The Allstate Corporation (ALL)

The Allstate Corporation reported third-quarter 2026 results on 4 November, with revenues of $17.3 billion and net income of $2.1 billion, or $8.03 per diluted share 1.

Net income was lower than the $3.7 billion of a year earlier, mainly because catastrophe losses rose and the 2025 quarter held a gain on the sale of the group health business 1.

Catastrophe losses, the claims from severe weather and other disasters, were $1,650 million in Property-Liability against $558 million a year before 1.

Underneath, the insurance business kept growing: Property-Liability earned premiums rose 3.8 percent to $15.1 billion, and policies in force rose 3.3 percent 1.

Chief executive Tom Wilson said earnings reflected strong underwriting margins on auto and homeowners insurance, higher investment income and continued growth of Protection Services 1.

Investments pulled the other way, with net losses of $545 million on investments and derivatives, which the release ties to higher interest rates 1.

The open items are the Arity deals 12. It bought the assets of INRIX in October 2026 2. In November it agreed to buy the rest of Replica, which the company expects to close before the end of 2026 1.

The earnings call is set for 5 November 1.

The Allstate Corporation was incorporated in Delaware on November 5, 1992, as the holding company for Allstate Insurance Company, which runs most of the business 3.

The first big turn of the recent years came in 2021, when it completed the purchase of National General on January 4 4.

The company said the deal added over one percentage point to its personal property-liability market share and sharpened its independent agent technology 4.

It bought non-standard auto insurer SafeAuto for $262 million in cash on October 1, 2021 4.

In the same months it left life insurance 5. Allstate Life Insurance Company of New York went to Wilton Reassurance for $400 million 5. Allstate Life and affiliates went to Blackstone-managed entities for total proceeds of $4 billion 5.

Then costs caught up with prices 5. In 2022 the Property-Liability combined ratio, claims plus costs divided by premiums earned, was 106.6, driven by higher auto losses 53.

A ratio above one hundred means an underwriting loss, and the company reported a net loss to common shareholders of $1.42 billion in 2022 against net income of $1.49 billion in 2021 5.

The company said its customer score fell in 2022 because of the substantial price increases needed to offset higher loss costs 5.

Repair came through an auto profitability plan 6. Property-Liability underwriting income, what is left after claims and costs, went from a loss of $2,184 million in 2023 to profits of $3,080 million in 2024 and $8,540 million in 2025 3.

The combined ratio went from 104.5 in 2023 to 94.3 in 2024 and 85.2 in 2025 3.

The 2024 annual report credits the comprehensive auto insurance profitability plan and lower catastrophe losses for the improvement that year 6.

In 2025 the company said auto rate increases moderated, with 3.5% implemented, and that prior-year reserve releases, cases where earlier claim estimates proved too high, helped profit 3.

The company also sold its health and benefits arms 6. It agreed on August 13, 2024 to sell employer voluntary benefits to StanCorp, and on January 30, 2025 to sell group health to Nationwide Life for about $1.25 billion in cash 6.

The sales closed on April 1 and July 1, 2025, with gains of $888 million and $715 million before tax 3.

The result for 2025 was net income to common shareholders of $10.17 billion against $4.55 billion in 2024, on revenue up 5.6 percent to $67.69 billion 3.

Auto insurance

Auto insurance is the largest product 3. Premiums earned were $38,090 million in 2025, and auto underwriting income was $5,724 million 3.

In the third quarter of 2026 auto policies in force were 26,204 thousand, up 3.4 percent, and new business rose 6.3 percent 1.

The auto recorded combined ratio was 83.2 for the quarter, and premiums were held back by lower average premiums as buyers moved to the Affordable, Simple, Connected products 1.

Those products are available in 46 states for auto, and the Drivewise program, which reads driving behavior from a phone or in-car device, runs in 48 states and the District of Columbia 13.

Homeowners and other personal lines

Homeowners premiums earned rose 11.5 percent to $4,325 million in the quarter, helped by higher average premiums and 3.3 percent more policies 1.

Catastrophe losses were $1,330 million against $479 million, and the recorded combined ratio was 89.5 against 71.5 1.

Other personal lines cover renters, condominium, landlord, boat, umbrella and manufactured home, among others, and the commercial line is National General commercial auto 3.

How the insurance is sold

The company reports over 27,400 exclusive agents, about 58,700 independent agent locations, about 2,200 contact center and online sales staff and about 500 Direct Auto retail stores 3.

Protection Services

Protection Services had revenues of $964 million in the third quarter, up 6.9 percent, from Protection Plans, Roadside, Dealer Services, Identity Protection and Arity 1.

Protection Plans, which covers phones, electronics and appliances against failure, brought in $631 million, and the release says its international revenues are growing rapidly 13.

Roadside revenue was $70 million, Dealer Services $148 million, Identity Protection $39 million and Arity, the telematics data business, $76 million 13.

Investments

Allstate Investments manages a $87.4 billion portfolio, and net investment income was $1,177 million in the quarter against $949 million a year earlier 1.

Run-off business

A run-off segment holds asbestos, environmental and other claims from policies written from the 1960s through the mid-1980s 3.

People and facilities

Tom Wilson leads the company 1. Christian Lown joined as chief financial officer on August 3, 2026, after serving as finance chief of CoStar Group and, before that, of Freddie Mac 7.

It had approximately 53,000 full-time employees at the end of 2025 and occupies about 645 retail stores and offices in North America 3.

Rivals

The company calls itself the third largest personal property and casualty insurer in the United States on 2024 statutory direct premiums 3.

Repairer Driven News reported 2025 auto shares from the state regulators' association: State Farm 18.64 percent, Progressive 18.60 percent, GEICO 11.56 percent and Allstate 10.15 percent 10.

Problems and lawsuits

The Department of Justice sued National General entities on July 24, 2024 over services given to a large national bank's collateral protection insurance program 3.

The Texas Attorney General and class-action plaintiffs are suing over the collection and use of driving behavior data, and the company estimates reasonably possible loss above accruals for disclosed matters at zero to $153 million 23.

The umbrella, in words

Allstate does business under the Allstate, National General, Direct Auto and Answer Financial brands in insurance, and under Arity and others in Protection Services 3.

Its subsidiaries exhibit lists, among many others, Allstate Insurance Company and Allstate Fire and Casualty Insurance Company of Illinois, Allstate Insurance Company of Canada, Answer Financial Inc. and Arity, LLC 11.

Allstate Insurance Company is the main insurer, and the parent depends on its dividends; to the end of the third quarter of 2026, $4.75 billion of such dividends were paid 23.

Arity owns INRIX's assets since October 2026 and has agreed to acquire the remaining ownership of Replica, which means Arity already holds part of Replica 12.

Large holders file Schedule 13G, the form for passive stakes 98. BlackRock reported 8.4 percent of the common stock and Vanguard Capital Management 7.52 percent, each on a passive Schedule 13G 98.

The company targets completing the rollout of its Affordable, Simple and Connected products in 2026, and its report for 2025 listed auto in 43 states and homeowners in 31 3.

The third-quarter release shows 46 states for auto and 42 for homeowners, and Custom360 products for independent agents in 41 and 42 states 1.

Wilson said ALLIE, the company's Large Language Intelligent Ecosystem, has been expanded to handle millions of service calls, with additional capabilities planned for early 2027 1.

Arity expects the Replica acquisition to close before the end of 2026, subject to customary closing conditions 1.

On capital, the board authorized a $4.00 billion share repurchase program on February 4, 2026, to be completed by February 29, 2028, with $1.35 billion remaining on September 30, 2026 2.

A common dividend of $1.08 was declared on July 8, 2026 and payable on October 1, 2026 2.

California's climate disclosure law requires greenhouse gas reporting, and the state's proposed rules set an initial deadline of August 2026, which Allstate says it is well positioned to meet 3.

The company also said in its 2025 report that tariffs from April 2, 2025 could raise vehicle and repair costs and building material costs, and that it cannot predict their full effect 3.

In its latest annual report the company states its aims for Protection Services: to expand Protection Plans through retailers and mobile operators, modernize Roadside with digital tools and expand Dealer Services through dealerships 3.

It also aims to build a leading position in identity protection and restoration, and to provide telematics and mobility insights through Arity 3.

Legal matters remain open: the company says it is defending the Texas Attorney General suit and class actions over driving data, and the Department of Justice suit against National General entities 23.

The earnings call on 5 November is the next scheduled event 1.

Past

The Allstate Corporation's revenue grew from $37 billion in fiscal 2016 to $68 billion in fiscal 2025, rising 6.8% a year, and climbed in 9 of 9 years with no fall from a peak. Net income was positive in 8 of 10 filed years. Over the three fiscal years to 2025, the diluted share count shrank about 0.5% a year. In the year to 2026-10-06, officers and directors filed 50 sales and 0 purchases of their own stock on the open market, with 43 of the sales under scheduled plans. 1

Present

In the fiscal year ended 2025-12-31, The Allstate Corporation reported revenue of $68 billion and a profit of $10 billion. The company earned about 34 cents of profit for every dollar of shareholders' money, owed about 74 cents per dollar of assets, and its share count shrank 0.3% over the year. Its revenue of $68 billion ranks in the top 6% by size among 60 companies in its industry family, with a net margin of 15.2% ranking in the top 36%. Thomas J. Wilson holds the title of Chairman, President and Chief Executive, filing under that title since 2007-02-20, for 19.7 years; the 17 officers and directors filing in the last fifteen months have been on the record a median of 8.8 years. 21

Future

A quarterly report for the quarter ending 2026-09-30 is due by 2026-11-09. An annual report for the fiscal year ending 2026-12-31 is due by 2027-03-01. The company's cash of $678 million against debt of $7.5 billion leaves negative 5.7% of its assets as net cash, in the bottom 13% of its industry family, and cash from operations less capital spending is 14.6% of revenue, in the bottom 39%. Revenue grew 9.6% a year over the last three filed years against 6.8% over all 10, and the newest year grew 5.6%. 31

How the company operates

The Allstate Corporation reported three lines of business in fiscal 2025: Property Liability at $60 billion, Protection Services at $3.5 billion, and Allstate Health and Benefits at $676 million. Two of the three lines grew in the latest filed year, and the largest line is 93% of revenue. The company operates as an insurance business under the Fire, Marine & Casualty Insurance industry code (SIC 6331). 12

New moves

On 2026-10-15, The Allstate Corporation filed a Form 8-K with a disclosure to investors under Regulation FD. 3