Results
NORTHBROOK, Ill., August 5, 2026 – The Allstate Corporation (NYSE: ALL) today reported financial results for the second quarter of 2026.
“Allstate delivered strong operating and financial results in the second quarter of 2026, while executing our strategic growth plans,” said Tom Wilson, who leads The Allstate Corporation.
2“Revenues increased to $18.6 billion reflecting increased policies in force, higher average homeowners insurance prices and strong investment results.
Net income was $3.2 billion and adjusted net income* was $2.3 billion, or $8.99 per diluted share.
Adjusted net income return on equity* was 44.2% over the last 12 months.
1Share repurchases were increased to $1.0 billion for the quarter.”
Management commentary
“Allstate creates shareholder value through operational excellence, sustainable growth and capital generation.
Operational excellence is reflected in improving customer satisfaction while maintaining industry-leading Property-Liability returns.
Transformative Growth is resulting in Property-Liability market share growth while Protection Services expands protection offerings.
3Capital generation supported organic growth, increased investment income and strong cash returns to shareholders, which were $3.5 billion, or 6.7% of market capitalization, over the last year,” concluded Wilson.
Results
Second Quarter 2026 Results
8Total revenues of $18.6 billion in the second quarter of 2026 were $2.0 billion or 11.8% higher than the prior year quarter.
Net income applicable to common shareholders was $3.2 billion in the second quarter of 2026, compared to $2.1 billion in the prior year quarter, reflecting strong underwriting results.
Adjusted net income* was $2.3 billion, or $8.99 per diluted share, compared to $1.6 billion in the prior year quarter.
Property-Liability earned premiums of $14.9 billion increased 4.0% in the second quarter of 2026 compared to the prior year, primarily driven by policy in force growth and higher homeowners insurance average premiums.
Underwriting income was $2.0 billion compared to $1.3 billion in the prior year quarter.
Premiums written increased 2.6% compared to the prior year quarter, reflecting policy in force growth and higher homeowners insurance average premiums.
Property-Liability recorded combined ratio was 86.6 for the quarter, which was an improvement of 4.5 points versus the prior year quarter.
The improvement was driven by lower catastrophe losses and more favorable prior year reserve releases, partially offset by higher legal expenses.
Policies in force increased by 2.6%, led by growth in auto and homeowners insurance policies.
Corporate events
Allstate-branded Affordable, Simple, Connected auto insurance products are now available in 45 states with the homeowners insurance product available in 41 states.
Custom360 ® middle market standard and preferred auto and homeowners insurance products for the independent agent channel are available in 41 states.
Results
Allstate Protection auto insurance results reflect Transformative Growth execution, with strong profitability and policy growth, driven by expanded distribution and increased customer value.
7Written and earned premiums grew 0.4% and 1.2%, respectively, compared to the prior year quarter.
The recorded auto insurance combined ratio of 83.3 in the second quarter of 2026 was a 2.7 point improvement from the prior year quarter, due primarily to the benefit of prior year reserve releases and improvement in underlying losses.
The underlying auto insurance combined ratio* of 87.6 in the second quarter of 2026 was a 0.2 point improvement from the prior year quarter.
5This quarter benefited from 2.4 points of favorable development on claims reported in the first quarter of 2026.
Auto insurance policies in force grew by 2.8% with an 8.8% increase in new business, reflecting affordability initiatives, expanded distribution, increased marketing and new products.
Allstate Protection homeowners insurance remains a competitive advantage and continues to deliver profitable growth.
Underwriting profit of $226 million increased from a loss of $76 million in the prior year quarter, reflecting higher earned premiums and lower catastrophe losses.
Written premiums and earned premiums increased by 8.1% and 11.4% compared to the prior year quarter, respectively, due to higher average premiums and policy in force growth.
A 5.8% increase in Allstate brand homeowners insurance average gross written premium compared to the prior year quarter reflects rate increases and higher home replacement costs.
The recorded homeowners insurance combined ratio of 94.6 was 7.4 points below the second quarter of 2025, due to higher average earned premiums and lower catastrophe losses.
Catastrophe losses of $1.4 billion in the quarter decreased 12.8% compared to the prior year.
6The underlying combined ratio* of 61.5 was 2.9 points above the prior year quarter, reflecting higher loss costs.
Policies in force increased 2.9% compared to the prior year quarter, primarily driven by a 16.4% increase in new business, reflecting enhanced direct distribution capabilities and improved Allstate agent productivity.
Protection Services is comprised of five businesses that broaden protection through embedded product offerings.
Revenues increased to $935 million in the second quarter of 2026, 7.8% higher than the prior year quarter, primarily due to continued Protection Plans growth.
Adjusted net income of $53 million decreased by $7 million compared to the prior year quarter, primarily due to higher Protection Plans claim costs.
Protection Plans continued to expand distribution relationships and product offerings.
Revenue of $615 million increased $52 million, or 9.2%, compared to the prior year quarter primarily due to strong international and domestic growth.
Adjusted net income of $42 million in the second quarter of 2026 decreased $9 million compared to the prior year quarter primarily reflecting lower margins on major appliances.
Roadside revenue of $66 million in the second quarter of 2026 increased 17.9% compared to the prior year quarter reflecting increased bundling with Allstate-branded Affordable, Simple, Connected auto insurance products and new partnerships.
Adjusted net income of $13 million in the second quarter was $2 million higher than the prior year quarter.
Dealer Services generated revenue of $147 million, relatively flat compared to the prior year quarter.
Adjusted net income was $3 million compared to $4 million in the prior year quarter.
Identity Protection revenue of $40 million in the second quarter of 2026 decreased 2.4% compared to the prior year quarter.
Adjusted net income of $2 million in the second quarter of 2026 was in line with the prior year quarter.
4Arity revenue of $67 million increased 13.6% compared to the prior year quarter driven by higher lead generation advertising sales.
Adjusted net loss was $7 million in the second quarter of 2026 compared to a loss of $8 million in the prior year quarter.
Allstate Investments uses a proactive approach to balancing risk and return for the $87.8 billion portfolio.
Net investment income of $1.0 billion in the second quarter of 2026 increased by $255 million from the prior year quarter with contributions from both market-based and performance-based investments.
Market-based investment income was $837 million in the second quarter of 2026, an increase of $104 million, or 14.2%, compared to the prior year quarter, reflecting growth in asset balances to $78.0 billion and higher fixed income yields.
Performance-based investment income totaled $239 million in the second quarter of 2026, an increase of $160 million over the prior year quarter with higher private equity and real estate income.
The overall portfolio allocation to performance-based assets provides a diversifying source of attractive long-term returns; quarterly volatility in reported results is expected.
Net gains on investments and derivatives were $1.1 billion in the second quarter of 2026, compared to losses of $144 million in the prior year quarter.
Second quarter 2026 results primarily reflected valuation increases on public equity securities, partially offset by losses on repositioning sales and valuation and settlement of derivative instruments.
Unrealized net capital losses totaled $97 million (pre-tax), a $185 million increase to the prior quarter end.
Total return on the investment portfolio was 2.6% for the second quarter and 5.6% for the trailing twelve months.
Capital return
“Consistent operating performance continues to generate attractive returns and deployable capital,” said John Dugenske, President, Investments and Corporate Strategy.
“In the second quarter, we returned $1.3 billion to shareholders through $1.0 billion in share repurchases and $280 million in dividends.
Allstate’s financial strength provides flexibility to continue creating shareholder value while maintaining a resilient balance sheet,” concluded Dugenske.
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