The Allstate Corporation (ALL) Goldman Sachs U.S. Financial Services Conference summary

Strategic overview and recent performance

• Focus on increasing personal property liability market share, expanding protection offerings, and leveraging brand and identity protection services.

• Property liability premiums rose 8.2% to $56.8B; net income more than doubled to $8.3B; adjusted net income rose 72.8% to $7.6B.

• Return on equity reached 34.7%, with total shareholder return over 15% and a price-earnings ratio of 7.4.

• Net investment income increased 18.4% over the trailing twelve months.

Market dynamics and competitive positioning

• Auto insurance remains highly competitive, with scale enabling attractive returns and a 2025 combined ratio of 88.1, outperforming industry averages.

• Allstate’s auto and homeowners combined ratios are below industry averages, indicating strong underwriting performance.

• Market share in auto increased from 9.3% to 10.2% since 2019; homeowners share also up.

• Homeowners insurance presents profitability challenges, with industry combined ratios above 100, though recent results show improvement.

• Growth driven by cost reductions, expanded distribution, and new product launches.

Transformative growth initiatives

• Growth plan initiated in 2019 increased personal auto market share from 8.0% to 8.7% and homeowners from 9.3% to 10.2% by 2024.

• Five-component plan includes cost reduction, expanded distribution, sophisticated marketing, and advanced technology.

• Expense ratio reduced by 6.7 points since 2018 through digitization, real estate optimization, and enhanced go-to-market model.

• Direct sales and independent agency presence expanded via National General acquisition; marketing investments more than doubled since 2019.

• New auto and home products now available in 42 and 24 states, respectively.