate sports ambassador:
"Allstate has long believed in the power of college athletics to shape leaders. We are proud to recognize these spring honorees who are demonstrating exceptional leadership and impact through community service, and to help fuel the causes they care about. Service is leadership and we want to reward and empower the young people who prove it every day."Holly Rowe, ESPN Sports Commentator:
"Programs like the Allstate NACDA Good Works Team make sure service and leadership are recognized alongside athletic excellence. Allstate and NACDA's commitment to celebrating student-athletes across every sport and division helps elevate stories that deserve a national spotlight, and I'm proud to help highlight student-athletes who rise to meet the needs of their communities."UVA coxswain, volunteer firefighter and EMT Shelby Bavin named Spring Good Works Team captain
Bavin has devoted more than 2,000 hours as a volunteer firefighter and emergency medical technician (EMT), serving with the Seminole Trail Volunteer Fire Department to provide critical emergency response to the Charlottesville and Albemarle County communities.In addition to her work as a first responder, Bavin leads a variety of community service initiatives. She is part of the servant leadership team with Athletes in Action and has co-led organizational and fundraising efforts for UVA's Operation Christmas Child initiative that provided nearly 800 gift boxes for children across the world. She also volunteers as a student-athlete coach with Run Charlottesville, mentoring children in sportsmanship, teamwork and skill development.As a coxswain, Bavin also leads on the water, guiding the UVA women's rowing team through every stroke.Shelby Bavin, captain of the 2025-26 Allstate NACDA Good Works Team (Spring):
"Competing for the University of Virginia is a privilege, but the greatest blessing has been being part of a team that supports each other far beyond the water. Service is at the heart of Virginia Rowing, and I truly strive to carry that into every aspect of my life. Through my work with the Seminole Trail Fire Department and Athletes in Action (FCA), I've pursued a deeper calling to serve others and love my neighbor. I'm grateful to Allstate and NACDA for recognizing the service that means so much to me. It is an honor to be named captain and stand alongside teammates who use their platforms to make a difference. I hope our stories inspire others to step into their communities to serve."Meet the 20 Allstate NACDA Spring Good Works Team honorees
The 2025-26 Allstate NACDA Good Works Team (Spring) includes 10 men and 10 women across all divisions, representing collegiate sports such as rowing, beach volleyball, outdoor track and field, softball, lacrosse and tennis. Honorees support a breadth of service causes and ways student-athletes today are giving back, including:Allyson Alden, Boise State University, Beach Volleyball: Launched the Allyson Alden's Block Party fundraiser to support mental wellness initiatives for the BroncoBOLD High School Ambassador Program. Andrew Fang, Binghamton University, Men's Tennis: Mentors youth at Tennis Charities of Binghamton, helping them overcome social and personal obstacles through tennis.Daniel "DJ" Freese, Columbia College, Men's Golf: Volunteers with multiple Summer Kids Camps, inspiring campers through lessons on building meaningful relationships, confidence and character.Isaiah Frost, University of Missouri, Baseball: Serves as a recess and lunch mentor at Columbia Public Schools and participates in back-to-school events, holiday outreach initiatives and Martin Luther King Jr. Day of Service programming.Regan Kelly, Hartwick College, Women's Lacrosse: Organizes campus drives with the National Marrow Donor Program (NMDP) to expand donor registration and raise awareness in honor of her dad's blood cancer diagnosis following his service as a New York City fireman at ground zero on 9/11.Jacy Knox, University of Health Sciences and Pharmacy, Softball: Organizes campus blood drives with the American Red Cross, collecting 80 units of blood to help save more than 200 lives.Kamden O'Connor, Rice University, Men's Outdoor Track and Field: Devoted nearly 2,000 volunteer hours at Camp Blessing Texas, serving as a caregiver and clinician to special needs and geriatric patients.Pat Manak, NACDA chief executive officer:
"The Allstate NACDA Good Works Team initiative continues to bring out the best in college athletics, highlighting student-athletes who are setting incredible examples as leaders and role models. To witness the impact that these young people have in communities and on campuses of all sizes across the country is special, and it is a privilege to tell their stories."The full 2025-26 Allstate NACDA Good Works Team (Spring) roster, along with the inspiring stories of each student-athlete, can be found here.About the Allstate NACDA Good Works Team
The Allstate NACDA Good Works Team was established in 2024 to recognize male and female student-athletes annually across all sports and divisions for their leadership in community service, academics and athletics. The initiative surpassed 500 nominees during its inaugural year. Past honorees include women's basketball center Audi Crooks, who launched the Audi Crooks Foundation in 2025 to provide financial assistance and resources to youth engaged in education, athletics and arts programming; Loyola Chicago goalkeeper Aidan Crawford, who founded Special Olympics Loyola University Chicago to support adults with disabilities; Penn State golfer Jami Morris, who launched Hit Fore Hope, a cancer research fundraiser; and Auburn gymnast Sophia Groth, who supported student parents through nonprofit advocacy with Baby Steps. These student-athletes were recognized as Allstate NACDA Good Works Team captains for their leadership and dedication.About Allstate's Impact Through Collegiate Athletics
Allstate's longstanding support of collegiate athletics is part of its commitment to empowering young people to lead in their communities. Allstate has been a proud member of the college athletics community for over 20 years through its university and conference sponsorships, academic scholarships, and community impact initiatives. Since 2005, the Allstate Good Hands Nets program has raised millions of dollars in scholarships with every field goal and extra point scored. Allstate recently increased donations per kick, funding more scholarships for student-athletes across all sports. Since 2008, the Allstate Good Works Teams have honored hundreds of student-athletes for their service off the field, supporting causes such as youth empowerment and hunger relief. Allstate is the title sponsor of the Allstate Sugar Bowl, one of the premier events in college football.About NACDA
Now in its 61st year, NACDA is the professional and educational Association for more than 24,000 college athletics administrators at more than 2,300 institutions throughout the United States, Canada and Mexico. NACDA manages 19 professional associations and four foundations. In addition to virtual programming, NACDA hosts and/or has a presence at seven major professional development events in-person annually. The NACDA & Affiliates Convention is the largest gathering of collegiate athletics administrators in the country. For more information, visit www.nacda.com. View original content to download multimedia:https://www.prnewswire.com/news-releases/university-of-virginia-coxswain-and-volunteer-firefighter-and-emt-shelby-bavin-named-captain-of-the-allstate-nacda-spring-good-works-team-302760173.htmlSOURCE Allstate Insurance Company Original: University of Virginia coxswain and volunteer firefighter and EMT Shelby Bavin named captain of the Allstate NACDA Spring Good Works Team
US Market News
1月前
Allstate Reports Strong Earnings and Increased GrowthApril 29, 2026 5:09 PM
PR Newswire (US)
NORTHBROOK, Ill., April 29, 2026 /PRNewswire/ -- The Allstate Corporation (NYSE: ALL) today reported financial results for the first quarter of 2026.
"Allstate's strategy and execution capabilities generated strong earnings and increased growth in the first quarter," said Tom Wilson, who leads The Allstate Corporation. "Revenues were $16.9 billion and net income was $2.4 billion. Policies in force reached 212 million, reflecting increased growth in auto and homeowners insurance and Protection Plans. The Property-Liability combined ratio was strong, and the underlying combined ratio* improved in all personal lines products and brands. Investment income increased by 9.8%, reflecting portfolio growth and higher fixed income yields. Adjusted net income* was $2.8 billion, or $10.65 per diluted common share.""The broad set of competitive tools created through Transformative Growth is driving strong performance," continued Wilson. "Market share of auto and homeowners insurance increased in many states due to a comprehensive approach of more affordable prices, new products, expanded benefits, bundled offerings, lower expenses, sophisticated analytics and increased marketing. This positioned Allstate and independent agents and direct distribution to capture a record amount of new business in the quarter. Retention losses were slightly lower reflecting last year's focus on improving customer experience. Protection offerings were also broadened with Protection Services policies increasing over the prior year. Shareholders benefited from strong earnings, higher dividends and increased share repurchases," concluded Wilson.First Quarter 2026 ResultsTotal revenues of $16.9 billion in the first quarter of 2026 were $489 million or 3.0% higher than the prior year quarter.Net income applicable to common shareholders was $2.4 billion in the first quarter of 2026, compared to $566 million in the prior year quarter, reflecting strong underwriting results.Adjusted net income* was $2.8 billion, or $10.65 per diluted share, compared to $949 million in the prior year quarter.The Allstate Corporation Consolidated Highlights
As of or for the three months
ended March 31,($ in millions, except per share data and ratios)20262025% / ptsChangeConsolidated revenues$ 16,941$ 16,4523.0 %Net income applicable to common shareholders2,428566NMper diluted common share9.252.11NMAdjusted net income*2,797949NMper diluted common share*10.653.53NMReturn on Allstate common shareholders' equity (trailing twelve months)
Net income applicable to common shareholders48.4 %21.4 %27.0Adjusted net income*44.4 %23.7 %20.7Common shares outstanding (in millions)257.8265.1(2.8) %Book value per common share$ 113.52$ 74.6152.2 %Total policies in force (in thousands) (1)212,052206,8982.5 %NM = not meaningful(1)Excludes policies in force related to the employer voluntary benefits and group health businesses sold in 2025.*Measures used in this release that are not based on accounting principles generally accepted in the United States of America ("non-GAAP") are denoted with an asterisk and defined and reconciled to the most directly comparable GAAP measure in the "Definitions of Non-GAAP Measures" section of this document.Property-Liability earned premiums of $14.8 billion increased 5.5% in the first quarter of 2026 compared to the prior year, primarily driven by higher homeowners insurance average premiums and policy in force growth. Underwriting income was $2.7 billion compared to $360 million in the prior year quarter.Property-Liability Results
As of or for the three months
ended March 31,($ in millions)20262025% / ptsChangePremiums written$ 14,625$ 14,2972.3 %Premiums earned$ 14,802$ 14,0275.5 %Recorded combined ratio82.097.4(15.4)Underlying combined ratio*80.383.1(2.8)Catastrophe losses$ 1,240$ 2,202(43.7) %Underwriting income$ 2,658$ 360NMPolicies in force (in thousands)38,57637,7122.3 % NM = not meaningfulPremiums written increased 2.3% compared to the prior year quarter, reflecting policy in force growth and higher homeowners insurance average premiums. Written premium growth was less than earned premium growth reflecting lower average premiums on new insurance policies and actions to improve affordability while maintaining margins.Property-Liability combined ratio was 82.0 for the quarter, which was an improvement of 15.4 points versus the prior year quarter due to lower catastrophe losses, the benefit of prior year reserve releases and higher average earned premiums.Policies in force increased by 2.3%, led by growth in auto and homeowners insurance policies.Allstate-branded Affordable, Simple, Connected auto insurance products are now available in 45 states with the homeowners insurance product available in 36 states. Custom360® middle market standard and preferred auto and homeowners insurance products for the independent agent channel are available in 40 states.Allstate Protection auto insurance results reflect Transformative Growth execution, with strong margins and new business growth across all distribution channels. Allstate Protection Auto Results
As of or for the three months
ended March 31,($ in millions, except ratios)20262025% / ptsChangePremiums written$ 9,850$ 9,848— %Premiums earned$ 9,547$ 9,3472.1 %Recorded combined ratio81.991.3(9.4)Underlying combined ratio*89.591.2(1.7)Underwriting income$ 1,729$ 816111.9 %Policies in force (in thousands)25,75825,1002.6 %Written premiums were in line with the prior year as higher policies in force were offset by lower average premiums. Earned premiums grew 2.1% compared to the prior year quarter.The recorded auto insurance combined ratio of 81.9 in the first quarter of 2026 was a 9.4 point improvement from the prior year quarter, due primarily to the benefit of prior year reserve releases. Prior year reserve liabilities were lowered by $838 million as estimated claims costs for 2023 through 2025 were reduced, improving the current quarter combined ratio by 8.8 points.The underlying auto insurance combined ratio* of 89.5 in the first quarter of 2026 was a 1.7 point improvement from the prior year quarter, reflecting improvements in the underlying loss and expense ratios.Auto insurance policies in force grew by 2.6% with a 9.4% increase in new business, reflecting expanded distribution, increased marketing, new products and sophisticated rating plans. Active brand auto insurance policies grew by 3.5%, which was partially offset by decreases in legacy Esurance and Encompass policies.Allstate Protection homeowners insurance remains a competitive advantage for Allstate. Underwriting profit of $685 million increased from a loss of $451 million in the prior year quarter, primarily reflecting 2025's California wildfire losses.Allstate Protection Homeowners Results
As of or for the three months
ended March 31,($ in millions, except ratios)20262025% / ptsChangePremiums written$ 3,741$ 3,4538.3 %Premiums earned$ 4,164$ 3,65713.9 %Recorded combined ratio83.5112.3(28.8)Catastrophe Losses$ 1,046$ 1,824(42.7) %Underlying combined ratio*60.562.4(1.9)Underwriting income (loss)$ 685$ (451)NMPolicies in force (in thousands)7,7397,5492.5 %NM = not meaningfulWritten premiums and earned premiums increased by 8.3% and 13.9% compared to the prior year quarter, respectively, due to higher average premiums and policy in force growth. A 6.8% increase in Allstate brand homeowners insurance average gross written premium compared to the prior year quarter reflects continued rate increases and higher home replacement costs.The recorded homeowners insurance combined ratio of 83.5 was 28.8 points below the first quarter of 2025, due to lower catastrophe losses and higher average earned premiums.Catastrophe losses of $1.0 billion in the quarter decreased $778 million compared to the prior year.The underlying combined ratio* of 60.5 improved by 1.9 points compared to the prior year quarter, primarily driven by higher average premiums.Policies in force increased 2.5% compared to the prior year quarter, primarily driven by 3.2% growth in Allstate brand homeowners insurance policies, offset by a reduction in National General legacy products.Protection Services is comprised of five businesses that broaden protection through embedded product offerings. Revenues increased to $922 million in the first quarter of 2026, 7.2% higher than the prior year quarter, primarily due to Protection Plans and Roadside. Adjusted net income of $47 million decreased by $8 million compared to the prior year quarter.Protection Services Results
Three months ended March 31,($ in millions)20262025% / $ChangeTotal revenues (1)$ 922$ 8607.2 %Protection Plans61354013.5Roadside635514.5Dealer Services1481461.4Identity Protection4040—Arity5879(26.6)
Adjusted net income (loss)$ 47$ 55$ (8)Protection Plans4145(4)Roadside12111Dealer Services541Identity Protection11—Arity(12)(6)(6)(1) Excludes net gains and losses on investments and derivatives.Protection Plans continued to expand distribution relationships and product offerings. Revenue of $613 million increased $73 million, or 13.5%, compared to the prior year quarter primarily due to strong international and domestic growth. Adjusted net income of $41 million in the first quarter of 2026 decreased $4 million compared to the prior year quarter.Roadside revenue of $63 million in the first quarter of 2026 increased 14.5% compared to the prior year quarter reflecting increased bundling with Allstate branded Affordable, Simple, Connected auto insurance products and higher third-party sales. Adjusted net income of $12 million in the first quarter was $1 million higher than the prior year quarter.Dealer Services generated revenue of $148 million, an increase of $2 million compared to the prior year quarter. Adjusted net income of $5 million was $1 million higher than the prior year quarter.Identity Protection revenue of $40 million in the first quarter of 2026 was in line with the prior year quarter. Adjusted net income of $1 million in the first quarter of 2026 was in line with the prior year quarter.Arity revenue of $58 million decreased $21 million compared to the prior year quarter due to lower lead generation revenue. Adjusted net loss was $12 million in the first quarter of 2026 compared to a loss of $6 million in the prior year quarter.Allstate Investments uses a proactive enterprise risk and return framework for the $85.2 billion portfolio. Net investment income of $938 million in the first quarter of 2026 increased by $84 million from the prior year quarter primarily due to market-based portfolio growth. Economic capital allocated to the investment portfolio increased in the first quarter, reflecting higher public equity exposure and the lengthening of fixed income duration to 5.7 years.Allstate Investment Results
Three months ended March 31,($ in millions, except ratios)20262025$ / ptsChangeNet investment income$ 938$ 854$ 84Market-based (1)79171972Performance-based (1)20719611Net gains (losses) on investments and derivatives$ (405)$ (349)$ (56)Change in unrealized net capital gains and losses, pre-tax (2)$ (664)$ 540$ (1,204)Total return on investment portfolio (2)(0.2) %1.4 %(1.6)Total return on investment portfolio (2) (trailing twelve months)4.2 %4.7 %(0.5)(1)Investment expenses are not allocated between market-based and performance-based portfolios with the exception of investee level expenses.(2)Includes investments held for sale.Market-based investment income was $791 million in the first quarter of 2026, an increase of $72 million, or 10.0%, compared to the prior year quarter, reflecting growth in the asset balances to $75.2 billion in the market-based portfolio.Performance-based investment income totaled $207 million in the first quarter of 2026, an increase of $11 million compared to the prior year quarter with higher private equity and real estate income. The overall portfolio allocation to performance-based assets provides a diversifying source of attractive long-term returns; quarterly volatility in reported results is expected.Net losses on investments and derivatives were $405 million in the first quarter of 2026, compared to losses of $349 million in the prior year quarter. First quarter results primarily reflected valuation declines on public equity securities in March, which have since recovered.Unrealized net capital losses totaled $282 million (pre-tax), a $664 million decrease to the prior quarter end as higher interest rates and wider credit spreads resulted in lower fixed income valuations.Total return on the investment portfolio was negative 0.2% for the first quarter. Total return for the trailing twelve months was 4.2%.Proactive Capital Management"Allstate's active capital management continues to create shareholder value," said John Dugenske, Interim Chief Financial Officer and President, Investments and Corporate Strategy. "Operating results generated an adjusted net income return on equity* of 44.4% over the last year. Increased capital was deployed to investment opportunities, and $881 million of cash was provided to shareholders through dividends and share repurchases," concluded Dugenske.Visit www.allstateinvestors.com for additional information about Allstate's results, including a webcast of its quarterly conference call and the call presentation. The conference call will be at 9 a.m. ET on Thursday, April 30. Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com. Forward-Looking Statements This news release contains "forward-looking statements" that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like "plans," "seeks," "expects," "will," "should," "anticipates," "estimates," "intends," "believes," "likely," "targets" and other words with similar meanings. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the "Risk Factors" section in our most recent annual report on Form 10-K. Forward-looking statements are as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statement.About AllstateThe Allstate Corporation (NYSE: ALL) protects people from life's uncertainties with affordable, simple and connected protection for autos, homes, electronic devices and identities. Products are available through a broad distribution network including Allstate agents, independent agents, major retailers, online and at the workplace. Allstate has more than 212 million policies in force and is widely known for the slogan "You're in Good Hands with Allstate." For more information, visit www.allstate.com.THE ALLSTATE CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
($ in millions, except par value data) March 31,
2026
December 31,
2025Assets
Investments
Fixed income securities, at fair value (amortized cost, net $59,338 and $58,730)$ 59,060
$ 59,115Equity securities, at fair value (cost $10,354 and $8,026)10,431
8,398Mortgage loans, net868
879Limited partnership interests8,946
8,844Short-term, at fair value (amortized cost $4,707 and $4,888)4,705
4,887Other investments, net1,150
1,114Total investments85,160
83,237Cash697
678Premium installment receivables, net11,648
11,474Deferred policy acquisition costs6,070
6,163Reinsurance and indemnification recoverables, net8,422
8,501Accrued investment income656
708Deferred income taxes12
—Property and equipment, net606
627Goodwill3,118
3,118Other assets, net7,583
5,252Total assets$ 123,972
$ 119,758Liabilities
Reserve for property and casualty insurance claims and claims expense$ 41,320
$ 41,079Unearned premiums28,863
29,080Claim payments outstanding1,473
1,419Deferred income taxes—
227Other liabilities and accrued expenses13,238
9,874Debt7,491
7,490Total liabilities92,385
89,169Equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized,
82.0 thousand shares issued and outstanding, $2,050 aggregate liquidation preference2,001
2,001Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 258
million and 260 million shares outstanding9
9Additional capital paid-in4,169
4,158Retained income64,540
62,393Treasury stock, at cost (642 million and 640 million shares)(38,820)
(38,206)Accumulated other comprehensive income (loss):
Unrealized net capital gains and losses(221)
297Unrealized foreign currency translation adjustments(83)
(55)Unamortized pension and other postretirement prior service credit10
11Discount rate for reserve for future policy benefits2
2Total accumulated other comprehensive (loss) income(292)
255Total Allstate shareholders' equity31,607
30,610Noncontrolling interest(20)
(21)Total equity31,587
30,589Total liabilities and equity$ 123,972
$ 119,758 THE ALLSTATE CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
($ in millions, except per share data)Three months ended
March 31,
2026
2025
Revenues
Property and casualty insurance premiums$ 15,553
$ 14,698Accident and health insurance premiums and contract charges136
487Other revenue719
762Net investment income938
854Net gains (losses) on investments and derivatives(405)
(349)Total revenues16,941
16,452
Costs and expenses
Property and casualty insurance claims and claims expense9,185
10,815Accident, health and other policy benefits76
333Amortization of deferred policy acquisition costs2,178
2,087Operating costs and expenses2,225
2,245Pension and other postretirement remeasurement (gains) losses19
78Restructuring and related charges5
16Amortization of purchased intangibles47
59Interest expense98
100Total costs and expenses13,833
15,733
Income from operations before income tax expense3,108
719
Income tax expense650
123
Net income2,458
596
Less: Net income attributable to noncontrolling interest1
1
Net income attributable to Allstate2,457
595
Less: Preferred stock dividends29
29
Net income applicable to common shareholders$ 2,428
$ 566
Earnings per common share:
Net income applicable to common shareholders per common share - Basic$ 9.36
$ 2.13Weighted average common shares - Basic259.4
265.3Net income applicable to common shareholders per common share - Diluted$ 9.25
$ 2.11Weighted average common shares - Diluted262.6
268.8Definitions of Non-GAAP MeasuresWe believe that investors' understanding of Allstate's performance is enhanced by our disclosure of the following non-GAAP measures. Our methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited.Adjusted net income (loss) is net income (loss) applicable to common shareholders, excluding:Net gains and losses on investments and derivativesPension and other postretirement remeasurement gains and lossesAmortization or impairment of purchased intangiblesGain or loss on dispositionAdjustments for other significant non-recurring, infrequent or unusual items, when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, or (b) there has been no similar charge or gain within the prior two yearsRelated income tax expense or benefit of these itemsNet income (loss) applicable to common shareholders is the GAAP measure that is most directly comparable to adjusted net income.We use adjusted net income as an important measure to evaluate our results of operations. We believe that the measure provides investors with a valuable measure of the Company's ongoing performance because it reveals trends in our insurance and financial services business that may be obscured by the net effect of net gains and losses on investments and derivatives, pension and other postretirement remeasurement gains and losses, amortization or impairment of purchased intangibles, gain or loss on disposition and adjustments for other significant non-recurring, infrequent or unusual items and the related tax expense or benefit of these items. Net gains and losses on investments and derivatives, and pension and other postretirement remeasurement gains and losses may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions, the timing of which is unrelated to the insurance underwriting process. Gain or loss on disposition is excluded because it is non-recurring in nature and the amortization or impairment of purchased intangibles is excluded because it relates to the acquisition purchase price and is not indicative of our underlying business results or trends. Non-recurring items are excluded because, by their nature, they are not indicative of our business or economic trends. Accordingly, adjusted net income excludes the effect of items that tend to be highly variable from period to period and highlights the results from ongoing operations and the underlying profitability of our business. A byproduct of excluding these items to determine adjusted net income is the transparency and understanding of their significance to net income variability and profitability while recognizing these or similar items may recur in subsequent periods. Adjusted net income is used by management along with the other components of net income (loss) applicable to common shareholders to assess our performance. We use adjusted measures of adjusted net income in incentive compensation. Therefore, we believe it is useful for investors to evaluate net income (loss) applicable to common shareholders, adjusted net income and their components separately and in the aggregate when reviewing and evaluating our performance. We note that investors, financial analysts, financial and business media organizations and rating agencies utilize adjusted net income results in their evaluation of our and our industry's financial performance and in their investment decisions, recommendations and communications as it represents a reliable, representative and consistent measurement of the industry and the Company and management's performance. We note that the price to earnings multiple commonly used by insurance investors as a forward-looking valuation technique uses adjusted net income as the denominator. Adjusted net income should not be considered a substitute for net income (loss) applicable to common shareholders and does not reflect the overall profitability of our business.The following tables reconcile net income (loss) applicable to common shareholders and adjusted net income (loss). Taxes on adjustments to reconcile net income (loss) applicable to common shareholders and adjusted net income (loss) generally use a 21% effective tax rate.($ in millions, except per share data)Three months ended March 31,
2026
2025
2026
2025
Consolidated
Per diluted common shareNet income applicable to common shareholders$ 2,428
$ 566
$ 9.25
$ 2.11Net (gains) losses on investments and derivatives405
349
1.54
1.30Pension and other postretirement remeasurement (gains) losses19
78
0.07
0.29Amortization of purchased intangibles47
59
0.18
0.22Gain on disposition(6)
—
(0.02)
—Income tax expense (benefit)(96)
(103)
(0.37)
(0.39)Adjusted net income *$ 2,797
$ 949
$ 10.65
$ 3.53Adjusted net income (loss) return on Allstate common shareholders' equity is a ratio that uses a non-GAAP measure. It is calculated by dividing the rolling 12-month adjusted net income by the average of Allstate common shareholders' equity at the beginning and at the end of the 12-months, after excluding the effect of unrealized net capital gains and losses. Return on Allstate common shareholders' equity is the most directly comparable GAAP measure. We use adjusted net income as the numerator for the same reasons we use adjusted net income, as discussed previously. We use average Allstate common shareholders' equity excluding the effect of unrealized net capital gains and losses for the denominator as a representation of common shareholders' equity primarily applicable to Allstate's earned and realized business operations because it eliminates the effect of items that are unrealized and vary significantly between periods due to external economic developments such as capital market conditions like changes in interest rates, the amount and timing of which are unrelated to the insurance underwriting process. We use it to supplement our evaluation of net income (loss) applicable to common shareholders and return on Allstate common shareholders' equity because it excludes the effect of items that tend to be highly variable from period to period. We believe that this measure is useful to investors and that it provides a valuable tool for investors when considered along with return on Allstate common shareholders' equity because it eliminates the after-tax effects of realized and unrealized net capital gains and losses that can fluctuate significantly from period to period and that are driven by economic developments, the magnitude and timing of which are generally not influenced by management. In addition, it eliminates non-recurring items that are not indicative of our ongoing business or economic trends. A byproduct of excluding the items noted above to determine adjusted net income return on Allstate common shareholders' equity from return on Allstate common shareholders' equity is the transparency and understanding of their significance to return on common shareholders' equity variability and profitability while recognizing these or similar items may recur in subsequent periods. We use adjusted measures of adjusted net income return on Allstate common shareholders' equity in incentive compensation. Therefore, we believe it is useful for investors to have adjusted net income return on Allstate common shareholders' equity and return on Allstate common shareholders' equity when evaluating our performance. We note that investors, financial analysts, financial and business media organizations and rating agencies utilize adjusted net income return on common shareholders' equity results in their evaluation of our and our industry's financial performance and in their investment decisions, recommendations and communications as it represents a reliable, representative and consistent measurement of the industry and the company and management's utilization of capital. We also provide it to facilitate a comparison to our long-term adjusted net income return on Allstate common shareholders' equity goal. Adjusted net income return on Allstate common shareholders' equity should not be considered a substitute for return on Allstate common shareholders' equity and does not reflect the overall profitability of our business.The following tables reconcile return on Allstate common shareholders' equity and adjusted net income (loss) return on Allstate common shareholders' equity.($ in millions)For the twelve months ended
March 31,
2026
2025Return on Allstate common shareholders' equity
Numerator:
Net income applicable to common shareholders$ 12,027
$ 3,927Denominator:
Beginning Allstate common shareholders' equity$ 20,054
$ 16,638Ending Allstate common shareholders' equity (1)29,606
20,054Average Allstate common shareholders' equity$ 24,830
$ 18,346Return on Allstate common shareholders' equity48.4 %
21.4 %
($ in millions)For the twelve months ended
March 31,
2026
2025Adjusted net income return on Allstate common
shareholders' equity
Numerator:
Adjusted net income *$ 11,152
$ 4,488
Denominator:
Beginning Allstate common shareholders' equity$ 20,054
$ 16,638Less: Unrealized net capital gains and losses (351)
(819)Adjusted beginning Allstate common shareholders' equity20,405
17,457
Ending Allstate common shareholders' equity (1)29,606
20,054Less: Unrealized net capital gains and losses(221)
(351)Adjusted ending Allstate common shareholders' equity29,827
20,405Average adjusted Allstate common shareholders' equity$ 25,116
$ 18,931Adjusted net income return on Allstate common shareholders' equity *44.4 %
23.7 %
(1)Excludes equity related to preferred stock of $2,001 million for both periods shown.Combined ratio excluding the effect of catastrophes, prior year reserve reestimates and amortization or impairment of purchased intangibles ("underlying combined ratio") is a non-GAAP ratio, which is computed as the difference between four GAAP operating ratios: the combined ratio, the effect of catastrophes on the combined ratio, the effect of prior year reserve reestimates, excluding catastrophes on the combined ratio, and the effect of amortization or impairment of purchased intangibles on the combined ratio. We believe that this ratio is useful to investors, and it is used by management to reveal the trends in our Property-Liability business that may be obscured by catastrophe losses, prior year reserve reestimates and amortization or impairment of purchased intangibles. Catastrophe losses cause our loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior year reserve reestimates are caused by unexpected loss development on historical reserves, which could increase or decrease current year net income. Amortization or impairment of purchased intangibles relates to the acquisition purchase price and is not indicative of our underlying insurance business results or trends. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our underwriting performance. The most directly comparable GAAP measure is the combined ratio. The underlying combined ratio should not be considered a substitute for the combined ratio and does not reflect the overall underwriting profitability of our business.The following tables reconcile the respective combined ratio to the underlying combined ratio. Underwriting margin is calculated as 100% minus the combined ratio. Property-LiabilityThree months ended
March 31,
2026
2025Combined ratio 82.0
97.4Effect of catastrophe losses(8.4)
(15.7)Effect of prior year reserve reestimates, excluding catastrophes6.9
1.7Effect of amortization of purchased intangibles(0.2)
(0.3)Underlying combined ratio*80.3
83.1
Effect of prior year catastrophe reserve reestimates0.1
(0.1)
Allstate Protection - Auto InsuranceThree months ended
March 31,
2026
2025Combined ratio81.9
91.3Effect of catastrophe losses(0.9)
(2.2)Effect of prior year reserve reestimates, excluding catastrophes8.8
2.5Effect of amortization of purchased intangibles(0.3)
(0.4)Underlying combined ratio*89.5
91.2
Effect of prior year catastrophe reserve reestimates—
(0.1)
Allstate Protection - Homeowners InsuranceThree months ended
March 31,
2026
2025Combined ratio83.5
112.3Effect of catastrophe losses(25.1)
(49.9)Effect of prior year reserve reestimates, excluding catastrophes2.3
0.2Effect of amortization of purchased intangibles(0.2)
(0.2)Underlying combined ratio*60.5
62.4
Effect of prior year catastrophe reserve reestimates(0.4)
—
View original content to download multimedia:https://www.prnewswire.com/news-releases/allstate-reports-strong-earnings-and-increased-growth-302757978.htmlSOURCE The Allstate Corporation
Original: Allstate Reports Strong Earnings and Increased Growth
US Market News
4月前
Allstate Enhances Customer Value, Lowers Prices for 7.8 Million Customers in 2025February 4, 2026 5:31 PM
PR Newswire (US)
NORTHBROOK, Ill., Feb. 4, 2026 /PRNewswire/ -- The Allstate Corporation (NYSE: ALL) today reported financial results for the fourth quarter of 2025.
"Allstate had a terrific year by better serving customers and making protection more affordable," said Tom Wilson, who leads The Allstate Corporation. "We proactively reduced premiums for 7.8 million auto and homeowners insurance customers by an average of 17% through tailored coverage reviews to offset cost inflation. We also improved 69 million customer interactions and provided customers with nearly $38 billion in support and financial resources when the unexpected happened in 2025.""Total policies in force increased to 210.9 million in the fourth quarter, up 3.0% from the prior year, driven by broad distribution and affordable, simple, connected products. Revenues increased to $17.3 billion in the fourth quarter and $67.7 billion for the full year. Full-year net income was $10.2 billion and adjusted net income* was $9.3 billion. Reflecting this success, the common dividend will increase to $1.08 per share to be paid in the second quarter and a $4.0 billion share repurchase program will be initiated when the existing $1.5 billion program is completed," concluded Wilson.Fourth Quarter 2025 ResultsTotal revenues of $17.3 billion in the fourth quarter of 2025 were $839 million or 5.1% higher than the prior year quarter.Net income applicable to common shareholders was $3.8 billion in the fourth quarter of 2025, compared to $1.9 billion in the prior year quarter, reflecting strong operating results.Adjusted net income* was $3.8 billion, or $14.31 per diluted share, compared to $2.1 billion in the prior year quarter.Full Year 2025 ResultsTotal revenues were $67.7 billion, 5.6% above the prior year.Net income applicable to common shareholders was $10.2 billion compared to $4.6 billion in 2024.Adjusted net income* was $9.3 billion generating an adjusted net income return on equity* of 38.3%.The Allstate Corporation Consolidated Highlights
As of or for the three months
ended December 31,
As of or for the twelve months
ended December 31,($ in millions, except per share data and ratios)2025
2024% / ptsChange
2025
2024% / ptsChangeConsolidated revenues$ 17,345
$ 16,5065.1 %
$ 67,685
$ 64,1065.6 %Net income applicable to common shareholders3,803
1,899100.3 %
10,165
4,550123.4 %per diluted common share14.37
7.07103.3 %
38.06
16.99124.0 %Adjusted net income*3,788
2,06283.7 %
9,304
4,90689.6 %per diluted common share*14.31
7.6786.6 %
34.83
18.3290.1 %Return on Allstate common shareholders' equity (trailing twelve months)
Net income applicable to common shareholders
42.3 %
25.8 %16.5Adjusted net income*
38.3 %
26.8 %11.5Common shares outstanding (in millions)
260.1
265.0(1.8) %Book value per common share
$ 108.45
$ 72.3549.9 %Total policies in force (in thousands) (1)
210,937
204,7413.0 %(1)Excludes policies in force related to the employer voluntary benefits and group health businesses sold.*Measures used in this release that are not based on accounting principles generally accepted in the United States of America ("non-GAAP") are denoted with an asterisk and defined and reconciled to the most directly comparable GAAP measure in the "Definitions of Non-GAAP Measures" section of this document.Property-Liability earned premiums of $14.8 billion increased 6.1% in the fourth quarter of 2025 compared to the prior year, primarily driven by higher average premiums and policy in force growth. Underwriting income was $4.0 billion compared to $1.8 billion in the prior year quarter.Property-Liability Results
As of or for the three months
ended December 31,
As of or for the twelve months
ended December 31,($ in millions)20252024% / ptsChange
20252024% / ptsChangePremiums written$ 14,572$ 13,7575.9 %
$ 59,546$ 55,9266.5 %Premiums earned14,77613,9336.1 %
57,68253,8667.1 %Recorded combined ratio72.986.9(14.0)
85.294.3(9.1)Underlying combined ratio*76.683.0(6.4)
79.484.6(5.2)Catastrophe losses$ 209$ 410(49.0) %
$ 4,959$ 4,964(0.1) %Underwriting income4,0061,832118.7 %
8,5403,080177.3 %Policies in force (in thousands)
38,27537,5302.0 %Premiums written increased 5.9% compared to the prior year quarter, reflecting higher auto and homeowners insurance average premiums and policies in force.Property-Liability combined ratio was 72.9 for the quarter, which was an improvement of 14.0 points versus the prior year quarter due to higher average earned premiums, the benefit of non-catastrophe reserve releases and lower catastrophe losses.Policies in force increased by 2.0%, led by growth in auto and homeowners insurance policies.Allstate-branded Affordable, Simple, Connected auto insurance products are now available in 43 states with the homeowners insurance product available in 31 states. Custom360® middle market standard and preferred auto and homeowners insurance products for the independent agent channel are available in 36 states.Allstate Protection auto insurance results benefited from the Transformative Growth initiative, delivering strong margins and higher new business levels than the prior year.Allstate Protection Auto Results
As of or for the three months
ended December 31,
As of or for the twelve months
ended December 31,($ in millions, except ratios)20252024% / ptsChange
20252024% / ptsChangePremiums written$ 9,399$ 9,1163.1 %
$ 38,649$ 37,2963.6 %Premiums earned9,6229,3482.9 %
38,09036,4754.4 %Recorded combined ratio80.893.5(12.7)
85.095.0(10.0)Underlying combined ratio*87.693.0(5.4)
88.193.4(5.3)Underwriting income1,851603NM
5,7241,810NMPolicies in force (in thousands)
25,50424,9362.3 %NM = not meaningfulWritten and earned premiums grew 3.1% and 2.9%, respectively, compared to the prior year quarter. Auto insurance rate increases resulted in an annualized premium impact of 0.2% in the fourth quarter and 2.6% in 2025.The recorded auto insurance combined ratio of 80.8 in the fourth quarter of 2025 was a 12.7 point improvement from the prior year quarter, reflecting higher average earned premiums, moderating loss costs and the benefit of non-catastrophe reserve releases. Prior year non-catastrophe reserve reestimates were $719 million in the fourth quarter, a 7.5 point benefit to the combined ratio, reflecting favorable severity development in personal auto injury and physical damage coverages.The underlying auto insurance combined ratio* of 87.6 in the fourth quarter of 2025 was a 5.4 point improvement from the prior year quarter, as growth in average earned premiums exceeded improving underlying loss and expense trends per policy. The fourth quarter underlying auto insurance combined ratio* would have been 90.4 when adjusted for 2.8 points of favorable development on claims reported in the first three quarters of 2025.Auto insurance policies in force grew by 2.3% with a 22.8% increase in new business reflecting expanded distribution, increased marketing, new products and sophisticated rating plans. Active brand auto insurance policies grew by 3.3%, which was partially offset by decreases in legacy Esurance and Encompass policies.Allstate Protection homeowners insurance remains a competitive advantage for Allstate and a growth opportunity. Underwriting profit of $1.8 billion increased from $1.1 billion in the prior year quarter, reflecting lower catastrophes and excellent underlying margins.Allstate Protection Homeowners Results
As of or for the three months
ended December 31,
As of or for the twelve months
ended December 31,($ in millions, except ratios)20252024% / ptsChange
20252024% / ptsChangePremiums written$ 4,110$ 3,62413.4 %
$ 16,565$ 14,41614.9 %Premiums earned4,0553,54814.3 %
15,36313,36015.0 %Recorded combined ratio55.369.8(14.5)
84.490.1(5.7)Catastrophe Losses$ 170$ 315(46.0) %
$ 4,087$ 3,71710.0 %Underlying combined ratio*51.459.5(8.1)
57.962.5(4.6)Underwriting income1,8131,07069.4 %
2,3931,31981.4 %Policies in force (in thousands)
7,6977,5112.5 %Written premiums and earned premiums increased by 13.4% and 14.3% compared to the prior year quarter, respectively, due to higher average premiums and policy in force growth. A 7.4% increase in Allstate brand homeowners insurance average gross written premium compared to the prior year quarter reflects continued rate increases and higher home replacement costs.The recorded homeowners insurance combined ratio of 55.3 was 14.5 points below the fourth quarter of 2024, due to higher average earned premiums, lower catastrophe losses and lower underlying losses.Catastrophe losses of $170 million in the quarter decreased $145 million compared to the prior year quarter due to fewer and less severe events, as well as the absence of any hurricanes and tropical storms.The underlying combined ratio* of 51.4 improved by 8.1 points compared to the prior year quarter, primarily driven by higher average premiums and favorable non-catastrophe loss trends.Policies in force increased 2.5% compared to the prior year quarter, primarily driven by 3.2% growth in Allstate brand homeowners insurance policies, offset by a reduction in National General legacy products.Protection Services protects customers through five businesses where Allstate branded offerings are embedded in other offerings. Revenues increased to $917 million in the fourth quarter of 2025, 3.1% higher than the prior year quarter, primarily due to Protection Plans and Roadside. Adjusted net income of $57 million increased by $7 million compared to the prior year quarter.Protection Services Results
Three months ended
December 31,
Twelve months ended
December 31,($ in millions)20252024% / $Change
20252024% / $ChangeTotal revenues (1)$ 917$ 8893.1 %
$ 3,546$ 3,2379.5 %Protection Plans60952815.3
2,3001,98715.8Dealer Services1481470.7
5905870.5Roadside615413.0
2312243.1Arity60121(50.4)
266286(7.0)Identity Protection3939—
1591533.9
Adjusted net income$ 57$ 50$ 7
$ 218$ 217$ 1Protection Plans493712
17915722Dealer Services743
2121—Roadside12102
46397Arity(12)(3)(9)
(34)(8)(26)Identity Protection12(1)
68(2)(1)Excludes net gains and losses on investments and derivatives.Protection Plans continued to expand distribution relationships and product offerings. Revenue of $609 million increased $81 million, or 15.3%, compared to the prior year quarter primarily due to strong international growth. Adjusted net income of $49 million in the fourth quarter of 2025 was $12 million higher than the prior year quarter.Dealer Services generated revenue of $148 million, an increase of $1 million compared to the prior year quarter. Adjusted net income of $7 million was $3 million higher than the prior year quarter.Roadside revenue of $61 million in the fourth quarter of 2025 increased 13.0% compared to the prior year quarter reflecting increased bundling with Allstate branded Affordable, Simple, Connected auto insurance products and higher third-party sales. Adjusted net income of $12 million in the fourth quarter was $2 million higher than the prior year quarter.Arity revenue of $60 million decreased $61 million compared to prior year quarter due to lower lead generation revenue. Adjusted net loss of $12 million in the fourth quarter of 2025 compared to a loss of $3 million in the prior year quarter.Identity Protection revenue of $39 million in the fourth quarter of 2025 was flat compared to the prior year quarter. Adjusted net income of $1 million in the fourth quarter of 2025 decreased compared to $2 million in the prior year quarter.Allstate Investments uses a proactive approach to balancing risk and return for the $83.2 billion portfolio. Net investment income of $892 million in the fourth quarter of 2025 increased by $59 million from the prior year quarter primarily due to market-based portfolio growth.Allstate Investment Results
Three months ended
December 31,
Twelve months ended
December 31,($ in millions, except ratios)20252024$ / ptsChange
20252024$ / ptsChangeNet investment income$ 892$ 833$ 59
$ 3,449$ 3,092$ 357Market-based (1)80472777
3,0362,728308Performance-based (1)146167(21)
64861830Net gains (losses) on investments and derivatives$ 73$ (201)$ 274
$ (168)$ (225)$ 57Change in unrealized net capital gains and losses, pre-tax (2)$ (70)$ (1,444)$ 1,374
$ 1,365$ (192)$ 1,557Total return on investment portfolio (2)1.1 %(1.1) %2.2
5.8 %3.8 %2.0(1)Investment expenses are not allocated between market-based and performance-based portfolios with the exception of investee level expenses.(2)Includes investments held for sale.Market-based investment income was $804 million in the fourth quarter of 2025, an increase of $77 million, or 10.6%, compared to the prior year quarter, reflecting growth in the asset balances to $73.4 billion in the market-based portfolio.Performance-based investment income totaled $146 million in the fourth quarter of 2025, a decrease of $21 million compared to the prior year quarter due to lower private equity and real estate returns. The overall portfolio allocation to performance-based assets provides a diversifying source of higher long-term returns; quarterly volatility in reported results is expected.Net gains on investments and derivatives were $73 million in the fourth quarter of 2025, compared to losses of $201 million in the prior year quarter. Fourth quarter results were driven by fixed income sales and higher valuation on equity investments.Unrealized net capital gains totaled $382 million (pre-tax), a $70 million decrease to the prior quarter as previously unrealized gains were recognized through sales of fixed income securities during the quarter.Total return on the investment portfolio was 1.1% for the fourth quarter and 5.8% for the full year 2025.Macroeconomic impacts are regularly monitored through our integrated Enterprise Risk and Return Management framework. In the fourth quarter of 2025, growth exposure increased through a higher allocation to public equity securities.Proactive Capital Management"Fourth-quarter operating results generated an attractive adjusted net income return on equity and additional deployable capital," said John Dugenske, Interim Chief Financial Officer and President, Investments and Corporate Strategy. "Total estimated statutory surplus increased to $23.0 billion, and the holding company ended the year with $7.5 billion of assets. Over $2.2 billion was returned to shareholders in 2025, through a combination of share repurchases and common shareholder dividends. The common shareholder dividend will increase to $1.08, payable on April 1, 2026, to stockholders of record at the close of business on March 2, 2026. In addition, a $4.0 billion share repurchase program, over 24 months, will commence once the existing $1.5 billion program has been fully executed," concluded Dugenske.Visit www.allstateinvestors.com for additional information about Allstate's results, including a webcast of its quarterly conference call and the call presentation. The conference call will be at 9 a.m. ET on Thursday, February 5. Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com. Forward-Looking Statements This news release contains "forward-looking statements" that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like "plans," "seeks," "expects," "will," "should," "anticipates," "estimates," "intends," "believes," "likely," "targets" and other words with similar meanings. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the "Risk Factors" section in our most recent annual report on Form 10-K. Forward-looking statements are as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statement.About Allstate
The Allstate Corporation (NYSE: ALL) protects people from life's uncertainties with affordable, simple and connected protection for autos, homes, electronic devices and identities. Products are available through a broad distribution network including Allstate agents, independent agents, major retailers, online and at the workplace. Allstate has more than 210 million policies in force and is widely known for the slogan "You're in Good Hands with Allstate." For more information, visit www.allstate.com. THE ALLSTATE CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF FINANCIAL POSITION
($ in millions, except par value data) December 31,
2025
December 31,
2024Assets
Investments
Fixed income securities, at fair value (amortized cost, net $58,730 and $53,616)$ 59,115
$ 52,747Equity securities, at fair value (cost $8,026 and $4,329)8,398
4,463Mortgage loans, net879
784Limited partnership interests8,844
9,255Short-term, at fair value (amortized cost $4,888 and $4,539)4,887
4,537Other investments, net1,114
824Total investments83,237
72,610Cash678
704Premium installment receivables, net11,474
10,614Deferred policy acquisition costs6,163
5,773Reinsurance and indemnification recoverables, net8,501
8,924Accrued investment income708
615Deferred income taxes—
231Property and equipment, net627
669Goodwill3,118
3,245Other assets, net5,252
5,140Assets held for sale—
3,092Total assets$ 119,758
$ 111,617Liabilities
Reserve for property and casualty insurance claims and claims expense$ 41,079
$ 41,917Unearned premiums29,080
26,909Claim payments outstanding1,419
1,567Deferred income taxes227
—Other liabilities and accrued expenses9,874
9,659Debt7,490
8,085Liabilities held for sale—
2,113Total liabilities89,169
90,250Equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized,
82.0 thousand shares issued and outstanding, $2,050 aggregate liquidation preference2,001
2,001Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued,
260 million and 265 million shares outstanding9
9Additional capital paid-in4,158
4,029Retained income62,393
53,288Treasury stock, at cost (640 million and 635 million shares)(38,206)
(36,996)Accumulated other comprehensive income (loss):
Unrealized net capital gains and losses297
(771)Unrealized foreign currency translation adjustments(55)
(145)Unamortized pension and other postretirement prior service credit11
11Discount rate for reserve for future policy benefits2
16Total accumulated other comprehensive income (loss)255
(889)Total Allstate shareholders' equity30,610
21,442Noncontrolling interest(21)
(75)Total equity30,589
21,367Total liabilities and equity$ 119,758
$ 111,617 THE ALLSTATE CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS
($ in millions, except per share data)Three months ended
December 31,
Twelve months ended
December 31,
2025
2024
2025
2024
Revenues
Property and casualty insurance premiums$ 15,511
$ 14,591
$ 60,503
$ 56,388Accident and health insurance premiums and contract charges114
482
946
1,921Other revenue755
801
2,955
2,930Net investment income892
833
3,449
3,092Net gains (losses) on investments and derivatives73
(201)
(168)
(225)Total revenues17,345
16,506
67,685
64,106
Costs and expenses
Property and casualty insurance claims and claims expense7,736
9,024
37,454
39,735Accident, health and other policy benefits68
337
656
1,241Amortization of deferred policy acquisition costs2,125
2,062
8,389
8,039Operating costs and expenses2,332
2,505
8,977
8,626Pension and other postretirement remeasurement (gains) losses(5)
(52)
(35)
(37)Restructuring and related charges13
10
61
61Amortization of purchased intangibles56
70
231
280Interest expense98
101
399
400Total costs and expenses12,423
14,057
56,132
58,345
Gain (loss) on disposition of operations(7)
—
1,603
—
Income from operations before income tax expense4,915
2,449
13,156
5,761
Income tax expense1,088
559
2,890
1,162
Net income3,827
1,890
10,266
4,599
Less: Net loss attributable to noncontrolling interest(5)
(38)
(16)
(68)
Net income attributable to Allstate3,832
1,928
10,282
4,667
Less: Preferred stock dividends29
29
117
117
Net income applicable to common shareholders$ 3,803
$ 1,899
$ 10,165
$ 4,550
Earnings per common share:
Net income applicable to common shareholders per common share -
Basic$ 14.55
$ 7.16
$ 38.56
$ 17.22Weighted average common shares - Basic261.3
265.1
263.6
264.3Net income applicable to common shareholders per common share -
Diluted$ 14.37
$ 7.07
$ 38.06
$ 16.99Weighted average common shares - Diluted264.7
268.7
267.1
267.8Definitions of Non-GAAP MeasuresWe believe that investors' understanding of Allstate's performance is enhanced by our disclosure of the following non-GAAP measures. Our methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited.Adjusted net income (loss) is net income (loss) applicable to common shareholders, excluding:Net gains and losses on investments and derivativesPension and other postretirement remeasurement gains and lossesAmortization or impairment of purchased intangiblesGain or loss on dispositionAdjustments for other significant non-recurring, infrequent or unusual items, when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, or (b) there has been no similar charge or gain within the prior two yearsRelated income tax expense or benefit of these itemsNet income (loss) applicable to common shareholders is the GAAP measure that is most directly comparable to adjusted net income.We use adjusted net income as an important measure to evaluate our results of operations. We believe that the measure provides investors with a valuable measure of the Company's ongoing performance because it reveals trends in our insurance and financial services business that may be obscured by the net effect of net gains and losses on investments and derivatives, pension and other postretirement remeasurement gains and losses, amortization or impairment of purchased intangibles, gain or loss on disposition and adjustments for other significant non-recurring, infrequent or unusual items and the related tax expense or benefit of these items. Net gains and losses on investments and derivatives, and pension and other postretirement remeasurement gains and losses may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions, the timing of which is unrelated to the insurance underwriting process. Gain or loss on disposition is excluded because it is non-recurring in nature and the amortization or impairment of purchased intangibles is excluded because it relates to the acquisition purchase price and is not indicative of our underlying business results or trends. Non-recurring items are excluded because, by their nature, they are not indicative of our business or economic trends. Accordingly, adjusted net income excludes the effect of items that tend to be highly variable from period to period and highlights the results from ongoing operations and the underlying profitability of our business. A byproduct of excluding these items to determine adjusted net income is the transparency and understanding of their significance to net income variability and profitability while recognizing these or similar items may recur in subsequent periods. Adjusted net income is used by management along with the other components of net income (loss) applicable to common shareholders to assess our performance. We use adjusted measures of adjusted net income in incentive compensation. Therefore, we believe it is useful for investors to evaluate net income (loss) applicable to common shareholders, adjusted net income and their components separately and in the aggregate when reviewing and evaluating our performance. We note that investors, financial analysts, financial and business media organizations and rating agencies utilize adjusted net income results in their evaluation of our and our industry's financial performance and in their investment decisions, recommendations and communications as it represents a reliable, representative and consistent measurement of the industry and the Company and management's performance. We note that the price to earnings multiple commonly used by insurance investors as a forward-looking valuation technique uses adjusted net income as the denominator. Adjusted net income should not be considered a substitute for net income (loss) applicable to common shareholders and does not reflect the overall profitability of our business.The following tables reconcile net income (loss) applicable to common shareholders and adjusted net income (loss). Taxes on adjustments to reconcile net income (loss) applicable to common shareholders and adjusted net income (loss) generally use a 21% effective tax rate.($ in millions, except per share data)Three months ended December 31,
2025
2024
2025
2024
Consolidated
Per diluted common shareNet income applicable to common shareholders$ 3,803
$ 1,899
$ 14.37
$ 7.07Net (gains) losses on investments and derivatives(73)
201
(0.28)
0.75Pension and other postretirement remeasurement (gains) losses(5)
(52)
(0.02)
(0.20)Amortization of purchased intangibles56
70
0.21
0.26Gain on disposition—
(10)
—
(0.04)Income tax expense (benefit)7
(46)
0.03
(0.17)Adjusted net income *$ 3,788
$ 2,062
$ 14.31
$ 7.67
Twelve months ended December 31,
2025
2024
2025
2024
Consolidated
Per diluted common shareNet income applicable to common shareholders$ 10,165
$ 4,550
$ 38.06
$ 16.99Net (gains) losses on investments and derivatives168
225
0.63
0.84Pension and other postretirement remeasurement (gains) losses(35)
(37)
(0.13)
(0.14)Amortization of purchased intangibles231
280
0.86
1.05Gain on disposition(1,616)
(16)
(6.05)
(0.06)Income tax expense (benefit)391
(96)
1.46
(0.36)Adjusted net income *$ 9,304
$ 4,906
$ 34.83
$ 18.32
Adjusted net income (loss) return on Allstate common shareholders' equity is a ratio that uses a non-GAAP measure. It is calculated by dividing the rolling 12-month adjusted net income by the average of Allstate common shareholders' equity at the beginning and at the end of the 12-months, after excluding the effect of unrealized net capital gains and losses. Return on Allstate common shareholders' equity is the most directly comparable GAAP measure. We use adjusted net income as the numerator for the same reasons we use adjusted net income, as discussed previously. We use average Allstate common shareholders' equity excluding the effect of unrealized net capital gains and losses for the denominator as a representation of common shareholders' equity primarily applicable to Allstate's earned and realized business operations because it eliminates the effect of items that are unrealized and vary significantly between periods due to external economic developments such as capital market conditions like changes in interest rates, the amount and timing of which are unrelated to the insurance underwriting process. We use it to supplement our evaluation of net income (loss) applicable to common shareholders and return on Allstate common shareholders' equity because it excludes the effect of items that tend to be highly variable from period to period. We believe that this measure is useful to investors and that it provides a valuable tool for investors when considered along with return on Allstate common shareholders' equity because it eliminates the after-tax effects of realized and unrealized net capital gains and losses that can fluctuate significantly from period to period and that are driven by economic developments, the magnitude and timing of which are generally not influenced by management. In addition, it eliminates non-recurring items that are not indicative of our ongoing business or economic trends. A byproduct of excluding the items noted above to determine adjusted net income return on Allstate common shareholders' equity from return on Allstate common shareholders' equity is the transparency and understanding of their significance to return on common shareholders' equity variability and profitability while recognizing these or similar items may recur in subsequent periods. We use adjusted measures of adjusted net income return on Allstate common shareholders' equity in incentive compensation. Therefore, we believe it is useful for investors to have adjusted net income return on Allstate common shareholders' equity and return on Allstate common shareholders' equity when evaluating our performance. We note that investors, financial analysts, financial and business media organizations and rating agencies utilize adjusted net income return on common shareholders' equity results in their evaluation of our and our industry's financial performance and in their investment decisions, recommendations and communications as it represents a reliable, representative and consistent measurement of the industry and the company and management's utilization of capital. We also provide it to facilitate a comparison to our long-term adjusted net income return on Allstate common shareholders' equity goal. Adjusted net income return on Allstate common shareholders' equity should not be considered a substitute for return on Allstate common shareholders' equity and does not reflect the overall profitability of our business.The following tables reconcile return on Allstate common shareholders' equity and adjusted net income (loss) return on Allstate common shareholders' equity. ($ in millions)For the twelve months ended
December 31,
2025
2024Return on Allstate common shareholders' equity
Numerator:
Net income applicable to common shareholders$ 10,165
$ 4,550Denominator:
Beginning Allstate common shareholders' equity$ 19,441
$ 15,769Ending Allstate common shareholders' equity (1)28,609
19,441Average Allstate common shareholders' equity$ 24,025
$ 17,605Return on Allstate common shareholders' equity42.3 %
25.8 %
($ in millions)For the twelve months ended
December 31,
2025
2024Adjusted net income return on Allstate common shareholders' equity
Numerator:
Adjusted net income *$ 9,304
$ 4,906
Denominator:
Beginning Allstate common shareholders' equity$ 19,441
$ 15,769Less: Unrealized net capital gains and losses (771)
(604)Adjusted beginning Allstate common shareholders' equity20,212
16,373
Ending Allstate common shareholders' equity (1)28,609
19,441Less: Unrealized net capital gains and losses297
(771)Adjusted ending Allstate common shareholders' equity28,312
20,212Average adjusted Allstate common shareholders' equity$ 24,262
$ 18,293Adjusted net income return on Allstate common shareholders'
equity *38.3 %
26.8 %
(1)Excludes equity related to preferred stock of $2,001 million for both periods shown.Combined ratio excluding the effect of catastrophes, prior year reserve reestimates and amortization or impairment of purchased intangibles ("underlying combined ratio") is a non-GAAP ratio, which is computed as the difference between four GAAP operating ratios: the combined ratio, the effect of catastrophes on the combined ratio, the effect of prior year non-catastrophe reserve reestimates on the combined ratio, and the effect of amortization or impairment of purchased intangibles on the combined ratio. We believe that this ratio is useful to investors, and it is used by management to reveal the trends in our Property-Liability business that may be obscured by catastrophe losses, prior year reserve reestimates and amortization or impairment of purchased intangibles. Catastrophe losses cause our loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior year reserve reestimates are caused by unexpected loss development on historical reserves, which could increase or decrease current year net income. Amortization or impairment of purchased intangibles relates to the acquisition purchase price and is not indicative of our underlying insurance business results or trends. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our underwriting performance. The most directly comparable GAAP measure is the combined ratio. The underlying combined ratio should not be considered a substitute for the combined ratio and does not reflect the overall underwriting profitability of our business.The following tables reconcile the respective combined ratio to the underlying combined ratio. Underwriting margin is calculated as 100% minus the combined ratio.Property-LiabilityThree months ended
December 31,
Twelve months ended
December 31,
2025
2024
2025
2024Combined ratio 72.9
86.9
85.2
94.3Effect of catastrophe losses(1.4)
(2.9)
(8.6)
(9.2)Effect of prior year non-catastrophe reserve reestimates5.4
(0.6)
3.1
(0.2)Effect of amortization of purchased intangibles(0.3)
(0.4)
(0.3)
(0.3)Underlying combined ratio*76.6
83.0
79.4
84.6
Effect of prior year catastrophe reserve reestimates0.3
(0.4)
—
(0.7) Allstate Protection - Auto InsuranceThree months ended
December 31,
Twelve months ended
December 31,
2025
2024
2025
2024Combined ratio80.8
93.5
85.0
95.0Effect of catastrophe losses(0.4)
(0.6)
(1.4)
(2.2)Effect of prior year non-catastrophe reserve reestimates7.5
0.4
4.8
0.9Effect of amortization of purchased intangibles(0.3)
(0.3)
(0.3)
(0.3)Underlying combined ratio*87.6
93.0
88.1
93.4
Effect of prior year catastrophe reserve reestimates—
(0.1)
(0.1)
(0.1) Allstate Protection - Homeowners InsuranceThree months ended
December 31,
Twelve months ended
December 31,
2025
2024
2025
2024Combined ratio55.3
69.8
84.4
90.1Effect of catastrophe losses(4.2)
(8.9)
(26.6)
(27.8)Effect of prior year non-catastrophe reserve reestimates0.6
(1.1)
0.4
0.5Effect of amortization of purchased intangibles(0.3)
(0.3)
(0.3)
(0.3)Underlying combined ratio*51.4
59.5
57.9
62.5
Effect of prior year catastrophe reserve reestimates1.0
(1.2)
0.3
(2.4)
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Original: Allstate Enhances Customer Value, Lowers Prices for 7.8 Million Customers in 2025