ALLSTATE CORP
For the period ended Sep 30, 2025. Filed Nov 5, 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.
Sep 30, 2025 · Filed Nov 5, 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 2025-06-30; filed 2025-07-30.
0000899051-25-000070
HighlightsProperty-LiabilityAllstate ProtectionRun-off Property-LiabilityProtection ServicesAllstate Health and BenefitsInvestmentCapital Resources and LiquidityForward-Looking StatementsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0000899051-25-000102
HighlightsProperty-LiabilityAllstate ProtectionRun-off Property-LiabilityProtection ServicesInvestmentCapital 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 287 previous paragraphs and 256 current paragraphs.
114 unchanged; 108 reworded; 23 added; 56 removed; 9 previous and 11 current paragraphs rearranged.
Tables are not compared: 41 previous and 38 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 (23)
Current report
Consolidated net income applicable to common shareholders increased $2.56 billion to $3.72 billion in the third quarter of 2025 and increased $3.71 billion to $6.36 billion in the first nine months of 2025 compared to the same periods of 2024, primarily due to higher underwriting income and gains on dispositions.
Current report
Net investment income increased $166 million to $949 million in the third quarter of 2025 and increased $298 million to $2.56 billion in the first nine months of 2025 compared to the same periods of 2024, primarily due to higher market-based and performance-based investment results.
Current report
Catastrophe losses were $558 million and $4.75 billion in the third quarter and first nine months of 2025, respectively, compared to $1.70 billion and $4.55 billion in the third quarter and first nine months of 2024, respectively.
Current report
Underwriting income was $3.04 billion in the third quarter of 2025 compared to underwriting income of $555 million in the third quarter of 2024, due to lower catastrophe losses, increased premiums earned and the benefit of prior year reserve releases. Underwriting income increased $3.37 billion to $4.69 billion in the first nine months of 2025 compared to the first nine months of 2024, due to increased premiums earned and the benefit of prior year reserve releases, partially offset by higher expenses.
Current report
•PIF increased 1.3% or 334 thousand to 25,332 thousand as of September 30, 2025 compared to September 30, 2024
Current report
Other business lines premiums written decreased 4.6% or $8 million in the third quarter of 2025 compared to the third quarter of 2024, due to lower
Current report
(2)Expense ratio includes profit-sharing commissions on lender-placed business, which decreased in 2024 due to higher losses and increased in 2025 as losses declined.
Current report
Other personal lines loss ratio decreased 21.1 points in the third quarter of 2025 compared to the
Current report
Other business lines loss ratio decreased 44.5 points in the third quarter of 2025 compared to the third quarter of 2024, primarily due to lower losses and the benefit of prior year reserve releases. Other business lines loss ratio decreased 16.9 points in the first nine months of 2025 compared to the first nine months of 2024, primarily due to the benefit of prior year non-catastrophe reserve releases.
Current report
Catastrophe losses decreased $1.15 billion to $558 million in the third quarter of 2025 compared to the third quarter of 2024, primarily due to fewer and less severe events as well as the absence of any hurricanes and tropical storms. Catastrophe losses increased $196 million to $4.75 billion in the first nine months of 2025 compared to the first nine months of 2024.
Current report
Prior year reserve reestimates Reserve reestimates, including catastrophes, decreased reserves by $570 million and $1.20 billion in the third quarter and first nine months of 2025, respectively. Reserve reestimates primarily related to favorable severity development of $284 million and $565 million in personal auto injury coverage and $196 million and $568 million in personal auto physical damage coverage in the third quarter and first nine months of 2025, respectively.
Current report
Annual reserve review In the third quarter of 2025 and 2024, we performed our annual reserve review using established industry and actuarial best practices. The annual review resulted in reserve reestimates that increased reserves by $146 million and $58 million in 2025 and 2024, respectively. The reserve reestimates are included as part of claims and claims expense.
Current report
The reserve reestimates in 2025 primarily related to new reported information for asbestos claims, new reported claims for environmental and other mass tort claims and increased projections for claims expenses.
Current report
The reserve reestimates in 2024 primarily related to new reported information for asbestos related
Current report
claims and adverse developments within the other run-off lines.
Current report
We believe that our reserves are appropriately established based on available facts, technology, laws, regulations, and assessments of other pertinent factors and characteristics of exposure (e.g., claim activity, potential liability, jurisdiction, products versus non-products exposure) presented by individual policyholders, assuming no change in the legal, legislative or economic environment. However, as we progress with the resolution of disputed claims in the courts and arbitrations and with negotiations and settlements, our reported losses may be more variable.
Current report
PIF increased 4.4% or 7 million as of September 30, 2025 compared to September 30, 2024 due to growth at Protection Plans.
Current report
Other revenue increased 12.7% or $14 million in the third quarter of 2025 and increased 23.9% or $70 million in the first nine months of 2025 compared to
Current report
Intersegment premiums and service fees decreased 32.7% or $16 million in the third quarter of 2025 and decreased 13.8% or $17 million in the first nine months of 2025 compared to the same periods of 2024, primarily driven by Arity and Roadside.
Current report
Net investment income increased 21.2% or $166 million in the third quarter of 2025 and increased 13.2% or $298 million in the first nine months of 2025 compared to the same periods of 2024. Net investment income increase included higher market-based income resulting from higher average investment balances and elevated fixed income yields. Performance-based investment results reflected broad-based valuation gains across private equity and real estate holdings.
Current report
Net gains on valuation change and settlements of derivatives of $6 million in the third quarter of 2025 primarily related to gains on foreign currency contracts
Removed paragraphs (56)
Previous report
On January 30, 2025, Allstate entered into an agreement with Nationwide Life Insurance Company to
Previous report
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 report
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 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.
Previous 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,
Previous 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
Previous 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.
Previous 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.
Previous report
•PIF increased 0.5% or 119 thousand to 25,243 thousand as of June 30, 2025 compared to June 30, 2024
Previous report
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 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
Previous report
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 report
premiums earned, partially offset by higher catastrophe losses.
Previous report
Catastrophe losses decreased $130 million to $1.99 billion in the second quarter of 2025 compared to the second quarter of 2024. Catastrophe losses increased $1.34 billion to $4.19 billion in the first six months of 2025 compared to the first six months of 2024, primarily due to the California wildfires and larger losses per event from wind/hail events.
Previous 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
Previous report
Excess Catastrophe Reinsurance Program (“Florida Program”), the National General Lender Services Standalone Program and the National General Flood Excess of Loss Reinsurance Contract.
Previous 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.
Previous 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.
Previous 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
Previous 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.
Previous report
The Florida Program includes reinsurance agreements placed in the traditional market, FHCF and the insurance-linked securities (“ILS”) market as follows:
Previous 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.
Previous 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.
Previous 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.
Previous report
National General Lender Services Standalone Program is placed in the traditional market and provides $410 million of placed limits, subject to a $90
Previous 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.
Previous report
National General Flood Excess of Loss Reinsurance Contract provides $50 million of placed limits, subject to a $20 million retention, with one automatic reinstatement of limits.
Previous 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.
Previous report
Prior year reserve reestimates Favorable reserve reestimates, including catastrophes, were $372 million and $626 million in the second quarter and first six months of 2025, respectively, primarily due to favorable reserve reestimates in personal auto lines.
Previous 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.
Previous report
Intersegment premiums and service fees decreased 7.7% or $3 million in the second quarter of
Previous 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.
Previous report
Segment Results Allstate Health and Benefits
Previous report
On April 1, 2025, we closed the sale of American Heritage Life Insurance Company and American Heritage Service Company, comprising our employer voluntary benefits business, to StanCorp Financial Group, Inc. We recorded a gain on the sale of $890 million or $643 million, after-tax in the second quarter of 2025. Starting in the second quarter of 2025, this segment excludes the employer voluntary benefits results and financial results will not be comparable between periods.
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. 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 the sale of approximately $500 million in the third quarter of 2025.
Previous report
Starting in the third quarter of 2025, the retained individual health business that was included in the Allstate Health and Benefits segment will no longer be a reportable segment.
Previous report
Goodwill A goodwill impairment test performed for the retained individual health business in the first quarter of 2025 resulted in an excess of fair value over carrying amount of less than 10%. Consequently, a goodwill impairment test was also performed in the second quarter of 2025 for this business which did not result in an impairment of goodwill. As of June 30, 2025, the individual health reporting unit had goodwill of $44 million. Estimating fair value is a subjective process that involves the use of significant estimates by management. Market declines and other events impacting the fair value, including discount rates, operating results, investment returns and strategies and growth rate assumptions or increases in the level of equity required to support the business could result in goodwill impairment.
Previous report
(1)Employer voluntary benefits included supplemental life and health products offered through workplace enrollment.
Previous report
(2)Group health includes health products and administrative services sold to employers.
Showing the first 40 of 56 passages. Open the source sections for the rest.
Reworded paragraphs (108)
Previous wording
Further analysis of our insurance segments is provided in the Property-Liability Operations and Segment Results sections, including Allstate Protection, Run-off Property-Liability, Protection Services and Allstate Health and Benefits, of Management’s Discussion and Analysis (“MD&A”). The segments are consistent with the way in which the chief operating decision maker reviews financial performance and makes decisions about the allocation of resources.
Current wording
Further analysis of our insurance segments Allstate Protection and Run-off Property-Liability, together Property-Liability Operations, and Protection Services, is provided in Management’s Discussion and Analysis (“MD&A”). The segments are consistent with the way in which the chief operating decision maker reviews financial performance and makes decisions about the allocation of resources. The dispositions of the employer voluntary benefits (“EVB”) and group health businesses did not qualify for discontinued operations. Starting in the third quarter of 2025, the Allstate Health and Benefits segment is no longer a reportable segment, with results of this segment recast to reflect only the results of the EVB and group health businesses. The retained individual health business, previously included in the Allstate Health and Benefits segment, is a non-reportable segment with results included in all other for all periods presented.
Previous wording
The measure of segment profit or loss used in evaluating performance is underwriting income for the Allstate Protection and Run-off Property-Liability segments and adjusted net income for the Protection Services, Allstate Health and Benefits and Corporate and Other segments. We use these measures in our evaluation of results of operations to analyze profitability.
Current wording
The measure of segment profit or loss used in evaluating performance is underwriting income for the Allstate Protection and Run-off Property-Liability segments and adjusted net income for the Protection Services and Corporate segments. We use these measures in our evaluation of results of operations to analyze profitability.
Previous wording
Macroeconomic factors have and may continue to impact the results of our operations, financial condition and liquidity, such as U.S. government fiscal and monetary policies, conflict in the Middle East, the
Current wording
Macroeconomic factors have and may continue to impact the results of our operations, financial condition and liquidity, such as U.S. government fiscal and monetary policies, the Russia/Ukraine conflict, supply chain disruptions and labor shortages.
Previous wording
•Reduced demand in Allstate Dealer Services due to lower new vehicle sales
Current wording
•Reduced demand in Dealer Services due to lower new vehicle sales
Previous wording
•Lower premiums written from reduced retail sales in Allstate Protection Plans
Current wording
•Lower premiums written from reduced U.S. retail sales in Protection Plans
Previous 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.
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. We recorded a gain on the sale of $888 million or $641 million, after-tax for the nine months ended September 30, 2025.
Previous 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.
Current wording
On July 1, 2025, we closed the sale of Direct General Life Insurance Company, NSM Sales Corporation and The Association Benefits Solution, LLC, comprising the group health business. We recorded a gain on sale of approximately $722 million or $506 million, after-tax in the third quarter of 2025.
Previous wording
See Note 3 of the condensed consolidated financial statements for further information on the employer voluntary benefits and group health dispositions.
Current wording
See Note 3 of the condensed consolidated financial statements for further information on the EVB and group health dispositions.
Previous 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.
Current wording
Total revenues increased 3.8% to $17.26 billion in the third quarter of 2025 and increased 5.8% to $50.34 billion in the first nine months of 2025 compared to the same periods of 2024, primarily due to higher auto and homeowners insurance policies in force and premium rate increases.
Previous wording
Investments totaled $77.44 billion as of June 30, 2025, increasing from $72.61 billion as of December 31, 2024.
Current wording
Investments totaled $82.33 billion as of September 30, 2025, increasing from $72.61 billion as of December 31, 2024.
Previous 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.
Current wording
Allstate shareholders’ equity was $27.51 billion as of September 30, 2025, increasing from $21.44 billion as of December 31, 2024, primarily due to net income and an increase in unrealized net capital gains on investments in 2025, partially offset by common share repurchases and 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 $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.
Current wording
shares outstanding) was $95.95 as of September 30, 2025, an increase of 36.4% from $70.35 as of September 30, 2024, and an increase of 32.6% from $72.35 as of December 31, 2024.
Previous 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.
Current wording
Return on average Allstate common shareholders’ equityfor the twelve months ended September 30, 2025, was 37.2%, an increase of 11.1 points from 26.1% for the twelve months ended September 30, 2024. The increase was primarily due to higher net income applicable to common shareholders for the trailing twelve-month period ending September 30, 2025.
Previous wording
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 wording
Allstate Protection underwriting income was $3.04 billion in the third quarter of 2025 compared to underwriting income of $555 million in the third quarter of 2024, due to lower catastrophe losses, increased premiums earned and the benefit of prior year reserve releases. Underwriting income totaled $4.69 billion in the first nine months of 2025 compared to underwriting income of $1.32 billion in the first nine months of 2024, due to increased premiums earned and the benefit of prior year reserve releases, partially offset by higher expenses.
Previous wording
compared to the same periods of 2024, reflecting higher homeowners and auto insurance policies in force and premium rate increases.
Current wording
Premiums written increased 6.3% to $15.63 billion in the third quarter of 2025 and increased 6.7% to $44.97 billion in the first nine months of 2025 compared to the same periods of 2024, reflecting higher auto and homeowners insurance policies in force and premium rate increases.
Previous 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
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.
Current wording
Protection Services adjusted net income was $46 million in the third quarter of 2025 compared to $58 million in the third quarter of 2024. Adjusted net income was $161 million the first nine months of 2025 compared to $167 million in the nine months of 2024. The decrease in both periods was primarily due to higher expenses at Arity and increased claims at Protection Plans, partially offset by premium growth at Protection Plans.
Previous 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
Premiums and other revenue increased 12.7% to $844 million the third quarter of 2025 and increased 13.5% to $2.45 billion in the first nine months of 2025 compared to the same periods of 2024, primarily due to growth at Protection Plans.
Previous wording
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 wording
income tax expense of $1.80 billion on total income from operations before income tax expense of $8.24 billion. The effective rate for the first nine months ended September 30, 2025, is higher than the federal statutory rate of 21%, primarily due to non-deductible goodwill and higher state income taxes arising from the sales of the EVB and group health businesses, offset by tax benefits derived from tax credits, tax-exempt interest income and share-based payments.
Previous wording
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 wording
For the first nine months ended September 30, 2024, we reported an effective tax rate of 18.2% based on a total income tax expense of $603 million on income from operations before income tax benefit of $3.31 billion. The effective tax rate for the first nine 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.
Previous wording
(1)The sale of the employer voluntary benefits business on April 1, 2025 resulted in the disposal of non-deductible goodwill.
Current wording
(1)The sales of the employer voluntary benefits and group health businesses on April 1, 2025 and July 1, 2025, respectively, resulted in the disposal of non-deductible goodwill.
Previous wording
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 wording
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. These changes do not have a significant impact to our consolidated financial statements.
Previous wording
Change in underwriting results from prior year period - six months ended
Current wording
Change in underwriting results from prior year period - nine months ended
Previous 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:
Current wording
Auto insurance premiums written increased 3.5% or $330 million in the third quarter of 2025 and increased 3.8% or $1.07 billion in the first nine months of 2025 compared to the same periods of 2024, primarily due to the following factors:
Previous 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%
Current wording
•Rate increases that have moderated as we focus on growth and continued rollout of Affordable, Simple and Connected auto products. In the nine months ended September 30, 2025, rate increases of 3.6% were implemented in 52 locations, resulting in total insurance premium impact of 2.4%
Previous 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
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 will focus on implementing rates to keep pace with increasing costs and explore opportunities for rate investments towards growth
Previous 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:
Current wording
Homeowners insurance premiums written increased 13.1% or $534 million in the third quarter of 2025 and increased 15.4% or $1.66 billion in the first nine months of 2025 compared to the same periods of 2024, primarily due to the following factors:
Previous 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
Current wording
•In the nine months ended September 30, 2025, rate increases of 8.0% were implemented in 44 locations, resulting in total estimated insurance premium impact of 4.3%, excluding the impact of changes in insured home replacement costs
Previous wording
•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 wording
•PIF increased 2.1% or 159 thousand to 7,642 thousand as of September 30, 2025 compared to September 30, 2024, primarily in the direct and exclusive agency channels, partially offset in the independent agency channel
Previous 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.
Current wording
Other personal lines premiums written increased 8.6% or $70 million in the third quarter of 2025 and increased 6.8% or $159 million in the first nine months of 2025 compared to the same periods 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 Florida, and we are non-renewing certain policies in Florida.
Previous 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.
Current wording
Commercial lines premiums written decreased 2.9% or $3 million in the third quarter of 2025 compared to the third quarter of 2024, primarily driven by the run-off of Allstate brand, partially offset by growth in National General brand. Commercial lines premiums written decreased 28.2% or $116 million in the first nine months of 2025 compared to the first nine 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
Current wording
Third Quarter 2025 Form 10-Q 53 offering comprehensive commercial products to customers through our exclusive agency, independent agency and direct channels. These offerings include solutions from National General as well as brokered products tailored to meet diverse needs across our business customers.
Previous 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.
Current wording
lender-placed auto premiums. Other business lines premiums written increased 6.3% or $29 million in the first nine months of 2025 compared to the first nine months of 2024, due to growth in the lender-placed homeowners business.
Previous 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.
Current wording
(1)Expense ratio includes other revenue of $43 million and $134 million for the three and nine months ended September 30, 2025, respectively, compared to $97 million and $161 million for the three and nine months ended September 30, 2024, respectively, for fees on auto assigned risk policies.
Previous wording
(2)Other revenue is deducted from operating costs and expenses in the expense ratio calculation.
Current wording
(3)Other revenue is deducted from operating costs and expenses in the expense ratio calculation.
Previous 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.
Current wording
(1)The ten-year average effect of total catastrophe losses on the total combined ratio was 8.6 points and 10.3 points in the third quarter and first nine months of 2025, respectively.
Showing the first 40 of 108 pairs. Open the source sections for the rest.
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Current report — wording carried from elsewhere
Book value per diluted common share (ratio of Allstate common shareholders’ equity to total common shares outstanding and dilutive potential common
Current report — wording carried from elsewhere
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 first nine months ended September 30, 2025, we reported an effective tax rate of 21.9% based on total
Current report — wording carried from elsewhere
Third Quarter 2025 Form 10-Q 55 threshold of average claims in a specific area, occurring 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.
Current report — wording carried from elsewhere
The total cost of our property catastrophe reinsurance programs, excluding reinstatement
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Segment Results Run-off Property-Liability
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As of September 30, 2025, 91.5% of the consolidated fixed income securities portfolio was
Current report — wording carried from elsewhere
68 www.allstate.com used to manage foreign currency and interest rate futures used to manage duration. Net losses of $78 million in the first nine months of 2025 primarily related to losses on foreign currency contracts used to
Current report — wording carried from elsewhere
In August 2025, A.M. Best affirmed the Corporation’s senior debt and short-term issuer ratings of a- and AMB-1, respectively, and AIC’s insurance financial strength rating of A+. The outlook for the ratings is stable.
Current report — wording carried from elsewhere
Additionally, we have existing intercompany agreements in place that facilitate liquidity management across the Company to enhance flexibility.
Current report — wording carried from elsewhere
The Corporation is party to an Amended and Restated Intercompany Liquidity Agreement (“Liquidity Agreement”) with certain subsidiaries, which includes, but is not limited to AIC. The Liquidity Agreement allows for short-term advances of funds to be made between parties for liquidity and other general
Current report — wording carried from elsewhere
Third Quarter 2025 Form 10-Q 71
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Previous report — wording carried elsewhere
Russia/Ukraine conflict, supply chain disruptions and labor shortages.
Previous report — wording carried elsewhere
Allstate shareholders’ equity was $24.02 billion as of June 30, 2025, increasing from $21.44 billion as of
Previous report — wording carried elsewhere
channels, partially offset in the independent agency channel
Previous report — wording carried elsewhere
Second Quarter 2025 Form 10-Q 55 tornadoes, hailstorms, wildfires, tropical storms, tsunamis, hurricanes, earthquakes and volcanoes.
Previous report — wording carried elsewhere
loans, broadly diversified across property types and geographical area.
Previous report — wording carried elsewhere
variable interests in Reciprocal Exchanges, partially offset by valuation gains on equity investments.
Previous report — wording carried elsewhere
In addition to the Liquidity Agreement, the Corporation also has an intercompany loan agreement
Previous report — wording carried elsewhere
As of June 30, 2025, we held $28.06 billion of cash, U.S. government and agencies fixed income securities, public equity securities and short-term investments, which we would expect to be able to liquidate within one week.
Previous report — wording carried elsewhere
•As of June 30, 2025, there were no balances outstanding for the credit facility or the commercial paper facility, and therefore the remaining borrowing capacity was $750 million.