ALLSTATE CORP
For the period ended Jun 30, 2025. Filed Jul 30, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 30, 2025
ALL$254.81-4.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-30.
0000899051-25-000042
HighlightsProperty-LiabilityAllstate ProtectionRun-off Property-LiabilityProtection ServicesAllstate Health and BenefitsInvestmentCapital Resources and LiquidityForward-Looking StatementsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-30.
0000899051-25-000070
HighlightsProperty-LiabilityAllstate ProtectionRun-off Property-LiabilityProtection ServicesAllstate Health and BenefitsInvestmentCapital Resources and LiquidityForward-Looking StatementsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 273 previous paragraphs and 287 current paragraphs.
110 unchanged; 111 reworded; 57 added; 46 removed; 6 previous and 9 current paragraphs rearranged.
Tables are not compared: 39 previous and 41 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (57)
Current report
Tariffs Beginning on April 2, 2025, the U.S. government announced additional tariffs on goods imported to the U.S. We regularly evaluate scenarios to understand the potential impact of tariffs on our businesses and incorporate estimates of the impact into our development of reserves for claims. The evolving and uncertain global trade environment makes it difficult to predict the full effect on our business. The following factors may impact operations at levels beyond what we are currently observing:
Current report
•Increases in building material costs, driving increases in homeowners claim costs
Current report
•Lack of availability of replacement parts from disruption in global trade broadly impacting all businesses
Current report
•Adverse impacts on investment valuations and liquidity for market-based and performance-based investments
Current report
Allstate Protection underwriting income was $1.28 billion in the second quarter of 2025 compared to an underwriting loss of $142 million in the second quarter of 2024, due to increased premiums earned and lower losses, partially offset by higher expenses. Underwriting income totaled $1.65 billion in the first six months of 2025 compared to underwriting income of $761 million in the first six months of 2024, due to increased premiums earned, partially offset by higher catastrophe losses and expenses.
Current report
Catastrophe losses were $1.99 billion and $4.19 billion in the second quarter and first six months of 2025, respectively, compared to $2.12 billion and $2.85 billion in the second quarter and first six months of 2024, respectively.
Current report
Premiums written increased 5.4% to $15.05 billion and increased 6.9% to $29.34 billion in the second quarter and first six months of 2025, respectively,
Current report
compared to the same periods of 2024, reflecting higher homeowners and auto insurance policies in force and premium rate increases.
Current report
Allstate Health and Benefits adjusted net income decreased $54 million to $4 million in the second quarter of 2025 and decreased $80 million to $34
Current report
Premiums and contract charges decreased 50.4% to $235 million in the second quarter of 2025 and decreased 24.2% to $722 million in the first six months of 2025 compared to the same periods of 2024. Excluding the results of the employer voluntary benefits business sold on April 1, premiums and contract charges increased 3.1% to $235 million in the second quarter of 2025 and increased 4.6% to $479 million in the first six months of 2025 compared to the same periods of 2024. The increases were due to growth in individual health and group health.
Current report
Income taxes The effective tax rate is the ratio of income tax expense (benefit) divided by income (loss) from operations before income tax expense. For the six months ended June 30, 2025, we reported an effective tax rate of 21.2% based on total income tax expense of $727 million on total income from operations before income tax expense of $3.42 billion. The effective rate for the six months ended June 30, 2025, is higher than the federal statutory rate of 21%, primarily due to non-deductible goodwill arising from the sale of the employer voluntary benefits business, offset by tax benefits derived from tax credits, tax-exempt interest income and share-based payments.
Current report
For the six months ended June 30, 2024, we reported an effective tax rate of 18.4% based on a total income tax expense of $349 million on income from operations before income tax benefit of $1.89 billion. The effective tax rate for the six months ended 2024 was lower than the federal statutory rate of 21% due to the additional tax benefit derived from tax credits, shared-based payments and tax-exempt interest income.
Current report
(1)The sale of the employer voluntary benefits business on April 1, 2025 resulted in the disposal of non-deductible goodwill.
Current report
On July 4, 2025, H.R. 1 was signed into law, making a number of changes to the U.S. tax code. The legislation makes many provisions permanent that were originally enacted under the 2017 Tax Cuts and Jobs Act, in addition to implementing new measures that directly affect corporate taxpayers. Key provisions include the permanent reinstatement of full and immediate expensing for domestic research and development expenditures, new limitations on the deductibility of corporate charitable contributions, and a substantial rollback of renewable energy tax credits, including transferability of certain energy-related credits, while at the same time expanding availability of tax incentives for affordable housing developments. Based on our current operations, we do not expect these changes to have a significant impact to our consolidated financial statements.
Current report
Underwriting income was $1.28 billion in the second quarter of 2025 compared to underwriting loss of $142 million in the second quarter of 2024 due to increased premiums earned and lower losses, partially offset by higher expenses. Underwriting income increased 116% or $886 million in the first six months of 2025 compared to the first six months of 2024, due to increased premiums earned, partially offset by higher catastrophe losses and expenses.
Current report
•PIF increased 0.5% or 119 thousand to 25,243 thousand as of June 30, 2025 compared to June 30, 2024
Current report
•PIF increased 2.3% or 170 thousand to 7,596 thousand as of June 30, 2025 compared to June 30, 2024, primarily in the direct and exclusive agency
Current report
channels, partially offset in the independent agency channel
Current report
Other personal lines premiums written increased 2.4% or $20 million in the second quarter of 2025 compared to the second quarter of 2024 and increased 5.9% or $89 million in the first six months of 2025 compared to the first six months of 2024, primarily due
Current report
Homeowners loss ratio decreased 9.1 points in the second quarter of 2025 compared to the second quarter of 2024, primarily due to increased premiums earned. Homeowners loss ratio increased 10.8 points in the first six months of 2025 compared to the first six months of 2024, primarily due to higher catastrophe losses, partially offset by increased premiums earned.
Current report
premiums earned, partially offset by higher catastrophe losses.
Current report
During the second quarter of 2025, we placed one single-year term contract as part of our 2025-2026 Nationwide Excess Catastrophe Reinsurance Program, added a U.S. Homeowners Aggregate contract, and completed the placement of our 2025-2026 Florida
Current report
Excess Catastrophe Reinsurance Program (“Florida Program”), the National General Lender Services Standalone Program and the National General Flood Excess of Loss Reinsurance Contract.
Current report
2025-2026 Nationwide Excess Catastrophe Reinsurance Program updates include one single-year term contract providing $217 million of placed limit in excess of a $4.25 billion retention on a per occurrence basis.
Current report
U.S. Homeowners Aggregate A seven-month duration aggregate contract was placed with a risk period of June 1, 2025 to December 31, 2025. This contract provides $325 million of placed limit in excess of a $3.50 billion retention for US Homeowners catastrophe events, including the state of Florida.
Current report
Florida Program Our 2025 Florida Program provides coverage for property policies of Castle Key Insurance Company and certain affiliate companies for Florida catastrophe events up to $1.10 billion of loss less a $30 million retention. This includes coverage for events up to $951 million of loss less a $30 million
Current report
56 www.allstate.com retention on a first event occurrence, in addition to the Florida Hurricane Catastrophe Fund (“FHCF”) which provides a combined placed limit of $153 million.
Current report
The Florida Program includes reinsurance agreements placed in the traditional market, FHCF and the insurance-linked securities (“ILS”) market as follows:
Current report
•For qualifying losses to personal lines property in Florida caused by storms the National Hurricane Center declares to be hurricanes, the Florida Program has three mandatory FHCF inuring contracts providing $170 million of limits, 90% placed.
Current report
•Traditional market placements comprise reinsurance limits for losses to personal lines property in Florida arising out of multiple perils including those not covered by the FHCF contracts. One contract provides combined $405 million of placed limit with one automatic reinstatement of limits with premium due, while a separate contract provides coverage to partially offset these reinstatement premiums. An additional contract provides $66 million of reinsurance limit for a second event.
Current report
•ILS placements provide $516 million of placed limits for qualifying losses to personal lines property in Florida caused by a named storm event, a severe weather event, an earthquake event, a fire event, a volcanic eruption event, or a meteorite impact event.
Current report
million retention, with one automatic reinstatement of limits. Inuring contracts include the National General FHCF contract providing $130 million of limits in excess of a $73 million retention, 90% placed.
Current report
For a complete summary of the 2025 reinsurance placement, please read this in conjunction with the discussion and analysis in Part I. Item 2. Management’s Discussion and Analysis - Allstate Protection Segment Results, Catastrophe Reinsurance of The Allstate Corporation Form 10-Q for the quarterly period ended March 31, 2025.
Current report
Premiums written increased 8.4% or $57 million in the second quarter of 2025 and increased 6.7% or $87 million in the first six months of 2025 compared to the same periods of 2024, primarily due to international growth at Allstate Protection Plans.
Current report
PIF increased 7.4% or 12 million as of June 30, 2025 compared to June 30, 2024 due to growth at Allstate Protection Plans.
Current report
Intersegment premiums and service fees decreased 7.7% or $3 million in the second quarter of
Current report
2025 and decreased 1.4% or $1 million in the first six months of 2025 compared to the same periods of 2024, primarily driven by Allstate Roadside.
Showing the first 40 of 57 passages. Open the source sections for the rest.
Removed paragraphs (46)
Previous report
Tariffs Beginning on April 2, 2025, the U.S. government announced additional tariffs on goods imported to the U.S. These actions are expected to impact the results of our operations. Depending on the severity of these actions, the following may impact operations:
Previous report
•Adverse impact on investment valuations on fixed income securities, equity securities and performance-based investments
Previous report
On August 13, 2024, we entered into a share purchase agreement with StanCorp Financial Group, Inc. to sell American Heritage Life Insurance Company and American Heritage Service Company, comprising our employer voluntary benefits (“EVB”) business for approximately $2.0 billion in cash. The employer
Previous report
to close in 2025, subject to regulatory approvals and other customary closing conditions.
Previous report
The transaction price for the group health business, less costs to sell, exceeds the carrying value of net assets related to this transaction, resulting in an expected gain of approximately $450 million that will be recognized at closing of the transaction. The ultimate amount of the anticipated gain on the sale will be impacted by purchase price adjustments associated with certain pre-close transactions, changes in the carrying value of net assets, changes in accumulated other comprehensive income and the related tax effects.
Previous report
Consolidated net income applicable to common shareholders decreased 52.4% to $566 million in the first quarter of 2025 compared to the first quarter of 2024, primarily due to higher catastrophe and realized capital losses.
Previous report
Allstate Protection underwriting income was $364 million in the first quarter of 2025 compared to $903 million in the first quarter of 2024, due to higher catastrophe losses, partially offset by increased premiums earned.
Previous report
Catastrophe losses were $2.20 billion in the first quarter of 2025 compared to $731 million in the first quarter of 2024.
Previous report
Premiums written increased 8.5% to $14.30 billion in the first quarter of 2025 compared to the same period of 2024, reflecting higher premiums in auto and homeowners insurance and higher homeowners insurance policies in force.
Previous report
Allstate Health and Benefits adjusted net income was $30 million in the first quarter of 2025 compared to adjusted net income of $56 million in the first quarter of 2024. The decline was primarily due to increased benefit utilization in group health and individual health, partially offset by lower benefit utilization and expenses in employer voluntary benefits.
Previous report
Premiums and contract charges increased 1.9% to $487 million in the first quarter of 2025 compared to the same period of 2024, primarily due to growth in individual health and group health, partially offset by a decline in employer voluntary benefits.
Previous report
(1)Restructuring and related charges for the first quarter of 2025 primarily relate to streamlining the organization and outsourcing certain aspects of operations. See Note 13 of the condensed consolidated financial statements for additional details.
Previous report
(2)Favorable reserve reestimates are shown in parentheses.
Previous report
Underwriting income decreased 59.7% or $539 million in the first quarter of 2025 compared to the first quarter of 2024 due to higher catastrophe losses, partially offset by increased premiums earned.
Previous report
•PIF decreased 0.4% or 107 thousand to 25,100 thousand as of March 31, 2025 compared to March 31, 2024
Previous report
Homeowners loss ratio increased 31.5 points in the first quarter of 2025 compared to the same period of 2024 primarily due to higher catastrophe losses, partially offset by increased premiums earned.
Previous report
We have placed coverage related to our 2025-2026 Nationwide Excess Catastrophe Reinsurance Program (the “Nationwide Program”), the Kentucky Earthquake Catastrophe Reinsurance Contract and the Canada Catastrophe Excess Reinsurance Contract. The Florida Excess Catastrophe Reinsurance Program and the National General Lender Services Program will be completed in the second quarter of 2025. We are continuing to evaluate complimentary coverage that
Previous report
provides aggregate protection and reduces earnings volatility.
Previous report
Similar to our 2024 program, our 2025 program includes coverage for losses to personal lines property, personal lines automobile, commercial lines property or commercial lines automobile arising out of multiple perils, in addition to hurricanes, earthquakes and wildfires.
Previous report
The Nationwide Program provides per occurrence coverage up to $9.50 billion of loss less a $1.00 billion retention and is subject to the percentage of reinsurance placed in each of its agreements. It also provides aggregate coverage up to $500 million for catastrophe loss events in excess of a deductible of $50 million per event with $66 million of limit utilized by expected recoveries. Property business in the state of Florida is excluded from this program. Separate reinsurance agreements address the distinct needs of separately capitalized legal entities. The Nationwide Program includes reinsurance agreements with both the traditional and insurance-linked securities (“ILS”) markets as described below:
Previous report
•Core traditional market multi-year and per occurrence agreements provide limits totaling $5.87 billion for catastrophe losses arising out of multiple perils and are comprised of the following:
Previous report
–Contracts providing combined $3.25 billion of placed limits exhausting at $4.25 billion, with one annual reinstatement.
Previous report
–Three multi-year contracts providing combined $336 million of placed limits with two of the contracts providing one reinstatement of limits over each contract’s term.
Previous report
–Four single-year contracts providing combined $2.28 billion of placed limits filling capacity around the multi-year and ILS placements, with two contracts providing one reinstatement of limits.
Previous report
•ILS placements provide $2.70 billion of placed limits, with no reinstatement of limits, and are comprised of the following:
Previous report
–Ten contracts providing occurrence coverage of $2.20 billion of placed limits, reinsuring losses in all states except Florida caused by named storms, earthquakes and fire following earthquakes, severe weather, wildfires, and other naturally occurring or man-made events determined to be a catastrophe by the Company.
Previous report
–One contract providing occurrence and aggregate coverage of $175 million of placed limits, also provide that for each annual period beginning April 1, Allstate declared catastrophes to personal lines property and automobile business can be aggregated to erode the aggregate retention and qualify for coverage under the aggregate limits.
Previous report
Recoveries are limited to the ultimate net loss from the reinsured event.
Previous report
–Two contracts providing aggregate coverage of $325 million of placed limits, with $66 million of limit utilized by expected recoveries.
Previous report
(1)Favorable reserve reestimates are shown in parentheses.
Previous report
Premiums written increased 4.8% or $30 million in the first quarter of 2025 compared to the first quarter of 2024, primarily due to higher average premiums at Dealer Services and international growth at Allstate Protection Plans, partially offset by lower sales at Allstate Roadside.
Previous report
PIF increased 8.5% or 13 million as of March 31, 2025 compared to March 31, 2024 due to growth at Allstate Protection Plans.
Previous report
Intersegment premiums and service fees increased 5.7% or $2 million in the first quarter of 2025 compared to the first quarter of 2024, driven by higher lead generation revenue at Arity.
Previous report
On January 30, 2025, Allstate entered into an agreement with Nationwide Life Insurance Company to sell Direct General Life Insurance Company, NSM Sales Corporation and The Association Benefits Solution, LLC, comprising the group health business, reported within this segment. The transaction is expected to close in 2025, subject to regulatory approvals and other customary closing conditions. The transaction price for the group health business, less costs to sell, exceeds the carrying value of net assets related to this transaction, resulting in an expected gain of approximately $450 million that will be recognized at closing of the transaction.
Previous report
(1)Benefit ratio is calculated as accident, health and other policy benefits less interest credited to contractholder funds of $8 million and $9 million for the three months ended March 31, 2025 and 2024, respectively, divided by premiums and contract charges.
Previous report
Premiums and contract charges increased 1.9% or $9 million in the first quarter of 2025 compared to the first quarter of 2024, primarily due to growth in individual health and group health, partially offset by a decline in employer voluntary benefits.
Previous report
Adjusted net income decreased $26 million in the first quarter of 2025 compared to the first quarter of 2024, primarily due to increased benefit utilization in group health and individual health, partially offset by lower benefit utilization and expenses in employer voluntary benefits.
Previous report
Accident, health and other policy benefits increased 12.5% or $37 million in the first quarter of 2025 compared to the first quarter of 2024, primarily from higher benefit utilization in group health and individual health.
Showing the first 40 of 46 passages. Open the source sections for the rest.
Reworded paragraphs (111)
Previous wording
•Higher new and used vehicle pricing, increasing claims costs in Allstate Protection, Protection Plans and Dealer Services
Current wording
•Higher new and used vehicle pricing and replacement parts, increasing claims costs in Allstate Protection and Dealer Services
Previous wording
•Declines in auto new issued applications due to lower car sales
Current wording
•Fewer auto new issued applications due to lower new and used vehicle sales
Previous wording
•Reduced demand in Allstate Dealer Services due to lower new car sales
Current wording
•Reduced demand in Allstate Dealer Services due to lower new vehicle sales
Previous wording
We are expanding Protection Services businesses by leveraging the Allstate brand, customer base and capabilities.
Current wording
We are expanding Protection Services businesses internationally and by leveraging the Allstate brand, customer base and capabilities.
Previous wording
On August 13, 2024, we entered into a share purchase agreement with StanCorp Financial Group, Inc. to sell American Heritage Life Insurance Company and American Heritage Service Company, comprising the Company’s employer voluntary benefits business, reported within this segment. The transaction closed on April 1, 2025, and we expect to record a gain on the sale of approximately $625 million in the second quarter of 2025.
Current wording
On April 1, 2025, we closed the sale of American Heritage Life Insurance Company and American Heritage Service Company, comprising our employer voluntary benefits (“EVB”) business, reported in the Allstate Health and Benefits segment. We recorded a gain on the sale of $890 million or $643 million, after-tax in the second quarter of 2025.
Previous wording
First Quarter 2025 Form 10-Q 43 voluntary benefits business continues to be reported in the Allstate Health and Benefits segment, and the assets and liabilities of the business are classified as held for sale. The transaction closed on April 1, 2025, and we expect to record a gain on the sale of approximately $625 million in the second quarter of 2025.
Current wording
sell Direct General Life Insurance Company, NSM Sales Corporation and The Association Benefits Solution, LLC, comprising the group health business, reported in the Allstate Health and Benefits segment. The assets and liabilities of the business are classified as held for sale at June 30, 2025. The transaction closed on July 1, 2025, and we expect to record a gain on sale of approximately $500 million in the third quarter of 2025.
Previous wording
Consolidated net income (loss) applicable to common shareholders
Previous wording
period of 2024 primarily due to higher catastrophe losses.
Current wording
Consolidated net income applicable to common shareholders increased $1.78 billion to $2.08 billion in the second quarter of 2025 compared to the second quarter of 2024, primarily due to higher earned premium and a gain on sale of the employer voluntary benefits business. Consolidated net income applicable to common shareholders increased $1.16 billion to $2.65 billion in the first six months of 2025 compared to the same period of 2024, primarily due to higher earned premium and a gain on sale of the employer voluntary benefits business, partially offset by higher catastrophe losses.
Previous wording
Total revenues increased 7.8% to $16.45 billion in the first quarter of 2025 compared to the first quarter of 2024, primarily due to premium rate increases and higher homeowners insurance policies in force.
Current wording
Total revenues increased $919 million to $16.63 billion and increased $2.11 billion to $33.09 billion in the second quarter and first six months of 2025, respectively, compared to the same periods of 2024, primarily due to higher homeowners and auto insurance policies in force and premium rate increases.
Previous wording
Net investment income increased $90 million to $854 million in the first quarter of 2025, due to higher market-based investment results.
Current wording
Net investment income increased $42 million to $754 million in the second quarter of 2025 and increased $132 million to $1.61 billion in the first six months of 2025 compared to the same periods of 2024, primarily due to higher market-based investment results, partially offset by lower performance-based investment results.
Previous wording
Investments totaled $74.05 billion as of March 31, 2025, increasing from $72.61 billion as of December 31, 2024.
Current wording
Investments totaled $77.44 billion as of June 30, 2025, increasing from $72.61 billion as of December 31, 2024.
Previous wording
Allstate shareholders’ equity was $22.06 billion as of March 31, 2025, increasing from $21.44 billion as of December 31, 2024, primarily due to net income and lower unrealized net capital losses on investments, partially offset by dividends to shareholders.
Current wording
December 31, 2024, primarily due to net income and unrealized net capital gains on investments in 2025 compared to losses at December 31, 2024, partially offset by dividends to shareholders.
Previous wording
Book value per diluted common share (ratio of Allstate common shareholders’ equity to total common shares outstanding and dilutive potential common shares outstanding) was $74.61 as of March 31, 2025, an increase of 19.8% from $62.27 as of March 31, 2024, and an increase of 3.1% from $72.35 as of December 31, 2024.
Current wording
Book value per diluted common share (ratio of Allstate common shareholders’ equity to total common shares outstanding and dilutive potential common shares outstanding) was $82.40 as of June 30, 2025, an increase of 32.6% from $62.14 as of June 30, 2024, and an increase of 13.9% from $72.35 as of December 31, 2024.
Previous wording
Return on average Allstate common shareholders’ equityfor the twelve months ended March 31, 2025, was 21.4%, an increase of 13.8 points from 7.6% for the twelve months ended March 31, 2024. The increase was primarily due to higher net income applicable to common shareholders for the trailing twelve-month period ending March 31, 2025.
Current wording
Return on average Allstate common shareholders’ equityfor the twelve months ended June 30, 2025, was 29.6%, an increase of 10.3 points from 19.3% for the twelve months ended June 30, 2024. The increase was primarily due to higher net income applicable to common shareholders for the trailing twelve-month period ending June 30, 2025.
Previous wording
Protection Services adjusted net income was $55 million in the first quarter of 2025 compared to $54 million in the first quarter of 2024, primarily due to premium growth at Allstate Protection Plans, partially offset by higher expenses due to growth at Arity and higher loss costs at Dealer Services.
Current wording
Protection Services adjusted net income was $60 million in the second quarter of 2025 compared to $55 million in the second quarter of 2024. Adjusted net income was $115 million the first six months of 2025 compared to $109 million in the six months of 2024. The increase in both periods was primarily due to premium growth at Allstate Protection Plans, partially offset by higher expenses at Arity.
Previous wording
Premiums and other revenue increased 14.6% to $799 million in the first quarter of 2025 compared to the same period of 2024, primarily due to growth at Allstate Protection Plans and higher lead generation revenue at Arity.
Current wording
Premiums and other revenue increased 13.4% to $806 million and increased 14.0% to $1.61 billion in the second quarter and first six months of 2025, respectively, compared to the same periods of 2024, primarily due to growth at Allstate Protection Plans.
Current wording
Second Quarter 2025 Form 10-Q 47 million in the first six months of 2025 compared to the same periods of 2024. Excluding the results of the employer voluntary benefits business sold on April 1, adjusted net income decreased $26 million to $4 million in the second quarter of 2025 and decreased $57 million to $12 million in the first six months of 2025 compared to the same periods of 2024. The declines were primarily due to increased benefit utilization in group health and individual health.
Previous wording
First Quarter 2025 Form 10-Q 51 within a certain amount of time following the event. Catastrophes are caused by various natural events including high winds, winter storms and freezes, tornadoes, hailstorms, wildfires, tropical storms, tsunamis, hurricanes, earthquakes and volcanoes.
Previous wording
Auto insurance premiums written increased 5.2% or $491 million in the first quarter of 2025 compared to the first quarter of 2024, primarily due to the following factors:
Current wording
Auto insurance premiums written increased 2.7% or $249 million in the second quarter of 2025 compared to the second quarter of 2024 and 4.0% or $740 million in the first six months of 2025 compared to the first six months of 2024, primarily due to the following factors:
Previous wording
•Increased Allstate brand average premiums driven by rate increases. In the three months ended March 31, 2025, rate increases of 4.3% were implemented in 32 locations, resulting in total insurance premium impact of 1.4%
Current wording
•Increase in Allstate brand average premiums driven by rate increases that have moderated as we focus on growth and continued rollout of Affordable, Simple and Connected auto product. In the six months ended June 30, 2025 rate increases of 4.2% were implemented in 46 locations, resulting in total insurance premium impact of 1.8%
Previous wording
increases. In states where we are achieving acceptable returns, we plan to implement rates that keep pace with increasing costs
Current wording
•In locations not achieving acceptable returns, we expect to continue to pursue targeted rate increases. In states where we are achieving acceptable returns, we plan to implement rates that keep pace with increasing costs
Previous wording
Homeowners insurance premiums written increased 20.1% or $579 million in the first quarter of 2025 compared to the first quarter of 2024, primarily due to the following factors:
Current wording
Homeowners insurance premiums written increased 14.3% or $550 million in the second quarter of 2025 compared to the second quarter of 2024 and increased 16.8% or $1.13 billion in the first six months of 2025 compared to the first six months of 2024, primarily due to the following factors:
Previous wording
•In the three months ended March 31, 2025, rate increases of 5.9% were implemented in 19 locations, resulting in total estimated insurance premium impact of 1.5%, excluding the impact of changes in insured home replacement costs
Current wording
•In the six months ended June 30, 2025, rate increases of 6.9% were implemented in 36 locations, resulting in total estimated insurance premium impact of 2.9%, excluding the impact of changes in insured home replacement costs
Previous wording
We are not writing new homeowners business in California and Florida. We are also non-renewing certain policies in Florida. We may not be able to grow in certain states without regulatory or legislative reforms that enable customers to be provided coverage at appropriate risk adjusted returns.
Current wording
We are not writing new homeowners business in Florida. We are also non-renewing certain policies in Florida. We may not be able to grow in certain states without regulatory or legislative reforms that enable customers to be provided coverage at appropriate risk adjusted returns.
Previous wording
National General policy growth may be negatively impacted as we improve underwriting margins to targeted levels through underwriting and rate actions.
Current wording
As we improve underwriting margins to targeted levels through underwriting and rate actions, policy growth in the independent agency channel may be negatively impacted.
Previous wording
Other personal lines premiums written increased 10.5% or $69 million in the first quarter of 2025 compared to the first quarter of 2024, primarily due to increases in landlords and personal umbrella policies, partially offset by a decrease in auto assigned risk policies purchased from other carriers. We are not writing new condominium business in California and Florida, and we are non-renewing certain policies in Florida.
Current wording
to increases in landlords and personal umbrella policies, partially offset by a decrease in auto assigned risk policies purchased from other carriers. We are not writing new condominium business in Florida, and we are non-renewing certain policies in Florida.
Previous wording
committed to offering comprehensive commercial products to customers through our exclusive agency, independent agency and direct channels, with solutions offered by the National General brand, NEXT Insurance and other brokered solutions.
Current wording
Commercial lines premiums written decreased 33.3% or $50 million in the second quarter of 2025 compared to the second quarter of 2024 and decreased 36.8% or $113 million in the first six months of 2025 compared to the first six months of 2024, primarily due to the strategic decision for the Allstate brand to stop writing new business and non-renew policies. We are committed to offering comprehensive commercial products to customers through our exclusive agency, independent agency and direct channels, with solutions offered by the National General brand, NEXT Insurance and other brokered solutions.
Previous wording
Other business lines premiums written increased 28.1% or $38 million in the first quarter of 2025 compared to the first quarter of 2024 due to growth in the lender-placed business.
Current wording
Other business lines premiums written decreased 0.6% or $1 million in the second quarter of 2025 compared to the second quarter of 2024. Other business lines premiums written increased 12.8% or $37 million in the first six months of 2025 compared to the first six months of 2024, due to growth in the lender-placed business.
Previous wording
(1)Expense ratio includes other revenue of $44 million for the three months ended March 31, 2025, compared to $38 million for the three months ended March 31, 2024, for fees on auto assigned risk policies.
Current wording
(1)Expense ratio includes other revenue of $47 million and $91 million for the three and six months ended June 30, 2025, respectively, compared to $26 million and $64 million for the three and six months ended June 30, 2024, respectively, for fees on auto assigned risk policies.
Previous wording
(3)Other revenue is deducted from operating costs and expenses in the expense ratio calculation.
Current wording
(2)Other revenue is deducted from operating costs and expenses in the expense ratio calculation.
Previous wording
(1)The ten-year average effect of first-quarter catastrophe losses on the total combined ratio was 8.6 points.
Current wording
(1)The ten-year average effect of total catastrophe losses on the total combined ratio was 13.8 points and 11.2 points in the second quarter and first six months of 2025, respectively.
Previous wording
(2) The ten-year average effect of first-quarter homeowner catastrophe losses on the total combined ratio was 29.3 points.
Current wording
(2)The ten-year average effect of homeowners catastrophe losses on the total homeowners combined ratio was 44.8 points and 37.1 points in the second quarter and first six months of 2025, respectively.
Previous wording
Auto loss ratio decreased 6.1 points in the first quarter of 2025, compared to the same period of 2024 driven by increased earned premiums and lower non-catastrophe losses. Estimated report year 2025 incurred claim severity for Allstate increased compared to report year 2024 for major coverages due to higher repair costs, medical consumption and attorney representation. Gross claim frequency decreased relative to the prior year. We continue to enhance our claims practices to manage loss costs by increasing resources and expanding re-inspections and accelerating resolution of bodily injury claims.
Current wording
Auto loss ratio decreased 9.2 points and decreased 7.7 points in the second quarter and first six months of 2025, respectively, compared to the same periods of 2024 driven by increased earned premiums, lower claim frequency and higher favorable non-catastrophe reserve reestimates. Estimated report year 2025 incurred claim severity for Allstate brand increased compared to report year 2024 for major coverages due to higher repair costs, mix of total loss frequency, medical consumption and attorney representation. Gross claim frequency decreased relative to the prior year. We continue to enhance our claims practices to manage loss costs by increasing resources and expanding re-inspections and accelerating resolution of bodily injury claims.
Previous wording
Gross claim frequency, excluding catastrophes, decreased in the first quarter of 2025 compared to the same period of 2024. Paid claim severity, excluding catastrophes, increased in the first quarter of 2025 compared to the same period of 2024 due to an increase in freeze related claims and larger losses within the fire peril. Homeowners paid claim severity can be impacted by both the mix of perils and the magnitude of specific losses paid during the quarter.
Current wording
Gross claim frequency, excluding catastrophes, decreased in the second quarter and first six months of 2025 compared to the same periods of 2024. Paid claim severity, excluding catastrophes, increased in the second quarter and first six months of 2025 compared to the same periods of 2024 due to a mix of fire and wind/hail perils. Homeowners paid claim severity can be impacted by both the mix of perils and the magnitude of specific losses paid during the quarter.
Previous wording
Other personal lines loss ratio increased 5.6 points in the first quarter of 2025, compared to the same
Current wording
Other personal lines loss ratio decreased 5.9 points and decreased 0.3 points in the second quarter and first six months of 2025, respectively, compared to the same periods of 2024 primarily due to increased
Previous wording
Commercial lines loss ratio decreased 57.0 points in the first quarter of 2025 compared to the same period of 2024, primarily due to lower losses, partially offset by a decrease in premiums earned driven by the strategic decision to exit an unprofitable business.
Current wording
Commercial lines loss ratio decreased 74.2 points and 65.4 points in the second quarter and first six months of 2025, respectively, compared to the same periods of 2024, primarily due to lower losses, partially offset by a decrease in premiums earned driven by the strategic decision to exit an unprofitable business.
Showing the first 40 of 111 pairs. Open the source sections for the rest.
Rearranged current paragraphs (9)
Current report — wording carried from elsewhere
On January 30, 2025, Allstate entered into an agreement with Nationwide Life Insurance Company to
Current report — wording carried from elsewhere
Allstate shareholders’ equity was $24.02 billion as of June 30, 2025, increasing from $21.44 billion as of
Current report — wording carried from elsewhere
Change in underwriting results from prior year period - six months ended
Current report — wording carried from elsewhere
Second Quarter 2025 Form 10-Q 55 tornadoes, hailstorms, wildfires, tropical storms, tsunamis, hurricanes, earthquakes and volcanoes.
Current report — wording carried from elsewhere
Performance-based strategy seeks to deliver attractive risk-adjusted returns and supplement
Current report — wording carried from elsewhere
Second Quarter 2025 Form 10-Q 67
Current report — wording carried from elsewhere
of the underlying investments and the timing of asset sales. The Company typically employs a lag in recording and recognizing changes in valuations of limited partnership interests due to the availability of investee financial statements. As a result, performance-based income in the second quarter of 2025 is primarily comprised of operating and market performance and results of our investments for the three months ended March 31, 2025, and may not reflect economic conditions since the U.S.’s imposition of tariffs on goods imported to the U.S.
Current report — wording carried from elsewhere
In addition to the Liquidity Agreement, the Corporation also has an intercompany loan agreement
Current report — wording carried from elsewhere
•The Corporation and AIC have access to a $750 million unsecured revolving credit facility that is available for short-term liquidity requirements. The maturity date of this facility is November 2027. The facility is fully subscribed among 11 lenders with the largest commitment being $95 million. The commitments of the lenders are several and no lender is responsible for any other lender’s
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
•In locations not achieving acceptable returns, we expect to continue to pursue targeted rate
Previous report — wording carried elsewhere
Commercial lines premiums written decreased 40.1% or $63 million in the first quarter of 2025 compared to the first quarter of 2024, primarily due to the strategic decision for the Allstate brand to stop writing new business and non-renew policies. We are
Previous report — wording carried elsewhere
First Quarter 2025 Form 10-Q 55
Previous report — wording carried elsewhere
enterprise objectives and market opportunities primarily through public and private fixed income investments and public equity securities.
Previous report — wording carried elsewhere
Parent company capital capacity At the parent holding company level, we have deployable assets
Previous report — wording carried elsewhere
based on the ratings of our senior unsecured, unguaranteed long-term debt. There were no borrowings under the credit facility during 2025.