Allstate's underwriting turnaround and strong capital return program support further upside. Watch for continued improvement in underlying auto combined ratio and premium growth. The slight revenue miss may cause muted short-term reaction, but earnings quality is robust.
Price Chart
Executive Summary
Allstate reported Q1 2026 revenue of $16.9B (+3.0% YoY), slightly below consensus of $17.29B, but net income surged to $2.4B from $0.6B a year ago, driven by a 15.4-point improvement in the Property-Liability combined ratio to 82.0 and a $2.3B jump in underwriting income. Adjusted net income of $10.65 per share and a 44.4% adjusted ROE underscore strong operational momentum, with capital returns of $881M via dividends and buybacks.
Key Financial Metrics
Key Facts
- Revenue $16.9B, up 3.0% YoY, consensus $17.29B (miss by ~2%)
- Net income applicable to common shareholders $2.4B vs $566M prior year
- Adjusted net income $10.65 per diluted share vs $3.53 prior year
- Property-Liability combined ratio 82.0 vs 97.4 (improvement of 15.4 pts)
- Underlying combined ratio improved to 80.3 vs 83.1
- Underwriting income $2.66B vs $360M prior year
- Policies in force up 2.5% to 212 million
- Book value per share $113.52, up 52% YoY
- Return on equity 48.4% (trailing 12 months)
- Dividend increased to $1.08 per share; $881M returned to shareholders
Financial Impact
Net income surged from $566M to $2.4B; underwriting income rose $2.3B YoY; dividend increased 8% to $1.08
Risk Factors
- Catastrophe losses remain volatile; Q1 2026 losses were $1.2B vs $2.2B prior year
- Investment portfolio returned -0.2% in Q1 due to equity valuation declines
- Auto rate decreases netted to zero in Q1, potentially pressuring earned premium growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000899051-26-000074 |
| Document: allcorp33126investorsupp.htm | 0000899051-26-000074 |
| Document: all-20260429.htm | 0000899051-26-000074 |
| Document: 0000899051-26-000074-index-headers.html | 0000899051-26-000074 |
| Document: 0000899051-26-000074-index.html | 0000899051-26-000074 |
| Document: 0000899051-26-000074.txt | 0000899051-26-000074 |
| 8-K Data (Synthetic) | 0000899051-26-000074 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 20, 2026 6w ago | 8-K | $254.54 $249.83 | ▲ +1.85% | ▲ +1.85% | $223.13 (+12.34%) |
Aug 13, 2026 7w ago | 13F-HR | $260.48 $253.71 | ▼ −2.60% | ▼ −0.85% | $223.13 (−14.34%) |
Aug 12, 2026 7w ago | Insider Cluster | $260.48 $253.71 | ▼ −2.60% | ▼ −0.85% | $223.13 (−14.34%) |
Aug 5, 2026 8w ago | Press Release | $275.11 $263.11 | ▼ −4.36% | ▼ −4.96% | $223.13 (−18.89%) |
Jul 18, 2026 10w ago | Institutional Cluster | $253.73 $258.10 | ▲ +1.72% | ▼ −2.40% | $223.13 (−12.06%) |
Jul 16, 2026 11w ago | 8-K | $241.86 $260.48 | ▲ +7.70% | ▲ +4.08% | $223.13 (−7.74%) |
Jul 8, 2026 12w ago | Press Release | $251.17 $264.59 | ▲ +5.34% | ▲ +2.07% | $223.13 (−11.16%) |
Jul 6, 2026 12w ago | Press Release | $248.37 $264.08 | ▲ +6.33% | ▲ +6.89% | $223.13 (−10.16%) |
Jun 18, 2026 15w ago | 8-K | $221.17 $241.86 | ▲ +9.35% | ▲ +8.82% | $223.13 (+0.89%) |
May 21, 2026 19w ago | 8-K | $25.91 $25.82 | ▼ −0.35% | ▼ −0.68% | $223.13 (+761.19%) |
US Market Status
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