ALLSTATE (ALL) Q4 FY25 earnings call

Earnings call· Dec 2025 (Q4 FY25)· Financials· Feb 5, 2026

Source: earnings call transcript

Allstate delivered strong Q4 FY25 results, driven by improved underwriting profitability and the success of its transformative growth initiatives. The company focused on enhancing insurance affordability through price reductions and operational efficiencies, while expanding market share across its personal lines. Significant capital returns to shareholders were announced, underscoring confidence in future performance and capital strength.

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ALL operating KPIs by quarter

ALL operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	Jun 2025 Q2 FY25	Sep 2025 Q3 FY25	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	—	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	—	—
Combined ratio Auto insurance	—	—	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	—	—	83.3% Auto insurance generated an 83.3% combined ratio, improving 2.7 points from the prior year. Source: earnings call transcript	—
Policies in force Property-Liability	37.5M The chart to the left shows the composition of property liabilities 37.5 million policies in force. Source: earnings call transcript	37.7M In the chart to the left, you can see the composition of Property-Liability's 37.7 million policies in force. Source: earnings call transcript	37.9M In 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	—	—	—	+0.5%
Policies in force Auto	24.9M Auto is the largest at 24.9 million and homeowners represents approximately 20% of policies in force. Source: earnings call transcript	25.1M Auto 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	25.2M Auto 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	—	—	—	+0.4%
Policies in force Homeowners	—	7.5M Homeowners 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	7.6M The 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	—	—	—	+1.3%
Policies in force Protection Services	—	—	170M Protection 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	171M It 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	—	177M The 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	—

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.

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