The Allstate Corporation (ALL) SEC Filings & Earnings Calls

Elevated catastrophe losses may pressure underwriting margins and earnings.

“Q3 2026 catastrophe losses of $1.65B, up from prior periods.”

Elevated catastrophe losses from wind/hail events may pressure underwriting margins and combined ratio.

“Catastrophe losses for August include 21 events with approximately 50% of the losses related to one wind and hail event.” · word for word

Elevated catastrophe losses from wind/hail events may pressure underwriting margins and combined ratio.

“Catastrophe losses for July include 23 events with approximately 75% of the losses related to two wind and hail events.” · word for word

Catastrophe loss volatility

“Catastrophe losses decreased $268 million to $1.72 billion in the second quarter of 2026 compared to the second quarter of 2025.” · word for word

Auto claim severity inflation

“Estimated report year 2026 incurred claim severity for Allstate brand increased compared to report year 2025 for major coverages, reflecting ongoing inflationary pressures, including rising medical costs and continued increases in attorney representation.” · word for word

Regulatory constraints on growth

“In Florida, we are not writing new homeowners business and completed the non-renewal of certain policies during the second quarter of 2026.” · word for word

Expense ratio pressure

“Expense ratio increased 1.0 point to 21.8% from 20.8% in Q2 2025, primarily due to higher advertising and legal expenses.”

Catastrophe losses remain elevated despite year-over-year improvement; climate risk persists.

“Catastrophe losses $1,722M in Q2 2026, though down 13.5% from prior year.”

Catastrophe losses remain a recurring risk; Q2 total of $1.72B is significant but consistent with prior periods.

“Total catastrophe losses for the second quarter were $1.72 billion.” · word for word

No new risks identified; executive change is routine and well-planned.

Elevated catastrophe losses in April-May 2026 may pressure underwriting margins and increase reinsurance costs.

“Catastrophe losses of $1.16B in two months, after-tax $915M.”

Elevated catastrophe losses from wind/hail events, with 70% from two events, indicating potential for higher claims volatility.

“estimated catastrophe losses for the month of April of $870 million or $687 million, after-tax, from 10 wind and hail events with approximately 70% of the losses related to two events” · word for word

Tariff-driven claims cost inflation

“Higher new and used vehicle pricing and replacement parts, increasing claims costs in Allstate Protection and Dealer Services” · word for word

Catastrophe loss volatility

“The nature and level of catastrophes in any period cannot be reliably predicted.” · word for word

Reinsurance cost increase

“The total cost of our property catastrophe reinsurance programs... during the first quarter of 2026 was $308 million, compared to $257 million in the first quarter of 2025.” · word for word

Regulatory limitations on rate increases

“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.” · word for word

No significant risk signals in this earnings release; strong underwriting and policy growth.

Elevated catastrophe losses in March ($925M) and Q1 ($1.24B) could pressure underwriting margins and combined ratio for Q1 2026.

“estimated catastrophe losses for the month of March of $925 million or $731 million, after-tax, from 15 wind and hail events with approximately 80% of the losses related to three events.” · word for word

Commercial lines policies in force declined 6.3% YoY, indicating potential competitive or underwriting challenges in that segment.

“Commercial lines 177 (in thousands) at March 31, 2026, down 6.3% from March 31, 2025”

Commercial lines policies in force declined 10.2% YoY, indicating ongoing challenges in that segment.

“Commercial lines 176 (in thousands) at February 28, 2026, down 10.2% from February 28, 2025”

Catastrophe Loss Exposure

“The increase of $523 million from $377 million at December 31, 2024 to $900 million at December 31, 2025, is primarily related to the January 2025 California wildfire event.” · word for word

Run-off Liability Reserve Uncertainty

“Reserve reestimates in 2025 primarily related to our annual reserve review based on new reported information for asbestos claims, new reported claims for environmental and other mass tort claims and increased projections for claims expenses.” · word for word

Reinsurance Concentration Risk

“There has also been consolidation activity in the industry, which causes reinsurance risk across the industry to be concentrated among fewer companies.” · word for word

Commercial lines policies in force declined 14.2% YoY, indicating significant ongoing challenges in that segment.

“Commercial lines 175 (in thousands) at January 31, 2026, down 14.2% from January 31, 2025”

Catastrophe loss exposure remains a risk, though Q4 losses were low.

“Catastrophe losses $209 million in Q4, down 49% YoY; full-year $4.96B.”

Premium reduction for 7.8 million customers may pressure future premium growth.

“Proactively reduced premiums for 7.8 million auto and homeowners insurance customers by an average of 17%.” · word for word

Catastrophe losses remain a recurring earnings volatility factor

“Q4 catastrophe losses $209M pre-tax; December alone $80M”

Commercial lines policy decline of 17.4% YoY indicates competitive or underwriting pressure

“Commercial lines policies 176k vs 213k YoY, -17.4%”

Catastrophe losses remain a recurring expense, though moderate in magnitude.

“November catastrophe losses $46M; Oct-Nov total $129M”

Commercial lines policy count declining sharply (-20.8% YoY), indicating potential competitive or underwriting issues.

“Commercial lines 175k vs 221k YoY”

Catastrophe losses are a recurring operational risk for Allstate; October losses were moderate.

“Catastrophe losses of $83M from five wind/hail events in October 2025.”

Tariff-driven claims cost inflation

“Higher new and used vehicle pricing and replacement parts, increasing claims costs in Allstate Protection and Dealer Services” · word for word

Catastrophe loss volatility

“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.” · word for word

Run-off property-liability reserve uncertainty

“The annual review resulted in reserve reestimates that increased reserves by $146 million and $58 million in 2025 and 2024, respectively.” · word for word

Catastrophe loss exposure remains a key risk, though Q3 saw significant reduction.

“Catastrophe losses were $558 million in Q3 2025, down from $1.7 billion in Q3 2024, but still a material expense.”

Commercial policies in force declined 26.9%, indicating potential weakness in that segment.

“partially offset by a 26.9% decline in commercial policies.” · word for word