The Allstate Corporation (ALL) Raymond James & Associates’ 46th Annual Institutional Investors Conference 2025 summary

Strategic Overview and Financial Performance

• 2024 revenue increased 12.3% to $64.1 billion, with net income of $4.6 billion and adjusted net income return on equity at 26.8%.

• Property-Liability insurance premiums grew 11.2% to $53.9 billion in 2024.

• Divestiture of health and benefits businesses expected to generate $2.5 billion in additional capital.

• Four strategic priorities for 2025: financial returns, transformative growth, expanded protection, and proactive capital management.

• Emphasized proactive risk, return, and capital management, leveraging brand and distribution to increase market share.

Transformative Growth and Product Innovation

• Multi-year initiative since 2019 reduced adjusted expense ratio from 27.9 to 23.1 and focused on cost reduction, digitization, and new products.

• New auto and homeowners products launched in multiple states, expanding digital and agent distribution.

• Broadened distribution channels increased personal lines policies in force from 33.5 million in 2019 to 37.3 million in 2024.

• Improved agent productivity and expanded direct sales capabilities.

• Acquired National General to boost independent agent business.

Business Line Performance and Market Dynamics

• Auto insurance generated $1.8 billion and homeowners $1.3 billion in underwriting income for 2024.

• Combined ratios for auto and homeowners met or exceeded targets, with significant improvement in homeowners due to lower catastrophes.

• Homeowners insurance policies in force grew 2.5% year-over-year as of January 2025.

• Auto policies in force declined 1.3% year-over-year, with efforts underway to boost new business and retention.

• 2025 objective is to grow total Property-Liability policies by improving retention and new business sales.