The Allstate Corporation (ALL) investor relations material

Executive summary

• Total revenues rose 11.8% year-over-year to $18.6 billion in Q2 2026, driven by policy growth, higher homeowners insurance prices, and strong investment results.

• Net income applicable to common shareholders was $3.24 billion, up 55.9% year-over-year, with adjusted net income at $2.3 billion ($8.99/share).

• Operational excellence, technology-driven strategy, and transformative growth initiatives drove superior combined ratios, market share gains, and capital generation.

• Book value per diluted common share reached $123.38, up 49.7% from Q2 2025.

• Shareholder returns totaled $3.5 billion over the past year, including $1.3 billion in Q2 via $1.0 billion in share repurchases and $280 million in dividends.

Financial highlights

• Property-liability combined ratio improved 4.5 points to 86.6; underlying combined ratio was 79.4.

• Net investment income rose 33.8% to $1.01 billion, with investment portfolio carrying value at $87.8 billion.

• Underwriting income for property-liability was $2.0 billion, up nearly 57% year-over-year.

• Net gains on investments and derivatives were $1.1 billion, reversing a prior year loss.

• Return on equity (net income) was 49.1% for the last twelve months.

Outlook and guidance

• Management expects continued profitable growth, leveraging technology and analytics to adapt to market changes and maintain strong margins.

• Strategic focus remains on increasing personal property-liability market share and expanding protection offerings.

• Ongoing capital generation supports organic growth, investments, acquisitions, and shareholder returns.

• The company continues to pursue rate adjustments in states with acceptable returns and is monitoring macroeconomic factors such as inflation, labor availability, and supply chain disruptions.

• Retention trends are stable, and new business growth is expected across all distribution channels.