ALL
Updated: 04/10/2026, 13:29:54
The Allstate Corporation, along with its affiliated entities, provides a comprehensive suite of property, casualty, and other insurance offerings throughout the United States and Canada. The company's operations are structured across four primary business segments: Allstate Protection; Protection Services; Allstate Health and Benefits; and Run-off Property-Liability. The Allstate Protection segment delivers a wide array of personal and commercial insurance solutions. This includes standard private passenger auto and homeowners policies, as well as specialized vehicle coverage for motorcycles, trailers, motor homes, and off-road vehicles. Additional personal lines encompass renter, condominium, landlord, boat, umbrella, manufactured home, and stand-alone scheduled personal property policies. Commercial lines products are also available, marketed under the Allstate and Encompass brand names. The Protection Services division focuses on consumer protection and related financial services. Its offerings include product protection plans and technical assistance for mobile phones, consumer electronics, furniture, and appliances. It also provides finance and insurance products such as vehicle service contracts, guaranteed asset protection (GAP) waivers, road hazard tire and wheel protection, and paint and fabric protection. Furthermore, this segment delivers roadside assistance, device and mobile data collection, advanced data and analytical insights leveraging automotive telematics, and identity protection services. Key brands within this segment include Allstate Protection Plans, Allstate Dealer Services, Allstate Roadside Services, Arity, and Allstate Identity Protection. The Allstate Health and Benefits segment specializes in various health-related insurance products, including life, accident, critical illness, short-term disability, and other health coverage options. Finally, the Run-off Property-Liability segment manages existing property and casualty insurance obligations. Allstate's products are distributed through a diverse network of channels, which include call centers, captive agents, financial specialists, independent agents, brokers, wholesale partners, and affinity groups, as well as directly via online platforms and mobile applications. The Allstate Corporation was founded in 1931 and is headquartered in Northbrook, Illinois.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$10.3B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
$9.9B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$1.2B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
211 million PIF; 53,000 employees; 3rd largest personal P&C insurer in US; $83.24 billion investment portfolio
“211 million policies in force (“PIF”) 53,000 employees 3rd largest personal property and casualty insurer in the United States”
Brand portfolio
Extensive brand usage: Allstate®, National General®, Answer Financial®, Arity®, Esurance® and others
“We use the “Allstate®”, “National General®” and “Answer Financial®” brands extensively in our business.”
Reportable segments
Allstate Protection; Run-off Property-Liability; Protection Services; Corporate
“Allstate Protection and Run-off Property-Liability segments comprise Property-Liability.”
Reportable segments
Property-Liability operations consist of two reportable segments: Allstate Protection and Run-off Property-Liability, plus Protection Services; Health and Benefits segment eliminated after dispositions
“Property-Liability operations consist of two reportable segments: Allstate Protection and Run-off Property-Liability.”
Allstate Protection distribution channels
Exclusive agency (>27,400 agents), independent agency (~58,700 locations), direct (~2,200 reps; ~500 retail stores)
“In the U.S., we distribute our products through approximately 58,700 independent agent locations”
Product/service families
Personal lines insurance, protection plans, roadside, identity protection, Arity telematics, individual health insurance, etc.
“•Mobility intelligence services and analytic solutions using automotive telematics information •Individual health insurance”
Insurance product breadth
Auto, homeowners, other personal lines, commercial, brokered/lender-placed, Answer Financial
“Other business lines includes commissions earned from brokered property and casualty and life and annuity products, and lender-placed products”
Allstate Protection share of premiums
Allstate Protection: 93.9% of 2025 consolidated insurance premiums and contract charges; 18.1% of Dec 31, 2025 PIF
“Our Allstate Protection segment accounted for 93.9% of Allstate’s 2025 consolidated insurance premiums and contract charges and 18.1% of Allstate’s December 31, 2025 PIF.”
Employee headcount
Approximately 53,000 full-time and 300 part-time employees as of December 31, 2025
“As of December 31, 2025, Allstate had approximately 53,000 full-time employees and 300 part-time employees.”
Talent competition in specialized areas
Intense competition for employees with specialized skills in underwriting, data/analytics, technology and cybersecurity
“Competition for qualified employees with highly specialized knowledge in areas such as underwriting, data and analytics, technology and cybersecurity, is intense.”
Pricing and underwriting data capability
Proprietary underwriting/loss database powers pricing algorithms across risk segments
“A proprietary database of underwriting and loss experience enables sophisticated pricing algorithms and methodologies to accurately price risks”
Sale of employer voluntary benefits (EVB) business
Closed sale of EVB business on April 1, 2025; gain of $888 million ($641 million after-tax)
“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. We recorded a gain on the sale of $888 million or $641 million, after-tax”
Sale of group health business
Closed sale of group health business on July 1, 2025; gain of $715 million ($499 million after-tax)
“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 $715 million or $499 million, after-tax”
Competitive ranking
3rd largest personal P&C insurer in the U.S. (A.M. Best, 2024 statutory direct premiums written)
“3rd largest personal property and casualty insurer in the United States”
AI and technology deployment
Generative and agentic AI used to improve customer value; advanced technology ecosystem deployment
“Using generative and agentic artificial intelligence to improve customer value”
Protection Services segment strategies
Protection Plans (NA/Europe/Asia), Roadside, Dealer Services, Identity Protection, Arity telematics
“Expand distribution and product breadth of consumer protection plans through new and existing retailers and mobile operators across North America, Europe and Asia”
Transformative Growth strategy
Transformative Growth: low-cost digital provider, multi-channel distribution, new technology ecosystem, AI use
“Allstate Protection will increase personal lines market share through Transformative Growth.”
Lowest cost protection provider transformation
Culture supports transformation to become the lowest cost protection provider with an affordable, simple, connected experience
“Our culture supports Allstate as we transform to become the lowest cost protection provider with an affordable, simple, connected experience.”
Commercial paper facility
Commercial paper facility capped at any undrawn credit facility balance up to $750 million; no balances outstanding at December 31, 2025, leaving $750 million remaining capacity
“the Corporation has access to a commercial paper facility with a borrowing capacity limited to any undrawn credit facility balance up to $750 million.”
Revolving credit facility
Credit facility maturing November 2027, fully subscribed among 11 lenders (largest commitment $95 million), with up to an additional $500 million increase provision; no borrowings during 2025
“The maturity date of this facility is November 2027. The facility is fully subscribed among 11 lenders with the largest commitment being $95 million.”
Universal shelf registration statement
Universal shelf registration filed April 30, 2024, expiring 2027, for an unspecified amount of debt securities, common stock (including 640 million treasury shares as of December 31, 2025), preferred stock, depositary shares, warrants, stock purchase contracts and units
“universal shelf registration statement with the Securities and Exchange Commission that was filed on April 30, 2024 and expires in 2027”
Consolidated net income and revenue 2025
Net income applicable to common shareholders $10.17B in 2025 vs $4.55B in 2024; total revenue up 5.6% to $67.69B
“Consolidated net income applicable to common shareholders was $10.17 billion in 2025 compared to net income of $4.55 billion in 2024, primarily due to higher underwriting income and gains on dispositions.”
Financial position: investments, shareholders' equity, ROE, book value
Investments $83.24B; shareholders' equity $30.61B; book value per diluted share $108.45 (+49.9%); ROE 42.3%
“Return on average Allstate common shareholders’ equity for the twelve months ended December 31, 2025, was 42.3%, an increase of 16.5 points from 25.8%”
Enterprise risk management framework
Allstate manages strategic, insurance, investment, financial, operational and culture risks through the ERRM framework built on risk culture, taxonomy, capacity and governance
“Major categories include strategic, insurance, investment, financial, operational and culture risks.”
Contractual commitments (investments)
Contractual commitments include private placements, limited partnership interests and other loans; LP funding timing may vary from contractual expiration dates
“Contractual commitments represent investment commitments such as private placements, limited partnership interests and other loans.”
Privacy and data security regulation (multi-state)
Multi-state privacy/cybersecurity regulation including CCPA, NY DFS cybersecurity amendments, and NAIC Insurance Data Security Model Law
“the California Consumer Privacy Act, as well as similar laws in Virginia, Connecticut, and many other states, impose significant compliance requirements”
California Climate Corporate Data Accountability Act
California climate disclosure law with initial reporting deadline of August 2026; Allstate has reported GHG inventory since 2010
“the Climate Corporate Data Accountability Act, which requires disclosure and assurance over greenhouse gas emissions using a phased reporting approach”
Extensive insurance regulation across state and federal authorities
Subject to extensive state/federal insurance regulation; FEMA, NFIP and NOAA/NCAR weather modeling reforms may increase costs
“Regulatory and federal agency reforms, including potential changes in the role of FEMA in coordinating disaster response, lapses in the authorization or changes in administration of the NFIP”
Climate change increases catastrophe frequency/severity and reinsurance cost
Climate change may increase frequency/severity of wind, tornado, hailstorm, thunderstorm, wildfire and flooding losses and affect reinsurance pricing and availability
“increasing the frequency or severity of wind, tornado, hailstorm and thunderstorm events due to increased convection in the atmosphere”
Claim frequency and severity volatility
Claim severity driven by attorney representation, medical inflation, tariffs, supply chain disruptions, labor shortages, and ADAS repair costs
“tariffs impacting vehicle and parts prices, increased repair costs for components that have embedded advanced driver assistance systems such as cameras and sensors”
Catastrophes and severe weather losses
Catastrophe losses from wind/hail, wildfires, hurricanes, earthquakes and other events; climate change increases variability of losses
“Catastrophic losses are caused by wind and hail, wildfires, tornadoes, hurricanes, tropical storms, earthquakes, severe freeze events, volcanic eruptions, terrorism, cyberattacks, civil unrest, industrial accidents and other such events.”
Reserve estimation uncertainty
Ultimate losses may vary materially from recorded reserves due to inflation, litigation, tariffs and other internal/external factors
“The ultimate cost of losses, or current estimates, have and may continue to vary materially from recorded reserves”
Regulatory rate approval risk
Regulators may restrict rates, cap profits, mandate assigned risk/guaranty fund participation, and delay use of advanced technologies and LLMs
“Regulatory approval of rates, especially during inflationary periods, may restrict rate changes that may be required to achieve targeted levels of profitability”
Investment portfolio market risk
Investment income and valuations exposed to interest rates, equity prices, credit quality, real estate values, currency and tariffs
“We continually evaluate investment management strategies since we are subject to risk of loss due to adverse changes in interest rates, equity prices, credit spreads, real estate values, currency exchange rates and liquidity.”
Tariff exposure to claims costs and demand
U.S. tariffs announced April 2, 2025 may raise auto and homeowners claims costs and reduce new business demand across businesses
“Higher new and used vehicle pricing and replacement parts, increasing claims costs in Allstate Protection and Dealer Services”
Catastrophe and weather-related loss exposure
Catastrophe/weather losses can drive underwriting volatility; reinsurance purchased for hurricanes and earthquakes
“loss experience from catastrophic events and weather-related losses may contribute to negative or positive underwriting performance relative to the expectations incorporated into product pricing”
Litigation and regulatory action losses may be material
Class actions and state market conduct exams could result in liability exceeding accrued amounts and be material
“We are involved in various legal actions, including class action litigation challenging a range of company practices; including coverages provided by insurance products, some of which involve claims for substantial or indeterminate amounts.”
Privacy and data security regulation risk
Evolving privacy and data security regulation could increase costs and expose the company to fines
“Personal information is subject to an increasing number of federal, state, local and international laws and regulations regarding privacy and data security”
Catastrophe model limitation risk
Internally developed and vendor catastrophe models may mispredict exposure and losses
“We use internally developed and third-party vendor models along with our own historical data to assess exposure to catastrophe losses.”
Price competition in personal property-liability market
Highly competitive P&C market; competitors may lower prices, use more sophisticated pricing models, and increase advertising
“The personal property-liability market is highly competitive with carriers competing through underwriting, advertising, price, customer service, innovation and distribution.”
Cybersecurity and privacy events risk
Cybersecurity and privacy events listed among key enterprise risks
“• Cybersecurity and privacy events”
Allstate Protection, centered on private passenger auto, homeowners and other personal lines, generated 93.9% of 2025 consolidated insurance premiums and contract charges.
“Our Allstate Protection segment accounted for 93.9% of Allstate’s 2025 consolidated insurance premiums and contract charges”
Catastrophe losses of $4,959M in 2025 added 8.6 points to the combined ratio; climate change may further increase frequency/severity and reinsurance costs.
“incurred losses from such events and the demand, price and availability of reinsurance coverages for automobile and homeowners insurance may be affected”
Weather-related and catastrophic losses (wind, hail, lightning, freeze, hurricanes, earthquakes) drive loss costs, rate actions and reinsurance purchases.
“Rate increases and decreases are pursued to keep pace with loss cost trends including the impacts of inflation and losses from catastrophic events and those that are weather related”
Capital and credit market conditions affect investment portfolio returns, liquidity access and financing costs; the company operates in the highly regulated insurance and broader financial services sectors.
“In periods of extreme volatility and disruption in the capital and credit markets, liquidity and credit capacity may be severely restricted.”
Products distributed via over 27,400 Allstate exclusive agents plus ~700 employee sales agents, a core channel alongside independent agents and direct.
“we offer products through over 27,400 Allstate exclusive agents and licensed sales professionals”
Tariffs raise vehicle and building material costs, increasing auto and homeowners claims costs, and reduce vehicle sales affecting Dealer Services and auto applications.
“Higher new and used vehicle pricing and replacement parts, increasing claims costs in Allstate Protection and Dealer Services”
Market conduct exams and regulatory actions by state insurance regulators could result in material liability beyond accrued amounts.
“We are also involved in various regulatory actions and inquiries, including market conduct exams by state insurance regulatory agencies.”
Rising inflation increases claims and claims expense, a key cost driver for property-casualty underwriting.
“Rising inflation increasing claims and claims expense”
U.S. distribution through approximately 58,700 independent agent locations, expanding under Transformative Growth via National General and Custom360 rollout.
“In the U.S., we distribute our products through approximately 58,700 independent agent locations”
Allstate deploys generative and agentic AI and an advanced technology ecosystem to improve customer value and lower costs as part of Transformative Growth.
“Using generative and agentic artificial intelligence to improve customer value”
Interest rate levels are among the macro conditions with the largest impact on demand, investment portfolio returns and results.
“The conditions that may have the largest impact on our business include: •Low or negative economic growth •Interest rate levels •Rising inflation increasing claims and claims expense”
State rate approval requirements and profit limitations can delay rate changes, cap returns, and mandate participation in assigned risk plans and guaranty funds.
“Certain states impose or are contemplating regulatory limitations on the amount of profit that insurance companies may earn.”
Pricing and underwriting decisions are made to the extent permissible by applicable law, and regulatory limitations factor into rate increase decisions.
“local marketplace pricing and underwriting decisions based on risk evaluation factors to the extent permissible by applicable law”
Direct sales via ~2,200 contact-center/online representatives and Direct Auto products in ~500 retail stores; enhanced under Transformative Growth.
“Direct Auto products are also available through employees in approximately 500 retail stores”
Climate change increases variability of catastrophe losses and underwriting results in the personal property insurance business.
“Climate change could contribute to increased variability of catastrophe losses and underwriting results.”
Evolving privacy and data security regulation may increase costs, trigger fines and enforcement actions, and impact reputation.
“Any failure or perceived failure by us to comply with such obligations may result in governmental enforcement actions and fines, litigation”
Inflation in medical costs, construction, building materials and home furnishings raises claim severity; regulatory approval during inflationary periods may restrict needed rate increases.
“Homeowners — inflation in the construction industry, building materials and home furnishings”
Pandemics, terrorism, military actions and social unrest may reduce economic activity, hurt the investment portfolio and affect sales, liquidity and operating results; MD&A also cites the Russia/Ukraine conflict.
“Disruptive or destabilizing events such as a large-scale pandemic, the occurrence of terrorism, military actions, political and social unrest”
Supply chain disruptions raise vehicle physical damage and homeowners claim severity and pressure investment valuations.
“•Vehicle physical damage — inflation, supply chain disruptions, labor shortages, labor rates, tariffs”
Tariffs on vehicle and parts prices increase auto claim severity and homeowners claim costs, and pressure investment valuations.
“tariffs impacting vehicle and parts prices, increased repair costs for components that have embedded advanced driver assistance systems”
CCPA and similar state privacy laws impose significant compliance requirements on Allstate as a financial institution handling consumer data.
“the California Consumer Privacy Act, as well as similar laws in Virginia, Connecticut, and many other states, impose significant compliance requirements for certain larger businesses”
Investment results are exposed to monetary/fiscal policy shifts, geopolitical events, banking sector instability and credit quality declines.
“Adverse changes have and may continue to occur due to changes in monetary and fiscal policy, inflation, unemployment, economic growth, geopolitical events and the economic climate”
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