ALLThe Allstate Corporation
Industry Insurance Updated 24 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
$253 → $300
Promises vs. what happened
13 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| Mid-90s auto and low-90s homeowners combined ratio | Q3 '25 | beaten by about ten points — 3.9 of them prior-year reserve release | Held |
| Sell Employer Voluntary Benefits by mid-2025 | Q3 '24 | closed 1 Apr '25 for the $2.0bn stated | Held |
| $3.25bn from two divestitures during 2025 | Q4 '24 | closed 1 Jul '25; $3.25bn exactly as stated | Held |
| About $1.05bn of after-tax gain | Q4 '24 | $1.1bn in the equity bridge — in line | Held |
| California wildfire: $2.0bn gross in Q1 '25 | Q4 '24 | landed as flagged; no wildfire-only net figure was ever given | Held |
| $1.5bn buyback with the dividend raised | Q1 '25 | completed in about a year | Held |
| Cut prices and keep target margins | Q3 '25 | held: $810m of premium given back, auto still at 85.0 | Held |
| Protection Plans profit back to 2022 levels | Q3 '24 | $157m against $150m — then the line stopped being reported on its own | Held |
| Auto growth from retention plus new business | Q3 '24 | growth came — from new business and $2.1bn of advertising, not retention | Late |
| Finish the ASC product roll-out | Q4 '24 | 43 auto states and 31 homeowners, and carried forward again into 2026 | Late |
| Retention improves | Q3 '25 | dropped: the renewal ratio was shown once, then retention left the decks | Dropped |
| A further $4bn buyback | Q4 '25 | open: $1.4bn used in two quarters, $2.6bn left | Open |
| Launch agentic AI and retire legacy systems in 2026 | Q4 '25 | open: the architecture is described, nothing launched or retired yet | Open |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
Auto marginOff page one Q2 '26
GrowthOff page one Q2 '26
CostOff page one Q1 '26
CatastrophesFirst seen Q3 '24
AffordabilityOff page one Q1 '26
ReleasesFirst seen Q4 '24
AIFirst seen Q3 '25
CapitalPage one since Q4 '25
ProtectionOff page one Q4 '24
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Auto profit repair and margins
“➢ Property-Liability business positioned for growth o Successfully executed auto profit improvement plan o Near-term auto insurance policy growth will require increased customer retention and new business o Homeowners business generated strong returns and is growing o Transformative Growth investment for sustainable growth”
Deck Q3 2024 Earnings Call Presentation · p. 3 ·
Auto profit repair and margins
“Auto Profit Improvement Restored Target Margins”
Deck Q4 2024 Earnings Call Presentation · p. 7 ·
Auto profit repair and margins
“Strong auto margins reflects lower frequency and moderating physical damage severity. Strong underlying homeowners margins offset by catastrophe losses”
Deck Q1 2025 Earnings Call Presentation · p. 5 ·
Auto profit repair and margins
“Allstate Consistently Delivers Attractive Risk Adjusted Returns”
Deck Q3 2025 Earnings Call Presentation · p. 7 ·
Auto profit repair and margins
“− Improved underlying combined ratios”
Deck Q1 2026 Earnings Call Presentation · p. 3 ·
Auto profit repair and margins
“Operational Excellence Enables Rapid Adaptation”
Deck Q2 2026 Earnings Call Presentation · p. 9 ·
Policy growth and market share
“➢ Property-Liability business positioned for growth o Successfully executed auto profit improvement plan o Near-term auto insurance policy growth will require increased customer retention and new business o Homeowners business generated strong returns and is growing o Transformative Growth investment for sustainable growth”
Deck Q3 2024 Earnings Call Presentation · p. 3 ·
Policy growth and market share
“Focus on growing insurance policies in force”
Deck Q4 2024 Earnings Call Presentation · p. 10 ·
Policy growth and market share
“Policy In Force Growth Momentum Through Expanded Distribution”
Deck Q1 2025 Earnings Call Presentation · p. 7 ·
Policy growth and market share
“Property-Liability Policies In Force Increase Above Prior Year”
Deck Q2 2025 Earnings Call Presentation · p. 8 ·
Policy growth and market share
“Transformative Growth strategy is generating policy in force growth in more than two-thirds of the country”
Deck Q3 2025 Earnings Call Presentation · p. 9 ·
Policy growth and market share
“➢ Increased growth of Property-Liability policies in force”
Deck Q4 2025 Earnings Call Presentation · p. 3 ·
Policy growth and market share
“− Accelerated growth in auto and homeowners insurance”
Deck Q1 2026 Earnings Call Presentation · p. 3 ·
Policy growth and market share
“Marketing sophistication enables increased advertising investment Broadest distribution in the industry Policies in force are increasing, driving share gains in a majority of states”
Deck Q2 2026 Earnings Call Presentation · p. 11 ·
Transformative Growth and cost structure
“➢ Property-Liability business positioned for growth o Successfully executed auto profit improvement plan o Near-term auto insurance policy growth will require increased customer retention and new business o Homeowners business generated strong returns and is growing o Transformative Growth investment for sustainable growth”
Deck Q3 2024 Earnings Call Presentation · p. 3 ·
Transformative Growth and cost structure
“➢ Strengthened competitive position through”
Deck Q4 2024 Earnings Call Presentation · p. 3 ·
Transformative Growth and cost structure
“Execution of Transformative Growth Strategy Positions Allstate for Property-Liability Growth”
Deck Q1 2025 Earnings Call Presentation · p. 4 ·
Transformative Growth and cost structure
“Transformative Growth strategy to grow market share”
Deck Q2 2025 Earnings Call Presentation · p. 4 ·
Transformative Growth and cost structure
“Adjusted expense ratio has improved 6.7 points since 2018”
Deck Q3 2025 Earnings Call Presentation · p. 4 ·
Transformative Growth and cost structure
“➢ Benefited from Transformative Growth initiatives”
Deck Q4 2025 Earnings Call Presentation · p. 3 ·
Transformative Growth and cost structure
“Transformative Growth And Artificial Intelligence Further Enhance”
Deck Q1 2026 Earnings Call Presentation · p. 11 ·
Transformative Growth and cost structure
“Transformative Growth driving auto and homeowners insurance market share growth”
Deck Q2 2026 Earnings Call Presentation · p. 5 ·
Catastrophes and reinsurance
“Property-Liability Underlying Margin Improvement More Than Offsets the Impact of Higher Catastrophes”
Deck Q3 2024 Earnings Call Presentation · p. 5 ·
Catastrophes and reinsurance
“Due to comprehensive reinsurance, each additional $100 million in gross losses results in $10 million in net losses”
Deck Q4 2024 Earnings Call Presentation · p. 9 ·
Catastrophes and reinsurance
“First quarter catastrophe loss ratio surpasses 3 standard deviations above the 10-year average”
Deck Q1 2025 Earnings Call Presentation · p. 6 ·
Catastrophes and reinsurance
“Allstate 5-year and 10-year recorded combined ratios average 93.5 and 92.0 2023 catastrophe losses totaled $4.5 billion, representing a 38.6-point impact on the combined ratio”
Deck Q1 2026 Earnings Call Presentation · p. 8 ·
Affordability and rate cuts
“Improving affordability by lowering prices, while achieving target margins”
Deck Q3 2025 Earnings Call Presentation · p. 10 ·
Affordability and rate cuts
“➢ Improved auto and homeowners insurance affordability”
Deck Q4 2025 Earnings Call Presentation · p. 3 ·
Affordability and rate cuts
“Auto Insurance Generates Strong Returns While Improving Affordability”
Deck Q1 2026 Earnings Call Presentation · p. 7 ·
Affordability and rate cuts
“Allstate has Improved Affordability While Maintaining Strong Margins”
Deck Q2 2026 Earnings Call Presentation · p. 10 ·
Prior-year reserve releases
“Favorable 2024 prior quarter severity development benefited the fourth quarter recorded combined ratio by 1.5 points”
Deck Q4 2024 Earnings Call Presentation · p. 7 ·
Prior-year reserve releases
“Auto Claims Process Improvements Support Favorable Reserve”
Deck Q4 2025 Earnings Call Presentation · p. 11 ·
Prior-year reserve releases
“Auto Insurance Profitability Improved Faster Than Original Estimates”
Deck Q1 2026 Earnings Call Presentation · p. 10 ·
Prior-year reserve releases
“Reserve reestimates show that profitability improved more rapidly than original estimates o Auto reserve releases of $1.5 billion in 2026;”
Deck Q2 2026 Earnings Call Presentation · p. 9 ·
Artificial intelligence (ALLIE)
“Transformative Growth Technology Ecosystem Enables Applied”
Deck Q3 2025 Earnings Call Presentation · p. 5 ·
Artificial intelligence (ALLIE)
“Launch Agentic AI purchase, service and claims customer experiences”
Deck Q4 2025 Earnings Call Presentation · p. 8 ·
Artificial intelligence (ALLIE)
“Building Allstate Large Language Intelligent”
Deck Q1 2026 Earnings Call Presentation · p. 11 ·
Artificial intelligence (ALLIE)
“will improve customer value, lower costs and increase growth”
Deck Q2 2026 Earnings Call Presentation · p. 6 ·
Divestitures and capital return
“Employer Voluntary Benefits Divestiture Progressing”
Deck Q3 2024 Earnings Call Presentation · p. 13 ·
Divestitures and capital return
“Benefits sale, will generate $3.25 billion of total expected proceeds”
Deck Q4 2024 Earnings Call Presentation · p. 3 ·
Divestitures and capital return
“▫ Closed sale of Employer Voluntary Benefits on”
Deck Q1 2025 Earnings Call Presentation · p. 3 ·
Divestitures and capital return
“Allstate Creates Shareholder Value – Capital Management”
Deck Q2 2025 Earnings Call Presentation · p. 10 ·
Divestitures and capital return
“Strong Capital Position Generates Attractive Returns and Supports”
Deck Q3 2025 Earnings Call Presentation · p. 13 ·
Divestitures and capital return
“➢ Higher cash returns to shareholders”
Deck Q4 2025 Earnings Call Presentation · p. 3 ·
Divestitures and capital return
“➢ Increased cash to shareholders”
Deck Q1 2026 Earnings Call Presentation · p. 3 ·
Divestitures and capital return
“➢ Capital generation”
Deck Q2 2026 Earnings Call Presentation · p. 3 ·
Protection Services growth
“➢ Protection Plans profitably growing and expanding capabilities in mobile device protection”
Deck Q3 2024 Earnings Call Presentation · p. 3 ·
Protection Services growth
“Protection Plans Is Delivering Profitable Growth”
Deck Q4 2024 Earnings Call Presentation · p. 12 ·
Protection Services growth
“Protection Services Provides Growth Platforms”
Deck Q1 2025 Earnings Call Presentation · p. 9 ·
Protection Services growth
“Protection Services growing rapidly and profitably”
Deck Q2 2025 Earnings Call Presentation · p. 5 ·
Protection Services growth
“Protection Services Generating Profitable Growth”
Deck Q3 2025 Earnings Call Presentation · p. 8 ·
Protection Services growth
“Protection Services Generating Profitable Growth”
Deck Q4 2025 Earnings Call Presentation · p. 9 ·
Protection Services growth
“Protection Services Continues Profitable Growth”
Deck Q1 2026 Earnings Call Presentation · p. 12 ·
Protection Services growth
“Protection Services Expands Protection and Leverages Capabilities”
Deck Q2 2026 Earnings Call Presentation · p. 12 ·
What they keep talking about · 11
The themes that show up deck after deck, and the ones that disappear.
- Auto margin
- The headline of Q3 '24 and the whole story until Q1 '25. From Q1 '26 it is told through reserve releases instead — margins "improved faster than original estimates" — which is a different claim about the same number.
- Growth
- In all eight decks. Auto policies went -1.5% to +2.6%, and the framing moved from policy counts to state-level market share in 2026, the year the brand-level counts were dropped.
- Cost
- Transformative Growth is a standing theme in every deck. The adjusted expense ratio, the one figure that measured it, is absent from both 2026 decks.
- Catastrophes
- A full slide in Q4 '24 and Q1 '25 for the California wildfire, then a line in the combined-ratio bridge. The current quarter's losses live in the monthly Reg FD 8-Ks, not in any deck or filing.
- Affordability
- New in Q3 '25 as a retention lever and the first headline point of Q4 '25: rate cuts averaging 9% in 32 states and $810m of premium given back in 2025.
- Releases
- A footnote in 2024; its own slide from Q4 '25, when releases were 3.9 points of the auto combined ratio. $1.5bn of auto releases in H1 '26 and 6.6 points in Q2.
- AI
- Absent until Q3 '25, then a full slide in Q3 '25 and Q2 '26. ALLIE is described as eight integrated components and reusable agents, with no launched customer experience or retired system reported yet.
- Capital
- In all eight. Divestitures lead 2024-25; from Q4 '25 buybacks and cash returned are a headline point every quarter — which is also when premium growth stopped being the headline.
- Protection
- A slide in every deck and on the headline slide only in Q3 '24. Protection Plans' own revenue and profit stopped being broken out from Q2 '25, the quarter after the target was met.
- New
- Q1 '26: past underlying combined ratios restated for later reserve changes, which lowers the comparison — 2023 auto 99.9 as reported, 95.2 restated. Q2 '26: a capital-generation slide with ten-year average returns on equity.
- Quiet
- The renewal ratio (shown once, at 84.7), retention itself after Q3 '25, brand-level policy counts, the adjusted expense ratio, and Protection Plans on its own.
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q2 2026 release · 8-K 5 Aug 2026
- Q1 2026 release · 8-K 29 Apr 2026
- Q4 2025 release · 8-K 4 Feb 2026
- Q3 2025 release · 8-K 5 Nov 2025
- Q2 2025 release · 8-K 30 Jul 2025
- Q1 2025 release · 8-K 30 Apr 2025
- Q4 2024 release · 8-K 5 Feb 2025
- Q3 2024 release · 8-K 30 Oct 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 5% | 6% | 5% | 6% | 7% | 4% | 6% | · |
| Growth & sales | 33% | 33% | 14% | 38% | 27% | 17% | 12% | 33% |
| Pricing & margins | 24% | 33% | 24% | 12% | 20% | 29% | 18% | 33% |
| Guidance & outlook | 14% | 6% | 5% | 12% | 7% | 4% | 18% | · |
| Capacity & supply | · | · | 5% | · | · | · | 6% | · |
| Capital & financing | 10% | 17% | 19% | · | 13% | 4% | 12% | · |
| Competition | 14% | 17% | 14% | 12% | 13% | 4% | 18% | 33% |
| Products & technology | 5% | · | 5% | 12% | 20% | 12% | 12% | · |
| Macro & regulation | 10% | · | 24% | 12% | 13% | 17% | 6% | · |
| Other | 52% | 50% | 38% | 31% | 27% | 46% | 35% | 33% |
| Questions | 21 | 18 | 21 | 16 | 15 | 24 | 17 | 3 |
| How much the CEO talked | 58% | 63% | 62% | 52% | 67% | 71% | 68% | 66% |
Who’s in charge, who’s selling
read from the filings · 1 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · worsening
The pay metric replaces actual catastrophes with planned ones and keeps the reserve releases
The annual pool is 70% business-unit profitable growth and 30% Performance Net Income, and the proxy's own definition says the plan combined ratio "is further adjusted to replace actual catastrophe losses with plan catastrophe losses". Performance stock awards vest on three-year average Performance Net Income return on equity. Prior-year reserve re-estimates are not adjusted out. In 2025 the measure printed $8,634m against a $6,140m maximum — a 200% cap on that leg, while the three business legs came in at 75.7% to 100.0% and the pool paid 127.2%. Meanwhile reserve releases were 13.8% of pre-tax income against 5.3%, and July and August '26 catastrophes cost $1.43bn against $397m a year earlier.
Tier 2 · worsening
Three chief financial officers in ten months, and a new lead director
Merten held the seat to 2025-10-01 and moved to President, Property-Liability; Rizzo, a former chief financial officer himself, became chief operating officer; Dugenske took finance on an interim basis while still running the investment portfolio. Ten months later Christian Lown arrived from CoStar and Freddie Mac on a $2.0m cash and $4.1m equity sign-on, with no insurance role on the record of his appointing filing, two days before the Q2 call — on which he did not speak. Separately the lead director of four years retired in November 2025 and another director retired at the 2026 meeting, taking the board from twelve to eleven.
Tier 2 · worsening
Dissent rose on every item at the 2026 meeting, including the auditor's
Against the governance chair: 5.2% to 8.6%. Against the chief executive: 5.4% to 6.7%. Against Mehta: 2.6% to 5.4%. Say on pay: 4.3% to 7.3%. Deloitte's ratification, a formality at most companies, drew 8.1% against after 7.3%. The only shareholder proposal of either year — an anti-ESG request for a report on ESG and DEI metrics in pay, put by the Heritage Foundation on 340 shares — was defeated 98.7% to 1.3%.
Tier 2 · stable
Twenty-one officers and directors hold 1.55%, and sold $65m without buying a share
At 2026-03-01 the group held 1.55% of the company and only the chief executive was above 1%, at 1.07% including 1,736,968 options and 133,047 shares in a charitable foundation; several directors hold no common stock outside deferred units. Over the year to Q2 '26 the SEC data sets record 60 sales by six insiders worth $65,366,171 and zero purchases by anyone, 90.2% of the sales under pre-set plans. Chief executive pay was $22,920,898 for 2025, a 306:1 ratio. Opposite them: no activist, no strategic block, BlackRock at 8.4% and T. Rowe Price trimming 27%.
Tier 3 · worsening
The series a holder could check the story against keep being retired
Three reported measures stopped: policies in force by brand, the adjusted expense ratio — the figure that measured the cost story — and Protection Plans revenue and profit on their own. KPI persistence across eight decks is 0.625. The Allstate-brand auto renewal ratio was shown once, at 84.7, in the deck that said growth needed better retention; the next three decks said retention fell and retention left the decks after Q3 '25. The monthly policies-in-force release ended with the May '26 edition, disclosed in that release. And from Q1 '26 the decks restate past underlying combined ratios for later reserve changes: 2023 auto reads 99.9 as reported and 95.2 restated.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Redmond (governance chair)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 10.3M against | 17.1M against | 8.6% |
| Wilson (Chair, President, CEO)A board seat. | 10.9M against | 13.4M against | 6.7% |
| MehtaA board seat. | 5.2M against | 10.8M against | 5.4% |
| CrawfordA board seat. | 5.6M against | 9.3M against | 4.7% |
| Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 8.5M against | 14.4M against | 7.3% |
| Ratify Deloitte & ToucheThe auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long. | 16.7M against | 18.3M against | 8.1% |
| Sprieser (retired 2026)A board seat. | 11.0M against | — | 5.5% in 2025 |
| ESG/DEI pay proposal — defeatedExecutive pay. | — | 194.9M against | 98.7% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| SEC insider data sets, Jul '25-Jun '26 | Sold | Note |
|---|---|---|
| All insiders | $65.4M | 60 sales by 6 of the 21 officers and directors |
| Of that, pre-planned | about $59.0M | 90.2% under pre-set 10b5-1 plans |
| Bought | $0 | not one purchase by anyone, in the company's best earnings year |