Allstate Reports Third Quarter 2025 Results
NORTHBROOK, Ill.--( BUSINESS WIRE)--The Allstate Corporation (NYSE: ALL) today reported financial results for the third quarter of 2025.
“Allstate delivered excellent operating results in the third quarter,” said Tom Wilson, who leads The Allstate Corporation. “Revenues increased to $17.3 billion, a 3.8% increase over the prior year. Policies in force increased to 209.5 million due to continued growth in Protection Plans and increased homeowners and auto insurance policies in force. Net income was $3.7 billion, driven by strong operating performance across the Property-Liability business, modest catastrophe losses, higher investment results and favorable insurance reserve releases. Adjusted net income* was $3.0 billion, or $11.17 per diluted share.”
“The Transformative Growth strategy is increasing Property-Liability market share and expanding protection offerings. Property-Liability market share increased in non-standard auto and homeowners insurance and in the independent agent channel. Total auto insurance policies in force increased by 1.3%, 2.8% for active brands, versus the prior year. The rollout of new property-liability products, increased advertising, broad distribution and expanded retention programs are expected to drive continued growth. Protection Plans continues to grow internationally with policies in force and revenues increasing by 4.2% and 14.8% respectively over the prior year. The Transformative Growth technology platform also supports accelerated deployment of generative and agentic artificial intelligence to lower costs and reimagine customer value. Allstate will continue to create shareholder value by innovating, embracing change and being the best protection provider,” concluded Wilson.
Third Quarter 2025 Results
The Allstate Corporation Consolidated Highlights
As of or for the three months
ended September 30,
As of or for the nine months
ended September 30,
($ in millions, except per share data and ratios)
2025
2024
% / pts
Change
2025
2024
% / pts
Change
Consolidated revenues
$
17,255
$
16,627
3.8
%
$
50,340
$
47,600
5.8
%
Net income applicable to common shareholders
3,717
1,161
NM
6,362
2,651
140.0
%
per diluted common share
13.95
4.33
NM
23.76
9.91
139.8
%
Adjusted net income*
2,976
1,048
184.0
%
5,516
2,844
94.0
%
per diluted common share*
11.17
3.91
185.7
%
20.60
10.64
93.6
%
Return on Allstate common shareholders’ equity (trailing twelve months)
Net income applicable to common shareholders
37.2
%
26.1
%
11.1
Adjusted net income*
34.7
%
26.1
%
8.6
Common shares outstanding (in millions)
262.1
264.8
(1.0
)%
Book value per common share
$
95.95
$
70.35
36.4
%
Property-Liability insurance premiums earned
14,533
13,694
6.1
%
42,906
39,933
7.4
%
Property-Liability combined ratio
Recorded
80.1
96.4
(16.3
)
89.4
96.9
(7.5
)
Underlying combined ratio*
78.7
83.2
(4.5
)
80.4
85.1
(4.7
)
Catastrophe losses
$
558
$
1,703
(67.2
)%
$
4,750
$
4,554
4.3
%
Total policies in force (in thousands) (1)
209,481
201,787
3.8
%
(1)
Excludes policies in force related to the employer voluntary benefits and group health businesses sold.
*
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.
NM = not meaningful
Property-Liability Results
As of or for the three months
ended September 30,
As of or for the nine months
ended September 30,
($ in millions)
2025
2024
% / pts
Change
2025
2024
% / pts
Change
Premiums written
$
15,630
$
14,707
6.3
%
$
44,974
$
42,169
6.7
%
Premiums earned
14,533
13,694
6.1
%
42,906
39,933
7.4
%
Underwriting income
2,894
495
NM
4,534
1,248
NM
Policies in force (in thousands)
38,056
37,596
1.2
%
Recorded combined ratio
80.1
96.4
(16.3
)
89.4
96.9
(7.5
)
Underlying combined ratio*
78.7
83.2
(4.5
)
80.4
85.1
(4.7
)
Allstate Protection Auto Results
As of or for the three months
ended September 30,
As of or for the nine months
ended September 30,
($ in millions, except ratios)
2025
2024
% / pts
Change
2025
2024
% / pts
Change
Premiums written
$
9,869
$
9,539
3.5
%
$
29,250
$
28,180
3.8
%
Premiums earned
9,593
9,270
3.5
%
28,468
27,127
4.9
%
Underwriting income
1,726
486
NM
3,873
1,207
NM
Policies in force (in thousands)
25,332
24,998
1.3
%
Recorded combined ratio
82.0
94.8
(12.8
)
86.4
95.6
(9.2
)
Underlying combined ratio*
86.0
92.0
(6.0
)
88.3
93.5
(5.2
)
Allstate Protection Homeowners Results
As of or for the three months
ended September 30,
As of or for the nine months
ended September 30,
($ in millions, except ratios)
2025
2024
% / pts
Change
2025
2024
% / pts
Change
Premiums written
$
4,607
$
4,073
13.1
%
$
12,455
$
10,792
15.4
%
Premiums earned
3,880
3,403
14.0
%
11,308
9,812
15.2
%
Underwriting income
1,107
60
NM
580
249
132.9
%
Policies in force (in thousands)
7,642
7,483
2.1
%
Recorded combined ratio
71.5
98.2
(26.7
)
94.9
97.5
(2.6
)
Catastrophe Losses
$
479
$
1,231
(61.1
)%
$
3,917
$
3,402
15.1
%
Underlying combined ratio*
59.8
62.1
(2.3
)
60.2
63.6
(3.4
)
Protection Services Results
Three months ended
September 30,
Nine months ended
September 30,
($ in millions)
2025
2024
% / $
Change
2025
2024
% / $
Change
Total revenues (1)
$
902
$
822
9.7
%
$
2,629
$
2,348
12.0
%
Protection Plans
588
512
14.8
1,691
1,459
15.9
Dealer Services
148
146
1.4
442
440
0.5
Roadside
59
53
11.3
170
170
—
Arity
68
74
(8.1
)
206
165
24.8
Identity Protection
39
37
5.4
120
114
5.3
Adjusted net income
$
46
$
58
$
(12
)
$
161
$
167
$
(6
)
Protection Plans
34
39
(5
)
130
120
10
Dealer Services
6
5
1
14
17
(3
)
Roadside
12
10
2
34
29
5
Arity
(8
)
1
(9
)
(22
)
(5
)
(17
)
Identity Protection
2
3
(1
)
5
6
(1
)
(1)
Excludes net gains and losses on investments and derivatives.
Allstate Investment Results
Three months ended
September 30,
Nine months ended
September 30,
($ in millions, except ratios)
2025
2024
$ / pts
Change
2025
2024
$ / pts
Change
Net investment income
$
949
$
783
$
166
$
2,557
$
2,259
$
298
Market-based (1)
780
708
72
2,232
2,001
231
Performance-based (1)
227
143
84
502
451
51
Net gains (losses) on investments and derivatives
$
252
$
243
$
9
$
(241
)
$
(24
)
$
(217
)
Change in unrealized net capital gains and losses, pre-tax (2)
$
403
$
1,677
$
(1,274
)
$
1,435
$
1,252
$
183
Total return on investment portfolio (2)
2.0
%
3.7
%
(1.7
)
4.8
%
5.0
%
(0.2
)
Total return on investment portfolio (2) (trailing twelve months)
3.8
%
9.4
%
(5.6
)
(1)
Investment expenses are not allocated between market-based and performance-based portfolios with the exception of investee level expenses.
(2)
Includes investments held for sale.
Proactive Capital Management
“Strong operating performance resulted in an excellent adjusted net income return on equity* of 34.7% for the latest 12 months,” said John Dugenske, Interim Chief Financial Officer and President, Investments and Corporate Strategy. “Allstate’s capital position is also exceptionally strong, reflecting increased income and the sale of the Employer Voluntary Benefits and Group Health businesses earlier in the year. Total estimated statutory surplus in the insurance companies increased to $22.5 billion and $5.5 billion of assets are held at the holding company. Allstate returned $624 million to common shareholders through a combination of $360 million in share repurchases and $264 million in common shareholder dividends in the third quarter. Total cash returned to shareholders was $1.8 billion over the latest twelve months which is 3.5% of the average market value of common equity. Allstate remains focused on deploying capital to profitably grow the business, generate investment returns and create value for shareholders.”
Visit www.allstateinvestors.com for additional information about Allstate’s results, including a webcast of its quarterly conference call and the call presentation. The conference call will be at 9 a.m. ET on Thursday, November 6. Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.
Forward-Looking Statements
This news release contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like “plans,” “seeks,” “expects,” “will,” “should,” “anticipates,” “estimates,” “intends,” “believes,” “likely,” “targets” and other words with similar meanings. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section in our most recent annual report on Form 10-K. Forward-looking statements are as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statement.
About Allstate
The Allstate Corporation (NYSE: ALL) protects people from life’s uncertainties with affordable, simple and connected protection for autos, homes, electronic devices, and identities. Products are available through a broad distribution network including Allstate agents, independent agents, major retailers, online, and at the workplace. Allstate has more than 209 policies in force and is widely known for the slogan “You’re in Good Hands with Allstate.” For more information, visit www.allstate.com.
THE ALLSTATE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
($ in millions, except par value data)
September 30,
2025
December 31,
2024
Assets
Investments
Fixed income securities, at fair value (amortized cost, net $56,732 and $53,616)
$
57,186
$
52,747
Equity securities, at fair value (cost $4,943 and $4,329)
5,338
4,463
Mortgage loans, net
831
784
Limited partnership interests
9,213
9,255
Short-term, at fair value (amortized cost $8,743 and $4,539)
8,743
4,537
Other investments, net
1,017
824
Total investments
82,328
72,610
Cash
931
704
Premium installment receivables, net
11,745
10,614
Deferred policy acquisition costs
6,095
5,773
Reinsurance and indemnification recoverables, net
9,519
8,924
Accrued investment income
617
615
Deferred income taxes
—
231
Property and equipment, net
601
669
Goodwill
3,118
3,245
Other assets, net
5,448
5,140
Assets held for sale
—
3,092
Total assets
$
120,402
$
111,617
Liabilities
Reserve for property and casualty insurance claims and claims expense
$
43,103
$
41,917
Unearned premiums
29,157
26,909
Claim payments outstanding
1,554
1,567
Deferred income taxes
311
—
Other liabilities and accrued expenses
10,699
9,659
Debt
8,089
8,085
Liabilities held for sale
—
2,113
Total liabilities
92,913
90,250
Equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 82.0 thousand shares issued and outstanding, $2,050 aggregate liquidation preference
2,001
2,001
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 262 million and 265 million shares outstanding
9
9
Additional capital paid-in
4,117
4,029
Retained income
58,853
53,288
Treasury stock, at cost (638 million and 635 million shares)
(37,773
)
(36,996
)
Accumulated other comprehensive income (loss):
Unrealized net capital gains and losses
351
(771
)
Unrealized foreign currency translation adjustments
(66
)
(145
)
Unamortized pension and other postretirement prior service credit
10
11
Discount rate for reserve for future policy benefits
3
16
Total accumulated other comprehensive income (loss)
298
(889
)
Total Allstate shareholders’ equity
27,505
21,442
Noncontrolling interest
(16
)
(75
)
Total equity
27,489
21,367
Total liabilities and equity
$
120,402
$
111,617
THE ALLSTATE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
($ in millions, except per share data)
Three months ended
September 30,
Nine months ended
September 30,
2025
2024
2025
2024
Revenues
Property and casualty insurance premiums
$
15,253
$
14,333
$
44,992
$
41,797
Accident and health insurance premiums and contract charges
110
487
832
1,439
Other revenue
691
781
2,200
2,129
Net investment income
949
783
2,557
2,259
Net gains (losses) on investments and derivatives
252
243
(241
)
(24
)
Total revenues
17,255
16,627
50,340
47,600
Costs and expenses
Property and casualty insurance claims and claims expense
8,654
10,409
29,718
30,711
Accident, health and other policy benefits
67
317
588
904
Amortization of deferred policy acquisition costs
2,101
2,037
6,264
5,977
Operating costs and expenses
2,265
2,217
6,645
6,121
Pension and other postretirement remeasurement (gains) losses
(108
)
26
(30
)
15
Restructuring and related charges
17
28
48
51
Amortization of purchased intangibles
59
71
175
210
Interest expense
101
104
301
299
Total costs and expenses
13,156
15,209
43,709
44,288
Gain on disposition of operations
720
—
1,610
—
Income from operations before income tax expense
4,819
1,418
8,241
3,312
Income tax expense
1,075
254
1,802
603
Net income
3,744
1,164
6,439
2,709
Less: Net loss attributable to noncontrolling interest
(2
)
(26
)
(11
)
(30
)
Net income attributable to Allstate
3,746
1,190
6,450
2,739
Less: Preferred stock dividends
29
29
88
88
Net income applicable to common shareholders
$
3,717
$
1,161
$
6,362
$
2,651
Earnings per common share:
Net income applicable to common shareholders per common share - Basic
$
14.13
$
4.39
$
24.07
$
10.04
Weighted average common shares - Basic
263.1
264.6
264.3
264.1
Net income applicable to common shareholders per common share - Diluted
$
13.95
$
4.33
$
23.76
$
9.91
Weighted average common shares - Diluted
266.4
268.0
267.8
267.4
Definitions of Non-GAAP Measures
We believe that investors’ understanding of Allstate’s performance is enhanced by our disclosure of the following non-GAAP measures. Our methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited.
Adjusted net income (loss) is net income (loss) applicable to common shareholders, excluding:
Net income (loss) applicable to common shareholders is the GAAP measure that is most directly comparable to adjusted net income.
We use adjusted net income as an important measure to evaluate our results of operations. We believe that the measure provides investors with a valuable measure of the Company’s ongoing performance because it reveals trends in our insurance and financial services business that may be obscured by the net effect of net gains and losses on investments and derivatives, pension and other postretirement remeasurement gains and losses, amortization or impairment of purchased intangibles, gain or loss on disposition and adjustments for other significant non-recurring, infrequent or unusual items and the related tax expense or benefit of these items. Net gains and losses on investments and derivatives, and pension and other postretirement remeasurement gains and losses may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions, the timing of which is unrelated to the insurance underwriting process. Gain or loss on disposition is excluded because it is non-recurring in nature and the amortization or impairment of purchased intangibles is excluded because it relates to the acquisition purchase price and is not indicative of our underlying business results or trends. Non-recurring items are excluded because, by their nature, they are not indicative of our business or economic trends. Accordingly, adjusted net income excludes the effect of items that tend to be highly variable from period to period and highlights the results from ongoing operations and the underlying profitability of our business. A byproduct of excluding these items to determine adjusted net income is the transparency and understanding of their significance to net income variability and profitability while recognizing these or similar items may recur in subsequent periods. Adjusted net income is used by management along with the other components of net income (loss) applicable to common shareholders to assess our performance. We use adjusted measures of adjusted net income in incentive compensation. Therefore, we believe it is useful for investors to evaluate net income (loss) applicable to common shareholders, adjusted net income and their components separately and in the aggregate when reviewing and evaluating our performance. We note that investors, financial analysts, financial and business media organizations and rating agencies utilize adjusted net income results in their evaluation of our and our industry’s financial performance and in their investment decisions, recommendations and communications as it represents a reliable, representative and consistent measurement of the industry and the Company and management’s performance. We note that the price to earnings multiple commonly used by insurance investors as a forward-looking valuation technique uses adjusted net income as the denominator. Adjusted net income should not be considered a substitute for net income (loss) applicable to common shareholders and does not reflect the overall profitability of our business.
The following tables reconcile net income (loss) applicable to common shareholders and adjusted net income (loss). Taxes on adjustments to reconcile net income (loss) applicable to common shareholders and adjusted net income (loss) generally use a 21% effective tax rate.
($ in millions, except per share data)
Three months ended September 30,
2025
2024
2025
2024
Consolidated
Per diluted common share
Net income applicable to common shareholders
$
3,717
$
1,161
$
13.95
$
4.33
Net (gains) losses on investments and derivatives
(252
)
(243
)
(0.95
)
(0.91
)
Pension and other postretirement remeasurement (gains) losses
(108
)
26
(0.40
)
0.10
Amortization of purchased intangibles
59
71
0.22
0.26
Gain on disposition
(723
)
(1
)
(2.71
)
—
Income tax expense (benefit)
283
34
1.06
0.13
Adjusted net income *
$
2,976
$
1,048
$
11.17
$
3.91
Nine months ended September 30,
2025
2024
2025
2024
Consolidated
Per diluted common share
Net income applicable to common shareholders
$
6,362
$
2,651
$
23.76
$
9.91
Net (gains) losses on investments and derivatives
241
24
0.90
0.09
Pension and other postretirement remeasurement (gains) losses
(30
)
15
(0.11
)
0.06
Amortization of purchased intangibles
175
210
0.65
0.79
Gain on disposition
(1,616
)
(6
)
(6.03
)
(0.02
)
Income tax expense (benefit)
384
(50
)
1.43
(0.19
)
Adjusted net income *
$
5,516
$
2,844
$
20.60
$
10.64
Adjusted net income (loss) return on Allstate common shareholders’ equity is a ratio that uses a non-GAAP measure. It is calculated by dividing the rolling 12-month adjusted net income by the average of Allstate common shareholders’ equity at the beginning and at the end of the 12-months, after excluding the effect of unrealized net capital gains and losses. Return on Allstate common shareholders’ equity is the most directly comparable GAAP measure. We use adjusted net income as the numerator for the same reasons we use adjusted net income, as discussed previously. We use average Allstate common shareholders’ equity excluding the effect of unrealized net capital gains and losses for the denominator as a representation of common shareholders’ equity primarily applicable to Allstate's earned and realized business operations because it eliminates the effect of items that are unrealized and vary significantly between periods due to external economic developments such as capital market conditions like changes in interest rates, the amount and timing of which are unrelated to the insurance underwriting process. We use it to supplement our evaluation of net income (loss) applicable to common shareholders and return on Allstate common shareholders’ equity because it excludes the effect of items that tend to be highly variable from period to period. We believe that this measure is useful to investors and that it provides a valuable tool for investors when considered along with return on Allstate common shareholders’ equity because it eliminates the after-tax effects of realized and unrealized net capital gains and losses that can fluctuate significantly from period to period and that are driven by economic developments, the magnitude and timing of which are generally not influenced by management. In addition, it eliminates non-recurring items that are not indicative of our ongoing business or economic trends. A byproduct of excluding the items noted above to determine adjusted net income return on Allstate common shareholders’ equity from return on Allstate common shareholders’ equity is the transparency and understanding of their significance to return on common shareholders’ equity variability and profitability while recognizing these or similar items may recur in subsequent periods. We use adjusted measures of adjusted net income return on Allstate common shareholders’ equity in incentive compensation. Therefore, we believe it is useful for investors to have adjusted net income return on Allstate common shareholders’ equity and return on Allstate common shareholders’ equity when evaluating our performance. We note that investors, financial analysts, financial and business media organizations and rating agencies utilize adjusted net income return on common shareholders’ equity results in their evaluation of our and our industry’s financial performance and in their investment decisions, recommendations and communications as it represents a reliable, representative and consistent measurement of the industry and the company and management’s utilization of capital. We also provide it to facilitate a comparison to our long-term adjusted net income return on Allstate common shareholders’ equity goal. Adjusted net income return on Allstate common shareholders’ equity should not be considered a substitute for return on Allstate common shareholders’ equity and does not reflect the overall profitability of our business.
The following tables reconcile return on Allstate common shareholders’ equity and adjusted net income (loss) return on Allstate common shareholders’ equity.
($ in millions)
For the twelve months ended
September 30,
2025
2024
Return on Allstate common shareholders’ equity
Numerator:
Net income applicable to common shareholders
$
8,261
$
4,111
Denominator:
Beginning Allstate common shareholders’ equity
$
18,876
$
12,592
Ending Allstate common shareholders’ equity (1)
25,504
18,876
Average Allstate common shareholders’ equity
$
22,190
$
15,734
Return on Allstate common shareholders’ equity
37.2
%
26.1
%
($ in millions)
For the twelve months ended
September 30,
2025
2024
Adjusted net income return on Allstate common shareholders’ equity
Numerator:
Adjusted net income *
$
7,578
$
4,385
Denominator:
Beginning Allstate common shareholders’ equity
$
18,876
$
12,592
Less: Unrealized net capital gains and losses
361
(2,512
)
Adjusted beginning Allstate common shareholders’ equity
18,515
15,104
Ending Allstate common shareholders’ equity (1)
25,504
18,876
Less: Unrealized net capital gains and losses
351
361
Adjusted ending Allstate common shareholders’ equity
25,153
18,515
Average adjusted Allstate common shareholders’ equity
$
21,834
$
16,810
Adjusted net income return on Allstate common shareholders’ equity *
34.7
%
26.1
%
(1)
Excludes equity related to preferred stock of $2,001 million for both periods shown.
Combined ratio excluding the effect of catastrophes, prior year reserve reestimates and amortization or impairment of purchased intangibles (“underlying combined ratio”) is a non-GAAP ratio, which is computed as the difference between four GAAP operating ratios: the combined ratio, the effect of catastrophes on the combined ratio, the effect of prior year non-catastrophe reserve reestimates on the combined ratio, and the effect of amortization or impairment of purchased intangibles on the combined ratio. We believe that this ratio is useful to investors, and it is used by management to reveal the trends in our Property-Liability business that may be obscured by catastrophe losses, prior year reserve reestimates and amortization or impairment of purchased intangibles. Catastrophe losses cause our loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior year reserve reestimates are caused by unexpected loss development on historical reserves, which could increase or decrease current year net income. Amortization or impairment of purchased intangibles relates to the acquisition purchase price and is not indicative of our underlying insurance business results or trends. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our underwriting performance. The most directly comparable GAAP measure is the combined ratio. The underlying combined ratio should not be considered a substitute for the combined ratio and does not reflect the overall underwriting profitability of our business.
The following tables reconcile the respective combined ratio to the underlying combined ratio. Underwriting margin is calculated as 100% minus the combined ratio.
Property-Liability
Three months ended
September 30,
Nine months ended
September 30,
2025
2024
2025
2024
Combined ratio
80.1
96.4
89.4
96.9
Effect of catastrophe losses
(3.8
)
(12.4
)
(11.1
)
(11.4
)
Effect of prior year non-catastrophe reserve reestimates
2.7
(0.4
)
2.4
—
Effect of amortization of purchased intangibles
(0.3
)
(0.4
)
(0.3
)
(0.4
)
Underlying combined ratio*
78.7
83.2
80.4
85.1
Effect of prior year catastrophe reserve reestimates
(0.2
)
(0.1
)
(0.1
)
(0.8
)
Allstate Protection - Auto Insurance
Three months ended
September 30,
Nine months ended
September 30,
2025
2024
2025
2024
Combined ratio
82.0
94.8
86.4
95.6
Effect of catastrophe losses
(0.7
)
(3.0
)
(1.7
)
(2.7
)
Effect of prior year non-catastrophe reserve reestimates
5.0
0.6
4.0
1.0
Effect of amortization of purchased intangibles
(0.3
)
(0.4
)
(0.4
)
(0.4
)
Underlying combined ratio*
86.0
92.0
88.3
93.5
Effect of prior year catastrophe reserve reestimates
—
(0.1
)
(0.1
)
(0.1
)
Allstate Protection - Homeowners Insurance
Three months ended
September 30,
Nine months ended
September 30,
2025
2024
2025
2024
Combined ratio
71.5
98.2
94.9
97.5
Effect of catastrophe losses
(12.3
)
(36.2
)
(34.6
)
(34.7
)
Effect of prior year non-catastrophe reserve reestimates
1.0
0.4
0.3
1.1
Effect of amortization of purchased intangibles
(0.4
)
(0.3
)
(0.4
)
(0.3
)
Underlying combined ratio*
59.8
62.1
60.2
63.6
Effect of prior year catastrophe reserve reestimates
(0.4
)
—
—
(2.8
)