The Allstate Corporation (ALL) investor relations material

Executive summary

• Revenues rose 5.8% year-over-year to $16.6B in Q2 2025, with net income of $2.1B and adjusted net income of $1.6B ($5.94 per share), driven by premium growth and a major business sale.

• Total policies in force increased 4% to 208 million, led by growth in Protection Plans and personal property-liability policies.

• Book value per diluted common share reached $82.40 as of June 30, 2025, up 32.6% year-over-year.

• Transformative growth strategy in advanced phase, focusing on new product rollouts, expanded distribution, and technology investments.

• Divestitures of employee voluntary benefits and group health businesses generated $3.25B, reallocating capital to strategic growth.

Financial highlights

• Adjusted net income return on equity reached 28.6% over the trailing twelve months, up 7.0 points year-over-year.

• Property-Liability business generated $1.3B in underwriting income, with a combined ratio of 91.1, a 10-point improvement year-over-year.

• Net investment income was $754M in Q2 2025, up 5.9% year-over-year, with a total return of 1.4% for the quarter and 5.4% for the last twelve months.

• Book value per common share increased 32.6% to $82.40 compared to the prior year.

• Shareholder dividends paid totaled $1.1B in the past year; quarterly dividend increased 9% to $1 per share.

Outlook and guidance

• Confident in continued growth momentum from transformative strategy, with focus on sustainable and profitable market share gains.

• Expect to resume homeowners expansion in rate-adequate markets and lean into growth in New York and New Jersey pending regulatory approvals.

• Anticipate less need for rate increases going forward due to improved profitability and pricing adequacy.

• Management expects continued growth in personal property-liability policies and international Protection Plans revenue.

• The company expects to record a gain of $500M on the group health business sale in Q3 2025.