Allstate : Q1 2026 Earnings Call Presentation (58dc04)

Published: 2026-04-29 20:08:15 ET ALL

Published on 04/29/2026 at 08:08 pm EDT

Corporation

The Allstate

04.30.2026

Allstate Had Excellent Operating Results

Leveraging Allstate brand,

customer base and capabilities

Broad set of Property-Liability competitive levers led to strong results

Improved underlying combined ratios

Accelerated growth in auto and homeowners insurance

Broadened protection offerings

Higher investment income

Increased cash to shareholders

Performance highlights

The Allstate Corporation 2026 PAGE 2

Strong Earnings And Increased Growth

(In millions, except per share data and ratios)

Q1 2026 Change from prior year quarter

Total revenues

$16,941 3.0%

Net investment income

$938 9.8%

Property-Liability combined ratio

82.0 (15.4 pts)

Property-Liability underlying combined ratio*

80.3 (2.8 pts)

Policies in force

212.1 2.5%

- Property-Liability policies in force

38.6 2.3%

- Protection Services policies in force

173.0 2.5%

Net income applicable to common shareholders

$2,428 NM

Adjusted net income*

$2,797 NM

Per diluted common share

- Net income

$9.25 NM

- Adjusted net income*

$10.65 NM

Return on Allstate common shareholders' equity

- Net income

48.4% 27.0 pts

- Adjusted net income*

44.4% 20.7 pts

NM = Not meaningful

The Allstate Corporation 2026 PAGE 3

Compete Using Broad Capabilities To Create Profitable Growth

Affordable prices

Broad distribution

Lower expenses and effective claims processes

Increased marketing

Sophisticated

analytics

Expanded benefits

and bundled offerings

New products

Affordable prices and lower expenses

Sophisticated pricing

SAVE program and improved customer experiences

New products and expanded benefits

Allstate Affordable, Simple and Connected auto and homeowners insurance products

Custom360® standard auto and homeowners insurance products for independent agents

Expanded product benefits

Allstate agent bundling of auto and homeowners insurance consistently strong

Increased marketing

Increased investment and improved economics

Broad distribution

Increased new business from all channels

Competitive levers

The Allstate Corporation 2026 PAGE 4

Increasing Auto And Homeowners Insurance Market Share

Auto - increased share in 2025

Homeowners - increased share in 2025

Remainder of country Remainder of country

Increased share

17%

Increased share

43%

57%

U.S. vehicle registrations have increased an average of 1.7% annually for the last 10 years(2)

83%

U.S. housing inventory has increased an average of 0.9% annually for the last 10 years(3)

5.1%

0.3%

4.3%

(0.5%)

0.3%

0.6%

Number of states

Allstate auto direct written premium growth

Allstate auto policy in force growth

Vehicle registrations -

3-year average(2)(4)

Number of states

17.7%

1.8%

4.1%

(4.4%)

0.9%

0.5%

Allstate homeowners direct written premium growth

Allstate homeowners

policy in force growth

Housing units -

3-year average(3)(4)

(1) Source: S&P Market Intelligence

(2) Federal Highway Administration data; for state-level data, excluded states that were greater than two standard deviations from the mean

(3) Source: U.S. Census

(4) 3-year average from 2021-2024

The Allstate Corporation 2026 PAGE 5

Auto Insurance Generates Strong Returns While Improving Affordability

Auto underlying combined ratio* and implemented rates(1)

125

Allstate 5-year and 10-year underlying combined ratios* average 95.2 and 93.7

15.9% 15.8%

115

105

7.2%

96.6

4.0%

1.2%

3.0%

-0.2%

0.5%

103.6

99.9

7.5%

2.6%

0.0%

95 92.3 92.4 92.4

85.1

92.5

93.4

88.1 89.5

Combined ratio

- as recorded

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026

98.8

93.4

92.2

93.0

86.0

95.4

110.1

103.4

95.0

85.0

81.9

Underlying Combined Ratio* Implemented Rates

(1) Allstate brand results only prior to National General acquisition in 2021

The Allstate Corporation 2026 PAGE 6

Homeowners Insurance Generates Strong Returns

Homeowners recorded combined ratio and average premiums

2023 catastrophe losses totaled $4.5 billion, representing a 38.6-point impact on the combined ratio

125

115

105

Allstate 5-year and 10-year recorded combined ratios average 93.5 and 92.0

4.9%

2.3% 3.1% 2.1%

1.1%

11.4% 9.6% 11.1% 11.9% 12.1%

106.8

96.7

5.7%

84.8

93.6

90.6 88.4 90.0

93.6

90.1

84.4 83.5

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026

Recorded Combined Ratio Average Written Premiums % Change

The Allstate Corporation 2026 PAGE 7

Property-Liability Generates Strong Results

Auto insurance

Homeowners insurance

Property-Liability

Auto insurance

Homeowners insurance

Property-Liability

Policies in force

25.8

7.7

38.6

2.6%

2.5%

2.3%

Premiums written

$9,850

$3,741

$14,625

0.0%

8.3%

2.3%

Premiums earned

$9,547

$4,164

$14,802

2.1%

13.9%

5.5%

Combined ratio

81.9

83.5

82.0

(9.4 pts)

(28.8 pts)

(15.4 pts)

Underlying combined ratio*

89.5

60.5

80.3

(1.7 pts)

(1.9 pts)

(2.8 pts)

111.9%

$2,658

$685

$1,729

Underwriting income

Change from prior year quarter

First quarter, 2026

(In millions, except ratios)

NM = Not meaningful

The Allstate Corporation 2026 PAGE 8

Auto Insurance Profitability Improved Faster Than Original Estimates

103.6

102.6

99.9

-4.5

95.4

93.4

-3.4

90.0

88.1

87.6

2022

2023

2024

2025

Underlying combined ratio* - adjusted

Impact from subsequent prior year reserve reestimates

Underlying combined ratio* - as reported

Allstate Protection Auto profitability - underlying combined ratio* adjusted to reflect subsequent prior year reserve reestimates

The Allstate Corporation 2026 PAGE 9

Transformative Growth And Artificial Intelligence Further Enhance Competitive Position

Aligning distribution expenses with customer value

Enhancing claim processes

Eliminating, outsourcing and digitizing work

Real estate savings

Transformative Growth

Improving customer communications

Reducing billing escalations

Enhancing employee performance

Building Allstate Large Language Intelligent

Ecosystem (ALLIE)

Artificial Intelligence

The Allstate Corporation 2026 PAGE 10

First quarter - 2026

Revenue

Adjusted net income

Protection Services Continues Profitable Growth

Allstate Protection Plans

In millions

% var to PY

In millions

$613

13.5%

$41

$148

1.4%

$63

14.5%

$12

Consumer protection plans and related technical support and repair of mobile phones, consumer electronics, major appliances and furniture

Allstate Dealer Services

Vehicle service contracts, guaranteed asset protection waivers, road hazard tire and wheel, and paint and fabric protection

Allstate Roadside

Towing, jump-start, lockout, fuel delivery and tire change services

Arity

$58

(26.6%)

($12)

$40

$922

7.2%

$47

Telematics-enabled mobility insights and services

created from over two trillion miles of driving data

Allstate Identity Protection

Identity protection and restoration, consumer cybersecurity, privacy and family digital safety services

The Allstate Corporation 2026 PAGE 11

Strong Investment Capabilities Support Increased Capital Allocation

Portfolio returns

Carrying Value ($B)

1-Qtr

Portfolio Returns

1-Year 3-Year 5-Year

4.5% 4.8% 2.7%

0.0% 8.6% 5.1%

Performance Quartile(3)

- Fixed Income(4)(5)

0.1%

1st to 2nd

- Equity Investments

-4.4%

Indexed

Market-based(6)

-0.4%

4.2%

4.7%

2.5%

- Private Equity(7)

2.0%

7.5%

6.6%

11.4%

2nd

- Real Estate

6.1%

8.1%

3.2%

10.6%

1st

Performance-based

2.8%

7.6%

5.9%

11.2%

Total Portfolio(6)

-0.2%

4.2%

4.6%

3.3%

Net investment income increased,

reflecting portfolio growth and higher fixed income yields

($ in millions)

1,300

$85B

1,100

$69B

$74B

938

854

900 764

207

196

700

201

500

300

626

719

791

100

-100

-62

-61

-60

2024

Q2 Q3

2025

Q4 Q1

2026

MB NII

(1)

PB NII

(1)

Expense ex ILE

Portfolio Value

(2)

Portfolio value and net investment income

(1) Investee level expenses (ILE) comprised of asset level operating expenses are netted against market-based and performance-based income

(2) Portfolio value is amortized cost for fixed income and short term, cost for equities, and carrying value for all other assets

(3) Illustrative peer comparisons are based on Allstate's internal composite benchmark of like mandates managed by professional asset management firms across a 5-year horizon

(4) Fixed income includes interest-bearing investments and exchange traded funds with underlying assets that are predominately fixed income securities

(5) Fixed income portfolio consists of multiple strategies with performance ranging within 1st and 2nd quartiles

(6) Total portfolio and market-based returns reflect money-weighted GAAP total returns, performance-based reflects IRR. Total portfolio return includes expenses. See investor supplement for definitions

(7) Private equity returns include infrastructure and opportunistic investments

The Allstate Corporation 2026 PAGE 12

Proactive Capital Management Creates Shareholder Value

Deployment examples

Organic growth

$3.0 billion of economic capital utilized to support premium growth over the last three years

Investment portfolio capital requirements based on enterprise risk and return position

Enhancing existing businesses

Transformative Growth and Allstate's Large Language Intelligent Ecosystem (ALLIE)

Successful acquisition of National General for $4 billion in 2021

Growth acquisitions

Acquired SquareTrade for $1.4 billion in 2017, which leveraged Allstate brand and capabilities while expanding protection offerings and retail distribution

Acquired stake in Replica to leverage Arity's capabilities for mobility intelligence

Shareholder cash returns

Share repurchases and dividends utilized $881 million of capital in the first quarter

$3.6 billion remains on the current share repurchase authorization which is 40% of holding company

assets and 7% of shares outstanding

Share repurchases and dividends over the last decade equal 99% of Allstate's 2015 market

capitalization

The Allstate Corporation 2026 PAGE 13

Allstate Creates Sustainable Shareholder Value

Leveraging Allstate brand,

customer base and capabilities

Broad set of Property-Liability competitive levers led to strong results

Improved underlying combined ratios

Accelerated growth in auto and homeowners insurance

Broadened protection offerings

Higher investment income

Increased cash to shareholders

Performance highlights

The Allstate Corporation 2026 PAGE 14

Forward-Looking Statements

This presentation contains "forward-looking statements" that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like "plans," "seeks," "expects," "will," "should," "anticipates," "estimates," "intends," "believes," "likely," "targets" and other words with similar meanings. These statements may address, among other things, our strategy for growth, catastrophe exposure management, product development, investment results, regulatory approvals, market position, expenses, financial results, litigation and reserves. We believe that these statements are based on reasonable estimates, assumptions and plans. Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements resulting from new information or future events or developments. In addition, forward-looking statements are subject to certain risks or uncertainties that could cause actual results to differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include risks related to:

Insurance and Financial Services (1) actual claim costs exceeding current reserves; (2) increases in claim frequency or severity; (3) catastrophes and severe weather events; (4) limitations in analytical models used for loss cost estimates; (5) price competition and changes in regulation and underwriting standards; (6) regulatory limitations on rates, profits, new products or the use of advanced technologies, non-traditional data sources or large language models and requirements to underwrite business and participate in loss sharing arrangements; (7) market risk declines in credit quality and economic and capital market conditions affecting investments;

(8) subjective determination of fair value and amount of credit losses for investments; (9) participation in indemnification programs, including state industry pools and facilities; (10) inability to mitigate the impact associated with changes in capital requirements; (11) a downgrade in financial strength ratings;

Business, Strategy and Operations (12) operations in markets that are highly competitive; (13) changing consumer preferences; (14) new or changing technologies and new business model impacts affecting the auto industry; (15) inability to successfully deploy advanced technologies in a cost-effective, competitive, ethical and compliant manner; (16) Transformative Growth strategy; (17) catastrophe management strategy;

(18) restrictions on our subsidiaries' ability to pay dividends; (19) restrictions under terms of some of our securities on the ability to pay dividends or repurchase stock; (20) the availability and cost of reinsurance;

(21) counterparty risk related to reinsurance; (22) acquisitions and divestitures of businesses; (23) intellectual property infringement, misappropriation and third-party claims; (24) reliance on vendors for products, services or protection of data and information; (25) the failure in cyber or other information security controls; (26) inability to restore business operations following a significant operational event; (27) inability to attract, develop and retain talent;

Macro, Regulatory and Risk Environment (28) conditions in the global economy and capital markets, including changes in U.S. trade and tariff policy, new or additional U.S. and responsive non-U.S. tariffs, and our ability to plan for and respond to the impact of those changes; (29) restrictions on liquidity or availability of credit on acceptable terms; (30) widespread disruptive or destabilizing events; (31) changing climate and weather conditions; (32) practices relating to environmental and social matters; (33) evolving privacy and data security regulation and increased focus on enforcement; (34) restrictive regulations and uncertainty around the interpretation and implementation of regulations in the U.S. and internationally; (35) regulatory and federal agency reforms; (36) losses from legal and regulatory actions; (37) changes in or the application of accounting standards and changes in tax laws; and (38) misconduct or fraudulent acts by employees, agents and third parties.

Additional information concerning these and other factors may be found in our filings with the Securities and Exchange Commission, including the "Risk Factors" section in our most recent annual report on Form 10-K.

The Allstate Corporation 2026 PAGE 16

Disclaimer

The Allstate Corporation published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 00:07 UTC.