"Allstate's strategy and execution capabilities generated strong earnings and increased growth in the first quarter," said Tom Wilson, who leads The Allstate Corporation. "Revenues were $16.9 billion and net income was $2.4 billion. Policies in force reached 212 million, reflecting increased growth in auto and homeowners insurance and Protection Plans. The Property-Liability combined ratio was strong, and the underlying combined ratio* improved in all personal lines products and brands. Investment income increased by 9.8%, reflecting portfolio growth and higher fixed income yields. Adjusted net income* was $2.8 billion, or $10.65 per diluted common share."
"The broad set of competitive tools created through Transformative Growth is driving strong performance," continued Wilson. "Market share of auto and homeowners insurance increased in many states due to a comprehensive approach of more affordable prices, new products, expanded benefits, bundled offerings, lower expenses, sophisticated analytics and increased marketing. This positioned Allstate and independent agents and direct distribution to capture a record amount of new business in the quarter. Retention losses were slightly lower reflecting last year's focus on improving customer experience. Protection offerings were also broadened with Protection Services policies increasing over the prior year. Shareholders benefited from strong earnings, higher dividends and increased share repurchases," concluded Wilson.
First Quarter 2026 Results
Total revenues of $16.9 billion in the first quarter of 2026 were $489 million or 3.0% higher than the prior year quarter.
Net income applicable to common shareholders was $2.4 billion in the first quarter of 2026, compared to $566 million in the prior year quarter, reflecting strong underwriting results.
Adjusted net income* was $2.8 billion, or $10.65 per diluted share, compared to $949 million in the prior year quarter.
The Allstate Corporation Consolidated Highlights
As of or for the three monthsended March 31,
($ in millions, except per share data and ratios)
2026
2025
% / pts
Change
Consolidated revenues
$ 16,941
$ 16,452
3.0 %
Net income applicable to common shareholders
2,428
566
NM
per diluted common share
9.25
2.11
NM
Adjusted net income*
2,797
949
NM
per diluted common share*
10.65
3.53
NM
Return on Allstate common shareholders' equity (trailing twelve months)
Net income applicable to common shareholders
48.4 %
21.4 %
27.0
Adjusted net income*
44.4 %
23.7 %
20.7
Common shares outstanding (in millions)
257.8
265.1
(2.8) %
Book value per common share
$ 113.52
$ 74.61
52.2 %
Total policies in force (in thousands) (1)
212,052
206,898
2.5 %
NM = not meaningful
(1)
Excludes policies in force related to the employer voluntary benefits and group health businesses sold in 2025.
*
Measures used in this release that are not based on accounting principles generally accepted in the United States of America ("non-GAAP") are denoted with an asterisk and defined and reconciled to the most directly comparable GAAP measure in the "Definitions of Non-GAAP Measures" section of this document.
Property-Liability earned premiums of $14.8 billion increased 5.5% in the first quarter of 2026 compared to the prior year, primarily driven by higher homeowners insurance average premiums and policy in force growth. Underwriting income was $2.7 billion compared to $360 million in the prior year quarter.
Property-Liability Results
As of or for the three months ended March 31,
($ in millions)
2026
2025
% / pts
Change
Premiums written
$ 14,625
$ 14,297
2.3 %
Premiums earned
$ 14,802
$ 14,027
5.5 %
Recorded combined ratio
82.0
97.4
(15.4)
Underlying combined ratio*
80.3
83.1
(2.8)
Catastrophe losses
$ 1,240
$ 2,202
(43.7) %
Underwriting income
$ 2,658
$ 360
NM
Policies in force (in thousands)
38,576
37,712
2.3 %
NM = not meaningful
Premiums written increased 2.3% compared to the prior year quarter, reflecting policy in force growth and higher homeowners insurance average premiums. Written premium growth was less than earned premium growth reflecting lower average premiums on new insurance policies and actions to improve affordability while maintaining margins.
Property-Liability combined ratio was 82.0 for the quarter, which was an improvement of 15.4 points versus the prior year quarter due to lower catastrophe losses, the benefit of prior year reserve releases and higher average earned premiums.
Policies in force increased by 2.3%, led by growth in auto and homeowners insurance policies.
Allstate-branded Affordable, Simple, Connected auto insurance products are now available in 45 states with the homeowners insurance product available in 36 states. Custom360® middle market standard and preferred auto and homeowners insurance products for the independent agent channel are available in 40 states.
Allstate Protection auto insurance results reflect Transformative Growth execution, with strong margins and new business growth across all distribution channels.
Allstate Protection Auto Results
As of or for the three months ended March 31,
($ in millions, except ratios)
2026
2025
% / pts
Change
Premiums written
$ 9,850
$ 9,848
— %
Premiums earned
$ 9,547
$ 9,347
2.1 %
Recorded combined ratio
81.9
91.3
(9.4)
Underlying combined ratio*
89.5
91.2
(1.7)
Underwriting income
$ 1,729
$ 816
111.9 %
Policies in force (in thousands)
25,758
25,100
2.6 %
Written premiums were in line with the prior year as higher policies in force were offset by lower average premiums. Earned premiums grew 2.1% compared to the prior year quarter.
The recorded auto insurance combined ratio of 81.9 in the first quarter of 2026 was a 9.4 point improvement from the prior year quarter, due primarily to the benefit of prior year reserve releases. Prior year reserve liabilities were lowered by $838 million as estimated claims costs for 2023 through 2025 were reduced, improving the current quarter combined ratio by 8.8 points.
The underlying auto insurance combined ratio* of 89.5 in the first quarter of 2026 was a 1.7 point improvement from the prior year quarter, reflecting improvements in the underlying loss and expense ratios.
Auto insurance policies in force grew by 2.6% with a 9.4% increase in new business, reflecting expanded distribution, increased marketing, new products and sophisticated rating plans. Active brand auto insurance policies grew by 3.5%, which was partially offset by decreases in legacy Esurance and Encompass policies.
Allstate Protection homeowners insurance remains a competitive advantage for Allstate. Underwriting profit of $685 million increased from a loss of $451 million in the prior year quarter, primarily reflecting 2025's California wildfire losses.
Allstate Protection Homeowners Results
As of or for the three monthsended March 31,
($ in millions, except ratios)
2026
2025
% / pts
Change
Premiums written
$ 3,741
$ 3,453
8.3 %
Premiums earned
$ 4,164
$ 3,657
13.9 %
Recorded combined ratio
83.5
112.3
(28.8)
Catastrophe Losses
$ 1,046
$ 1,824
(42.7) %
Underlying combined ratio*
60.5
62.4
(1.9)
Underwriting income (loss)
$ 685
$ (451)
NM
Policies in force (in thousands)
7,739
7,549
2.5 %
NM = not meaningful
Written premiums and earned premiums increased by 8.3% and 13.9% compared to the prior year quarter, respectively, due to higher average premiums and policy in force growth. A 6.8% increase in Allstate brand homeowners insurance average gross written premium compared to the prior year quarter reflects continued rate increases and higher home replacement costs.
The recorded homeowners insurance combined ratio of 83.5 was 28.8 points below the first quarter of 2025, due to lower catastrophe losses and higher average earned premiums.
Catastrophe losses of $1.0 billion in the quarter decreased $778 million compared to the prior year.
The underlying combined ratio* of 60.5 improved by 1.9 points compared to the prior year quarter, primarily driven by higher average premiums.
Policies in force increased 2.5% compared to the prior year quarter, primarily driven by 3.2% growth in Allstate brand homeowners insurance policies, offset by a reduction in National General legacy products.
Protection Services is comprised of five businesses that broaden protection through embedded product offerings. Revenues increased to $922 million in the first quarter of 2026, 7.2% higher than the prior year quarter, primarily due to Protection Plans and Roadside. Adjusted net income of $47 million decreased by $8 million compared to the prior year quarter.
Protection Services Results
Three months ended March 31,
($ in millions)
2026
2025
% / $
Change
Total revenues (1)
$ 922
$ 860
7.2 %
Protection Plans
613
540
13.5
Roadside
63
55
14.5
Dealer Services
148
146
1.4
Identity Protection
40
40
—
Arity
58
79
(26.6)
Adjusted net income (loss)
$ 47
$ 55
$ (8)
Protection Plans
41
45
(4)
Roadside
12
11
1
Dealer Services
5
4
1
Identity Protection
1
1
—
Arity
(12)
(6)
(6)
(1) Excludes net gains and losses on investments and derivatives.
Protection Plans continued to expand distribution relationships and product offerings. Revenue of $613 million increased $73 million, or 13.5%, compared to the prior year quarter primarily due to strong international and domestic growth. Adjusted net income of $41 million in the first quarter of 2026 decreased $4 million compared to the prior year quarter.
Roadside revenue of $63 million in the first quarter of 2026 increased 14.5% compared to the prior year quarter reflecting increased bundling with Allstate branded Affordable, Simple, Connected auto insurance products and higher third-party sales. Adjusted net income of $12 million in the first quarter was $1 million higher than the prior ...
