ALL ALLSTATE (ALL) Q1 FY26 earnings call
Allstate framed the quarter around a message that it can grow share while holding attractive margins by pulling a broad set of competitive levers β pricing sophistication, expense and claims efficiency, new products, marketing and distribution β rather than simply cutting price, and Q1 rate action netted to roughly neutral across the book even as underlying profitability ran well ahead of targets. The forward stance is offensive: lean into organic property-liability growth (especially an under-appreciated homeowners book where it profitably gains share against a soft competitive set), keep inv
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ALL operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Combined ratio Property-Liability | 86.9%On the bottom half of the table, you see the strong margins delivered during the quarter with the total Property-Liability recorded combined ratio of 86.9%, reflecting a 2.6 point improvement compared to the prior year.Source: earnings call transcript | 97.4%The combined ratio of 97.4% was 4.4 points above the prior year quarter, primarily due to a $3.3 billion in gross catastrophe losses during the quarter, which was significantly higher than the first quarter of last year.Source: earnings call transcript | 91.1%The combined ratio of 91.1% was a 10-point improvement from the prior year quarter, driven by improved underlying trends and $376 million in favorable prior year non-catastrophe reserve reestimates.Source: earnings call transcript | β | 82%The property-liability recorded combined ratio was 82% and the underlying combined ratio is 80.3%, a 2.8 point improvement from the prior year.Source: earnings call transcript | β | β |
| Combined ratio Auto insurance | β | β | 86%Shifting to Auto Insurance on the top right, the combined ratio was 86% in the quarter, a 9.9 point improvement from the second quarter of 2024 due to improved frequency and moderating severity trends.Source: earnings call transcript | β | β | 83.3%Auto insurance generated an 83.3% combined ratio, improving 2.7 points from the prior year.Source: earnings call transcript | β |
| Policies in force Property-Liability | 37.5MThe chart to the left shows the composition of property liabilities 37.5 million policies in force.Source: earnings call transcript | 37.7MIn the chart to the left, you can see the composition of Property-Liability's 37.7 million policies in force.Source: earnings call transcript | 37.9MIn the chart to the left, you can see the composition of Allstate's 37.9 million Property-Liability policies in force with growth results for the quarter shown at the bottom of the chart.Source: earnings call transcript | β | β | β | +0.5% |
| Policies in force Auto | 24.9MAuto is the largest at 24.9 million and homeowners represents approximately 20% of policies in force.Source: earnings call transcript | 25.1MAuto insurance in the dark blue makes up 2/3 of total policies and ended the quarter with 25.1 million policies in force, which was down 0.4% compared to last year.Source: earnings call transcript | 25.2MAuto insurance with 25.2 million policies in force, shown in dark blue, accounts for 2/3 of total property liability policies and year-over-year growth turned positive during the quarter, ending the second quarter at plus 0.5% above prior year.Source: earnings call transcript | β | β | β | +0.4% |
| Policies in force Homeowners | β | 7.5MHomeowners with 7.5 million policies is about 20% of the total and continued to grow this quarter, increasing 2.5% versus prior year.Source: earnings call transcript | 7.6MThe homeowners business accounts for approximately 20% or 7.6 million property-liability policies and continued to grow in the second quarter, increasing 2.3% relative to the prior year quarter.Source: earnings call transcript | β | β | β | +1.3% |
| Policies in force Protection Services | β | β | 170MProtection Services, while smaller, is still a really significant business with 170 million policies in force, $3.2 billion of revenue and $0.25 billion of income over the last 12 months.Source: earnings call transcript | 171MIt has 171 million policies in force, generates $3.3 billion in revenue and had $211 million of income over the last 12 months.Source: earnings call transcript | β | 177MThe segment has 177 million policies in force, contributing $3.4 billion to our top line and generating over $200 million in adjusted net income in the last 12 months.Source: earnings call transcript | β |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.