ALLSTATE CORP
For the period ended Mar 31, 2026. Filed Apr 29, 2026.
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.
Mar 31, 2026 · Filed Apr 29, 2026
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 2025-09-30; filed 2025-11-05.
0000899051-25-000102
HighlightsProperty-LiabilityAllstate ProtectionRun-off Property-LiabilityProtection ServicesInvestmentCapital Resources and LiquidityForward-Looking StatementsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-29.
0000899051-26-000075
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 256 previous paragraphs and 239 current paragraphs.
86 unchanged; 91 reworded; 55 added; 69 removed; 10 previous and 7 current paragraphs rearranged.
Tables are not compared: 38 previous and 36 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 (55)
Current report
sustained, these conditions may change claims frequency in auto coverages and may increase severity in auto and homeowners coverages and place additional pressure on operating costs and consumer affordability. We continue to monitor these conditions and reflect our current expectations in pricing and reserving; however, uncertainty remains regarding the extent and duration of these impacts.
Current report
•Increased bad debt expense and credit allowance exposure as consumer financial conditions deteriorate
Current report
•Unfavorable impacts on investment valuations, liquidity and returns due to volatility in broader financial markets, interest rates and energy prices
Current report
Investments totaled $85.16 billion as of March 31, 2026, increasing from $83.24 billion as of December 31, 2025.
Current report
For segment results, services provided by Protection Services to Allstate Protection are not eliminated as management considers those transactions in assessing the results of the respective segments. The effects of inter-segment transactions are eliminated in the consolidated results.
Current report
(1)Includes renters, condominium, landlord, boat, umbrella, manufactured home, scheduled personal property, auto assigned risk and valuable item protection products.
Current report
•PIF increased 2.6% or 658 thousand to 25,758 thousand as of March 31, 2026 compared to March 31, 2025
Current report
•Lower Allstate brand average premiums resulting from a shift in product mix towards affordable, simple and connected protection
Current report
In Florida, we are not writing new homeowners business and are substantially complete with the non-renewal of certain policies.
Current report
Commercial lines premiums written increased 19.1% or $18 million in the first quarter of 2026 compared to the first quarter of 2025, primarily due to an increase in new issued applications and higher average premiums from current offerings. We offer comprehensive
Current report
Other personal lines loss ratio decreased 27.3 points in the first quarter of 2026 compared to the same period of 2025, primarily due to the benefit of prior year reserve releases, excluding catastrophes, lower catastrophe losses and increased premiums earned.
Current report
Other business lines loss ratio decreased 13.8 points in the first quarter of 2026, compared to the same period of 2025, primarily due to lower catastrophe losses.
Current report
Catastrophe losses decreased $962 million to $1.24 billion in the first quarter of 2026 compared to the first quarter of 2025. Results in the first quarter of 2025 included $1.07 billion of losses related to the California wildfire events.
Current report
Similar to our 2025 program, our 2026 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.
Current report
(1)Programs or contracts updated in the first quarter of 2026.
Current report
(2)Updates to programs or contracts will be completed in the second quarter of 2026.
Current report
The Nationwide Excess Catastrophe Reinsurance Program (the “Nationwide Program”) reinsures personal lines property and automobile losses arising out of multiple perils including, but not limited to, hurricane, windstorm, hail, tornado, earthquake, fires following earthquakes and wildfires in all states, excluding personal lines property in the state of Florida. It includes coverage for commercial lines property and automobile (physical damage only) in all states,
Current report
excluding commercial lines property in the state of Florida. The Nationwide Program includes coverage on both a per occurrence and aggregate basis through reinsurance agreements placed with traditional reinsurers and in the Insurance-Linked Securities (“ILS”) markets utilizing catastrophe bonds.
Current report
Nationwide Per Occurrence provides per occurrence coverage for events up to $11.50 billion of loss less a $1.00 billion retention and is subject to the
Current report
48 www.allstate.com percentage of reinsurance placed in each of its agreements. Eligible losses inure to the benefit of the Aggregate covers.
Current report
•Contracts between $1.00 billion and $4.75 billion:
Current report
–Provide $3.75 billion of multi-year coverage with traditional reinsurers subject to a $1.00 billion retention with one automatic reinstatement of limits requiring additional premium due.
Current report
•Contracts between $4.75 billion and $6.75 billion:
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–Provide $1.05 billion of coverage placed with traditional reinsurers, with one automatic reinstatement of limits with additional premium due
Current report
–$950 million of catastrophe bond coverage capacity that is not eligible for reinstatement of limits
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•Contracts between $6.75 billion and $11.50 billion:
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–Provide $4.75 billion of coverage with $2.50 billion placed with traditional reinsurers with no reinstatement of limits and $2.25 billion placed as catastrophe bonds that are not eligible for reinstatement of limits
Current report
Nationwide Aggregate Contract is a contract placed in the ILS market and provides $150 million of placed limits for total losses between $4.78 billion and $5.28 billion, applicable to multi-peril losses above $50 million per event, excluding Florida.
Current report
Aggregate Excess Catastrophe Reinsurance Contract is placed in the traditional market and provides $1.00 billion of placed limits in excess of an $8.50 billion retention for U.S. property and auto lines catastrophe events, including the state of Florida.
Current report
Canada Catastrophe Excess of Loss Reinsurance Contract is placed in the traditional market and provides CAD 577 million of placed limits, subject to a CAD 100 million retention, with one reinstatement of limits.
Current report
Kentucky Earthquake Excess Catastrophe Reinsurance Contract is a three-year term contract placed in the traditional market and provides $28 million of placed limits, subject to a $2 million retention with one reinstatement of limits.
Current report
Favorable auto severity, excluding catastrophes, emergence continued during the quarter, reflecting improved prior period loss development and better than expected claim outcomes. In the three months ended March 31, 2026, auto reserve releases included $675 million related to auto injury coverages and $163 million of other auto coverages.
Current report
Approximately 70% of the auto injury reserve releases relate to accident years 2023 and 2024. Approximately 90% of other auto reserve releases relate to physical damage coverage from accident years 2024 and 2025, with 97% of estimated ultimate losses paid as of March 31, 2026.
Current report
For the three months ended March 31, 2026, the reserve releases from homeowners, other personal lines and commercial lines relate to better than expected severity developments in homeowners and consumer household property damage and injury coverages.
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Removed paragraphs (69)
Previous report
•Adverse impacts on investment valuations and liquidity for market-based and performance-based investments
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 (“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 report
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 report
See Note 3 of the condensed consolidated financial statements for further information on the EVB and group health dispositions.
Previous report
Investments totaled $82.33 billion as of September 30, 2025, increasing from $72.61 billion as of December 31, 2024.
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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 report
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 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.
Previous report
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 report
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 report
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 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 first nine months ended September 30, 2025, we reported an effective tax rate of 21.9% based on total
Previous report
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 report
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 report
(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 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. These changes do not have a significant impact to our consolidated financial statements.
Previous report
•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%
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•PIF increased 1.3% or 334 thousand to 25,332 thousand as of September 30, 2025 compared to September 30, 2024
Previous report
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
Previous report
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 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.
Previous report
Homeowners loss ratio decreased 27.8 points in the third quarter of 2025 compared to the third quarter of 2024, primarily due to lower catastrophe losses and increased premiums earned. Homeowners loss ratio decreased 2.5 points in the first nine months of 2025 compared to the first nine months of 2024, primarily due to increased premiums earned, partially offset by higher losses.
Previous report
Other personal lines loss ratio decreased 21.1 points in the third quarter of 2025 compared to the
Previous report
third quarter of 2024, primarily due to lower losses and increased premiums earned. Other personal lines loss ratio decreased 7.6 points in the first nine months of 2025 compared to the first nine months of 2024, primarily due to increased premiums earned, partially offset by higher non-catastrophe losses.
Previous 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.
Previous 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.
Previous report
Expense ratio increased 0.3 points and increased 0.2 points in the third quarter and first nine months of 2025, respectively, compared to the same periods of 2024, primarily due to an increase in advertising costs, higher expenses for lender-placed business and lower fees on involuntary auto policies included in other revenue, partially offset by higher earned premium growth relative to costs.
Previous 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.
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Reworded paragraphs (91)
Previous wording
The following discussion highlights significant factors influencing the consolidated financial position and results of operations of The Allstate Corporation (referred to in this document as “we,” “our,” “us,” the “Company” or “Allstate”). It should be read in conjunction with the condensed consolidated financial statements and related notes thereto found under Part I. Item 1. contained herein, and with the discussion, analysis, consolidated financial statements and notes thereto in Part I. Item 1. and Part II. Item 7. and Item 8. of The Allstate Corporation annual report on Form 10-K for 2024, filed February 24, 2025.
Current wording
The following discussion highlights significant factors influencing the consolidated financial position and results of operations of The Allstate Corporation (referred to in this document as “we,” “our,” “us,” the “Company” or “Allstate”). It should be read in conjunction with the condensed consolidated financial statements and related notes thereto found under Part I. Item 1. contained herein, and with the discussion, analysis, consolidated financial statements and notes thereto in Part I. Item 1. and Part II. Item 7. and Item 8. of The Allstate Corporation annual report on Form 10-K for 2025.
Previous 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.
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.
Previous wording
Underwriting income is calculated as premiums earned and other revenue, less claims and claims expense (“losses”), amortization of deferred policy acquisition costs (“DAC”), operating costs and expenses, amortization or impairment of purchased intangibles and restructuring and related charges, as determined using accounting principles generally accepted in the United States of America (“GAAP”).
Current wording
Underwriting income (loss)is calculated as premiums earned and other revenue, less claims and claims expense (“losses”), amortization of deferred policy acquisition costs (“DAC”), operating costs and expenses, amortization or impairment of purchased intangibles and restructuring and related charges, as determined using GAAP.
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, the Russia/Ukraine conflict, supply chain disruptions and labor shortages.
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, major combat operations in Iran, the Russia/Ukraine conflict, supply chain disruptions, volatility in global energy markets and labor shortages. Increased oil prices may contribute to higher transportation, manufacturing and repair costs. If
Previous wording
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 wording
Tariffs The U.S. implemented and continues to modify tariff measures and pursue additional trade actions, contributing to uncertainty in global trade policy, inflation and supply chains. These costs are embedded within overall claims severity and are influenced by energy and commodity input costs, supply chain conditions, labor availability and broader economic trends. We 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, and it may take time for the impact of inflation to become evident. Adverse effects could include:
Previous wording
Transformative Growth is about creating a business model, capabilities and culture that continually transform to better serve customers. This is done by providing affordable, simple and connected protection through multiple distribution methods. The ultimate objective is to enhance customer value to drive growth in all businesses.
Current wording
Transformative Growth is a comprehensive plan to improve Allstate’s competitive position by providing affordable, simple and connected protection through multiple distribution methods. The ultimate objective is to enhance customer value to drive growth in all businesses.
Previous wording
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 wording
Consolidated net income applicable to common shareholders increased $1.86 billion to $2.43 billion in the first quarter of 2026 compared to the first quarter of 2025, primarily due to higher underwriting income.
Previous 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.
Current wording
Total revenue increased 3.0% to $16.94 billion in the first quarter of 2026 compared to the first quarter of 2025, primarily due to higher auto and homeowners insurance policies in force and to a lesser extent homeowners premium rate increases.
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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 wording
Net investment income increased $84 million to $938 million in the first quarter of 2026, primarily due to higher market-based investment results.
Previous 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.
Current wording
Allstate shareholders’ equity was $31.61 billion as of March 31, 2026, increasing from $30.61 billion as of December 31, 2025, primarily due to net income, partially offset by common share repurchases, unrealized net capital losses and dividends to shareholders.
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Book value per diluted common share (ratio of Allstate common shareholders’ equity to total common shares outstanding and dilutive potential common
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 $113.52 as of March 31, 2026, an increase of 52.2% from $74.61 as of March 31, 2025, and an increase of 4.7% from $108.45 as of December 31, 2025.
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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.
Current wording
Return on average Allstate common shareholders’ equityfor the twelve months ended March 31, 2026, was 48.4%, an increase of 27.0 points from 21.4% for the twelve months ended March 31, 2025. The increase was primarily due to higher net income applicable to common shareholders for the trailing twelve-month period ending March 31, 2026.
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•PIF: policy counts are based on items rather than customers. A multi-car customer would generate multiple item (policy) counts, even if all cars were insured under one policy. Lender-placed policies are excluded from policy counts because relationships are with the lenders.
Current wording
•PIF: policy counts are based on items rather than customers. A multi-car customer would generate multiple item (policy) counts, even if all cars were insured under one policy. Lender-placed policies are excluded from policy counts.
Previous wording
•Average premium - gross written (“average premium”): gross premiums written divided by issued item count. Gross premiums written include the impacts from discounts, surcharges and ceded reinsurance premiums and exclude the impacts from mid-term premium adjustments and premium refund accruals. Average premiums represent the appropriate policy term for each line.
Current wording
•Average premium-gross written (“average premium”): gross premiums written divided by issued item count. Gross premiums written include the impacts from discounts, surcharges and ceded reinsurance premiums and exclude the impacts from mid-term premium adjustments and premium refund accruals. Average premiums represent the appropriate policy term for each line, typically six months for an auto policy and twelve months for a homeowners policy.
Previous wording
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 wording
Underwriting income increased $2.30 billion in the first quarter of 2026 compared to the first quarter of 2025, due to lower catastrophe losses, the benefit of prior year reserve releases and increased premiums earned, partially offset by higher expenses.
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(1)Represents commissions earned and other costs and expenses for Ivantage, non-proprietary life and annuity products and lender-placed products.
Current wording
(2)Other business lines represents commissions earned from brokered property and casualty and life and annuity products, and lender-placed products.
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Premium measures and statistics include PIF, new issued applications and average premiums to analyze our premium trends. Premiums written is the amount of premiums charged for policies issued during a reporting period. Premiums are considered earned and are included in the financial results on a pro-rata basis over the policy period. The portion of premiums written applicable to the unexpired term of the policies is recorded as unearned premiums on our Condensed Consolidated Statements of Financial Position.
Current wording
Premium measures and statistics include PIF, new issued applications and average premiums. Premiums written is the amount of premiums charged for policies issued during a reporting period. Premiums are considered earned and are included in the financial results on a pro-rata basis over the policy period. The portion of premiums written applicable to the unexpired term of the policies is recorded as unearned premiums on our Condensed Consolidated Statements of Financial Position.
Previous 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:
Current wording
Auto insurance premiums written increased $2 million in the first quarter of 2026 compared to the first quarter of 2025, primarily due to the following factors:
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 will focus on implementing rates to keep pace with increasing costs and explore opportunities for rate investments towards growth
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•We will pursue rate adjustments in states where we are achieving acceptable returns, while implementing rates where needed to keep pace with increasing costs
Previous 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:
Current wording
Homeowners insurance premiums written increased 8.3% or $288 million in the first quarter of 2026 compared to the first quarter of 2025, primarily due to the following factors:
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•Higher Allstate brand average premiums from implemented rate increases and inflation in insured home replacement costs and other aging factor adjustments, combined with policies in force growth
Current wording
•Higher Allstate brand average premiums resulting from rate increases and inflation in insured home replacement costs, combined with growth in policies in force
Previous 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
Current wording
•In the three months ended March 31, 2026, rate increases of 7.2% were implemented resulting in a total estimated insurance premium impact of 1.4%, excluding the impact of changes in insured home replacement costs
Previous 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
Current wording
•PIF increased 2.5% or 190 thousand to 7,739 thousand as of March 31, 2026 compared to March 31, 2025, primarily in the direct and exclusive agency channels, partially offset in the independent agency channel
Previous 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.
Current wording
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
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.
Current wording
Other personal lines premiums written increased 5.3% or $39 million in the first quarter of 2026 compared to the first quarter of 2025, 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
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.
Current wording
commercial products, including brokered solutions, to customers through our exclusive agency, independent agency and direct channels.
Previous wording
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 wording
Other business lines premiums written decreased 11.0% or $19 million in the first quarter of 2026 compared to the first quarter of 2025, due to lower lender-placed auto premiums.
Previous 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.
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(1)Expense ratio includes other revenue of $44 million for the three months ended March 31, 2026 and March 31, 2025, for fees on auto assigned risk policies.
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(3)Other revenue is deducted from operating costs and expenses in the expense ratio calculation.
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(2)Other revenue is deducted from operating costs and expenses in the expense ratio calculation.
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(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.
Current wording
(1)The ten-year average effect of first quarter catastrophe losses on the total combined ratio was 8.4 points.
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(2)The ten-year average effect of homeowners catastrophe losses on the total homeowners combined ratio was 24.8 points and 32.9 points in the third quarter and first nine months of 2025, respectively.
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(2)The ten-year average effect of first quarter homeowners catastrophe losses on the total homeowners combined ratio was 28.3 points.
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Auto loss ratio decreased 11.3 points in the third quarter of 2025 and decreased 8.9 points in the first nine months of 2025 compared to the same periods of 2024, driven by increased earned premiums, lower claim frequency and the benefit of prior year non-catastrophe reserve releases. 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.
Current wording
Auto loss ratio decreased 8.7 points in the first quarter of 2026, compared to the same period of 2025, driven by the benefit of prior year reserve releases, excluding catastrophes, and increased earned premiums. Estimated report year 2026 incurred claim severity for Allstate brand increased compared to report year 2025 for major coverages due to higher repair costs, mix of total loss frequency, medical inflation and attorney representation.
Previous wording
Gross claim frequency, excluding catastrophes, decreased in the third quarter and first nine months of 2025 compared to the same periods of 2024. Paid claim severity, excluding catastrophes, increased in the third quarter and first nine 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.
Current wording
Homeowners loss ratio decreased 30.3 points in the first quarter of 2026 compared to the first quarter of 2025, primarily due to lower catastrophe losses and increased premiums earned. Gross claim frequency, excluding catastrophes, decreased in the first quarter of 2026 compared to the same period of 2025 while paid claim severity, excluding catastrophes, increased primarily due to fire 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
Commercial lines loss ratio decreased 104.0 points in the third quarter of 2025 and decreased 77.4 points in the first nine months of 2025 compared to the same periods of 2024, primarily due to the benefit of prior year reserve releases and lower losses, partially offset by a decrease in premiums earned driven by the strategic decision for the Allstate brand to stop writing new business and non-renew policies.
Current wording
Commercial lines loss ratio decreased 2.0 points in the first quarter of 2026, compared to the same period of 2025, primarily due to lower losses, partially offset by a decrease in premiums earned.
Previous wording
We define a “catastrophe” as an event that produces pre-tax losses before reinsurance in excess of $1 million and involves multiple first party policyholders, or a winter weather event that produces a number of claims in excess of a preset, per-event
Current wording
We define a “catastrophe” as an event that produces pre-tax losses before reinsurance in excess of $1 million and involves multiple first party
Previous wording
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 wording
policyholders, or a winter weather event that produces a number of claims in excess of a preset, per-event 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.
Previous wording
their ability to inspect losses, determining whether losses are covered by our homeowners policy (generally for damage caused by wind or wind driven rain) or specifically excluded coverage caused by flood, exposure to mold damage, and the effects of numerous other considerations, including the timing of a catastrophe in relation to other events, such as at or near the end of a financial reporting period, which can affect the availability of information needed to estimate reserves for that reporting period. In these situations, we may need to adapt our practices to accommodate these circumstances in order to determine a best estimate of our losses from a catastrophe.
Current wording
Loss estimates are generally based on claim adjuster inspections and the application of historical loss development factors. Our loss estimates are calculated in accordance with the coverage provided by our policies. The establishment of appropriate reserves, including reserves for catastrophe losses, is an inherently uncertain and complex process. Reserving for hurricane losses is complicated by the inability of insureds to promptly report losses, limitations placed on claims adjusting staff affecting their ability to inspect losses, determining whether losses are covered by our homeowners policy (generally for damage caused by wind or wind driven rain) or specifically excluded coverage caused by flood, exposure to mold damage, and the effects of numerous other considerations, including the timing of a catastrophe in relation to other events, such as at or near the end of a financial reporting period, which can affect the availability of information needed to estimate reserves for that reporting period. In these situations, we may need to adapt our practices to accommodate these circumstances in order to determine a best estimate of our losses from a catastrophe.
Previous wording
(2)Gross losses before reinsurance recoverables and reinstatement premiums were $6.01 billion.
Current wording
(2)Gross losses before reinsurance recoverables and reinstatement premiums were $3.33 billion.
Showing the first 40 of 91 pairs. Open the source sections for the rest.
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First Quarter 2026 Form 10-Q 53
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First Quarter 2026 Form 10-Q 55 the credit quality, sector, structure and liquidity risks of each issuer.
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internally established thresholds. For further detail on our fixed income portfolio monitoring process, see Note 4 of the condensed consolidated financial statements.
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MBS includes residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”). RMBS is subject to interest rate risk, but unlike other fixed income securities, is additionally subject to prepayment risk from the
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56 www.allstate.com mortgage loan portfolio, see Note 4 of the condensed consolidated financial statements.
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commitments to invest additional amounts in limited partnership interests totaling $3.20 billion as of March 31, 2026.
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First Quarter 2026 Form 10-Q 61 loans the Corporation will have outstanding to all its eligible subsidiaries at any given point in time is limited to $1.00 billion. The Corporation may use commercial paper borrowings, bank lines of credit and securities lending to fund intercompany borrowings.
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Consolidated net income applicable to common shareholders
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Change in underwriting results from prior year period - nine months ended
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Loss estimates are generally based on claim adjuster inspections and the application of historical loss development factors. Our loss estimates are calculated in accordance with the coverage provided by our policies. The establishment of appropriate reserves, including reserves for catastrophe losses, is an inherently uncertain and complex process. Reserving for hurricane losses is complicated by the inability of insureds to promptly report losses, limitations placed on claims adjusting staff affecting
Previous report — wording carried 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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Third Quarter 2025 Form 10-Q 61
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Performance-based strategy seeks to deliver attractive risk-adjusted returns and supplement
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As of September 30, 2025, 91.5% of the consolidated fixed income securities portfolio was
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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
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•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.