ALL

In recent months, Allstate has drawn attention as rating agencies affirmed its Superior financial strength, while analysts highlighted an improved earnings outlook, stronger underwriting margins, and attractive valuation metrics relative to peers. At the same time, Allstate’s long-running “Mayhem” marketing has helped it secure the fourth-largest U.S. auto insurance market share despite relatively weak customer satisfaction scores, underscoring the power of brand and advertising in the sector. We’ll now examine how Allstate’s affirmed financial strength and upgraded earnings outlook influence its existing investment narrative and risk-return profile. Capitalize on the AI infrastructure supercycle with our selection of the 55 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. To own Allstate, you need to believe its strong balance sheet, underwriting discipline, and powerful brand can offset structural pressures in auto insurance and rising catastrophe costs. The recent affirmation of its Superior financial strength supports that thesis and may reinforce the short term catalyst around earnings quality and valuation, while the biggest near term risk remains elevated catastrophe losses and regulatory constraints on pricing. The latest news does not fundamentally change that risk balance. The AM Best decision to affirm Allstate’s A+ (Superior) financial strength rating is especially relevant here, as it underpins the company’s ability to absorb catastrophe losses, sustain underwriting improvement, and keep investing in digital products. That rating support, combined with analysts’ upgraded earnings outlook and value-focused metrics, ties directly into the current catalyst of potential earnings resilience and cash generation, even as higher weather-related claims remain a key concern. Yet beneath the improved earnings outlook, investors should still be aware of how rising catastrophe losses and tighter regulation could together... Read the full narrative on Allstate (it's free!) Allstate's narrative projects $76.5 billion revenue and $3.9 billion earnings by 2029. This requires 2.9% yearly revenue growth and a $9.3 billion earnings decrease from $13.2 billion today. Uncover how Allstate's forecasts yield a $274.32 fair value, a 4% upside to its current price. Some of the lowest analysts were assuming earnings fall from about US$12.0 billion to US$4.5 billion by 2029, so compared with the recent rating affirmation and stronger earnings outlook, their view is far more pessimistic about how climate and auto trends might reshape Allstate’s future, which is why it is worth comparing these very different expectations before you decide what story you believe. Explore 5 other fair value estimates on Allstate - why the stock might be worth over 2x more than the current price! Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts. A great starting point for your Allstate research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision. Our free Allstate research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Allstate's overall financial health at a glance. Don't miss your shot at the next 10-bagger. Our latest stock picks just dropped: We've uncovered the 11 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. Outshine the giants: these 19 early-stage AI stocks could fund your retirement. This technology could replace computers: discover 25 stocks that are working to make quantum computing a reality. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ALL. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

It is not surprising that before an earnings season, every investor looks for stocks that can beat market expectations. This is because investors always try to position themselves ahead of time and look to tap stocks that are high-quality in nature. In this regard, we ran a screener that yielded stocks The Allstate Corporation ALL, Wayfair W, BILL Holdings Inc. BILL, Twilio TWLO and Caribou Biosciences CRBU as the likely winners on the earnings beat potential. Historically, stocks of companies with solid quarterly earnings (on a nominal basis) tank if they miss or merely meet market expectations. After all, a 20% earnings rise (though apparently looks good) doesn’t tell you if earnings growth has been exhibiting a decelerating trend. Also, seasonal fluctuations sometimes come into play. If a company’s Q1 is seasonally weak and Q4 strong, then it is likely to report a sequential earnings decline. In such cases, growth rates are misleading while judging the true health of a company. On the other hand, after much brainstorming and analysis of companies’ financials and initiatives, Wall Street analysts project earnings of companies. They in fact club their insights and a company’s guidance when deriving an earnings estimate. Thus, outperforming that estimate is almost equivalent to beating the company’s own expectation as well as the market perception. And if the margin of earnings surprise is big, it typically drives the stock higher right after the release. Thus, more than anything else, an earnings surprise can push a stock higher. Now, finding stocks that have the potential to beat on the bottom line may be investors’ dream but not an easy job. One way to do this is to look at the earnings surprise history of the company. An impressive track record in this regard generally acts as a catalyst in sending a stock higher. It indicates the company’s ability to surpass estimates. And investors generally believe that the company will apply the same secret sauce to execute yet another earnings beat in its next release. In order to shortlist stocks that are likely to come up with an earnings surprise, we chose the following as our primary screening parameters. Last EPS Surprise greater than or equal to 10%: Stocks delivering positive surprise in the last quarter tend to surprise again. Average EPS Surprise in the last four quarters greater than 20%: We lifted the bar for outperformance slightly higher by setting the average earnings surprise for the last four quarters at 20%. Average EPS Surprise in the last two quarters greater than 20%: This points to a more consistent surprise history and makes the case for another surprise even stronger. In addition, we place a few other criteria that push up the chance of a positive surprise. Zacks Rank less than or equal to 2: Only companies with a Zacks Rank #1 (Strong Buy) or 2 (Buy) rating can get through. Earnings ESP greater than zero: A stock needs to have both a positive Earnings ESP and a Zacks Rank of #1, 2 or 3 for an earnings beat to happen, as per our proven model. In order to zero in on those that have long-term growth potential and high trading liquidity, we have added the following parameters too: Next 3–5 Years Estimated EPS Growth (Per Year) greater than 10%: Solid expected earnings growth exhibits the stock’s long-term growth prospects. Average 20-day Volume greater than 100,000: High trading volume implies that the stocks have adequate liquidity. A handful of criteria has narrowed down the universe from over 7,700 stocks to only 11. Here are five out of 11 stocks: Allstate: The Zacks Rank #1 company is the third-largest property-casualty (P&C) insurer and the largest publicly held personal lines carrier in the United States. You can see the complete list of today’s Zacks #1 Rank stocks here. The average earnings surprise of ALL for the past four quarters is 45.34%. Wayfair: The Zacks Rank #1 company is an online seller of home goods products, consisting of furniture and home decor. The average earnings surprise of W for the past four quarters is 21.51%. BILL Holdings: The Zacks Rank #1 company primarily serves small and midsize businesses through its AI-powered financial operations platform that connects customers with their suppliers and clients. The average earnings surprise of BILL for the past four quarters is 19.82%. Twilio: Twilio provides a cloud-based customer engagement platform that enables developers and businesses to build, scale and operate real-time communications within software applications. The company currently has a Zacks Rank #1. The average earnings surprise of TWLO for the past four quarters is 13.95%. Caribou Biosciences: This is a clinical-stage CRISPR genome-editing biopharmaceutical company. It has a Zacks Rank #2. The average earnings surprise of CRBU for the past four quarters is 20.08%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Allstate (ALL) drew fresh investor attention after its second quarter earnings highlighted stronger net income and a better combined ratio, helped by higher premiums and relatively mild catastrophe losses. Allstate’s recent earnings news has landed against a strong share price run, with a 90-day share price return of 26.44% and a year-to-date share price return of 27.85% alongside a 1-year total shareholder return of 30.02% and very large 3-year total shareholder return. Short-term momentum has cooled with a 1-month share price return of a 5.03% decline, which may indicate investors are weighing the earnings recovery and current valuation more carefully after a strong multi-year move. Compare Allstate’s post earnings momentum with a hand picked group of insurers and financials that screen well for value and quality using our 44 high quality undervalued stocks After a sharp multi year climb and a recent pullback, Allstate now sits at a level where investors face a simple fork in the road: lock in exposure after the earnings reset, or hold out for a cheaper entry as sentiment cools. The most followed narrative pegs Allstate’s fair value at $274.32, slightly above the last close of $260.58, which puts a modest undervaluation on the table and raises questions about what is priced in. Read the complete narrative. Want to see why this fair value leans higher than today’s price? The narrative leans on a specific path for revenue, margins and future earnings multiples. The assumptions connect Allstate’s current profitability to a very different earnings and valuation mix several years out. The key question is how those moving parts interact to justify that price. Result: Fair Value of $274.32 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, Allstate’s story still carries real risk, including pressure from more frequent severe catastrophes and tougher digital competitors that could squeeze premiums and future profitability. Find out about the key risks to this Allstate narrative. With Allstate, the story clearly cuts both ways, which is why it helps to move quickly and weigh the full balance of 4 key rewards and 2 important warning signs. If you are serious about building a stronger portfolio alongside Allstate, do not stop here. The next step is lining up fresh, high conviction ideas. Target potential upside in smaller companies that pass strict quality filters by reviewing our hand picked group of 22 elite penny stocks with strong financials. Zero in on stocks that combine quality fundamentals with pricing that still looks reasonable through our focused set of 19 high quality undiscovered gems. Prioritise resilience by scanning companies that show strong financial footing using the carefully constructed list of solid balance sheet and fundamentals (51 results). This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ALL. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Property and casualty insurer The Allstate Corporation ALL appears well positioned for growth, supported by improving underwriting profitability, rising investment income, solid policy growth and increased capital returns. Its shares have gained 23.6% year to date, comfortably outperforming the industry’s 2.4% increase and the S&P 500’s 11.7% rise, signaling investor confidence. Image Source: Zacks Investment Research The rising frequency and severity of natural catastrophes are increasing claims costs but also creating growth opportunities for the property and casualty insurance industry. Greater exposure to weather-related risks is raising awareness among households and businesses, supporting demand for broader and more tailored insurance coverage. For Allstate, this environment can drive premium growth, improve pricing adequacy and encourage product innovation as the company adjusts coverage and rates to better reflect evolving risk. Allstate is growing without sacrificing margins. Policies in force reached roughly 216 million in the second quarter. Auto and homeowners policies continued to increase, while issued applications rose 9.9%. It is steadily scaling its Protection Services business, creating a complementary growth engine beyond traditional insurance. Auto’s first-half underlying combined ratio was 88.5, down from the year-ago level of 89.5, substantially better than the roughly mid-90s level Allstate has historically viewed. Management will likely trade some margin for profitable growth where appropriate. Investment income has become another meaningful earnings engine. Net investment income increased 9.8% in the first quarter and then 33.8% in the second quarter to $1 billion, benefiting from a larger portfolio, higher fixed-income yields and stronger performance-based investment returns. Allstate had about $9.5 billion of deployable holding-company capital following the second quarter and repurchased $1 billion of stock during the quarter, along with paying $280 million in dividends. Over the past decade, ALL repurchased 39% of its outstanding shares. It still has $2.6 billion left under its buyback authorization. The Zacks Consensus Estimate for 2026 adjusted earnings for Allstate is currently pegged at $34.45 per share, which has witnessed 12 upward revisions against no downward movement over the past month. During this time, the consensus mark for 2027 earnings improved 4%. The consensus estimate for 2026 and 2027 revenues suggests 4.4% and 4% year-over-year increases, respectively. It beat earnings estimates in each of the past four quarters, with an average surprise of 45.3%. The Allstate Corporation price-consensus-eps-surprise-chart | The Allstate Corporation Quote ALL is trading comparatively cheap at the moment from a valuation standpoint. Its forward earnings multiple of 8.73X is lower than its five-year median of 10.90X and the industry average of 26.85X. Allstate now has a Value Score of A. Allstate currently sports a Zacks Rank #1 (Strong Buy). Some other top-ranked stocks in the broader insurance space are Horace Mann Educators Corporation HMN, CNO Financial Group, Inc. CNO and Assurant, Inc. AIZ. While Horace Mann Educators also has a Zacks Rank #1, CNO Financial and Assurant are carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here. The Zacks Consensus Estimate for Horace Mann Educators’ current-year earnings is pegged at $4.78 per share, which has witnessed two upward revisions over the past 30 days and no movement in the opposite direction. Furthermore, the consensus estimate for HMN’s 2026 revenues indicates a 3.9% year-over-year increase. The consensus mark for CNO Financial’s current-year earnings is pegged at $4.74 per share, which indicates 16.2% year-over-year growth. It has witnessed two upward estimate revisions against none in the opposite direction in the past 30 days. CNO beat earnings estimates in each of the last four quarters, with an average surprise of 23.2%. The Zacks Consensus Estimate for Assurant’s current year earnings is pegged at $22.05 per share, which indicates 11.5% year-over-year growth. It has witnessed five upward estimate revisions against none in the opposite direction in the past month. AIZ beat earnings estimates in each of the last four quarters, with an average surprise of 17.7%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Allstate Corporation (ALL) : Free Stock Analysis Report CNO Financial Group, Inc. (CNO) : Free Stock Analysis Report Assurant, Inc. (AIZ) : Free Stock Analysis Report Horace Mann Educators Corporation (HMN) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

In the second quarter of 2026, Allstate reported revenue of US$18,596 million and net income of US$3,271 million, with earnings per share rising sharply year over year. Alongside these stronger results, Allstate completed a buyback of 6,727,692 shares for about US$1.40 billion, signaling active capital returns to shareholders. We’ll now explore how these stronger earnings and the completed share repurchase program may influence Allstate’s broader investment narrative. The best AI stocks today may lie beyond giants like Nvidia and Microsoft. Find the next big opportunity with these 17 smaller AI-focused companies with strong growth potential through early-stage innovation in machine learning, automation, and data intelligence that could fund your retirement. To own Allstate today, you need to believe it can keep turning its core property and casualty franchise, data capabilities, and cost discipline into solid underwriting profits despite structural pressures from safer cars, climate risk, and heavy regulation. The latest quarter’s stronger earnings and EPS do not remove those risks, but they may support the near term catalyst of improved underwriting results and capital returns. Catastrophe volatility remains the most immediate business risk. The completed US$1.40 billion buyback, retiring about 2.6% of shares, is especially relevant alongside the Q2 numbers because it amplifies the impact of recent earnings strength on per share metrics. For investors focused on catalysts around capital efficiency and returns, this activity sits alongside Allstate’s technology investments and product refresh as a key part of the current story, even as climate exposure and competitive pressure continue to frame the downside. Yet against these positives, investors should be aware of how rising catastrophe losses could still... Read the full narrative on Allstate (it's free!) Allstate’s narrative projects $76.5 billion revenue and $3.9 billion earnings by 2029. This requires 2.9% yearly revenue growth and an earnings decrease of $9.3 billion from $13.2 billion today. Uncover how Allstate's forecasts yield a $274.32 fair value, a 5% upside to its current price. While consensus focuses on steady progress, the most optimistic analysts were already modeling about US$81.6 billion of revenue and US$5.7 billion of earnings by 2029, so Q2’s strong results may either reinforce or challenge just how far that upside story can really go. Explore 5 other fair value estimates on Allstate - why the stock might be worth 25% less than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Allstate research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision. Our free Allstate research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Allstate's overall financial health at a glance. Our top stock finds are flying under the radar-for now. Get in early: Capitalize on the AI infrastructure supercycle with our selection of the 56 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. We've uncovered the 11 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. Uncover the next big thing with 21 elite penny stocks that balance risk and reward. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ALL. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Allstate’s second quarter was marked by a positive market response as the company surpassed Wall Street’s revenue and non-GAAP profit expectations. Management cited operational excellence in auto and homeowners insurance, emphasizing precise pricing and disciplined underwriting as major factors behind improved margins. CEO Thomas Wilson highlighted that “total revenues grew 11.8% year-over-year,” driven by gains in both auto and homeowners policies, effective risk selection, and a robust reinsurance program. Investment income also contributed significantly to earnings, benefiting from a larger, better-performing portfolio and strategic asset allocation. Is now the time to buy ALL? Find out in our full research report (it’s free). Revenue: $17.54 billion vs analyst estimates of $17.24 billion (4.6% year-on-year growth, 1.7% beat) Adjusted EPS: $8.99 vs analyst estimates of $6.07 (48% beat) Operating Margin: 23.6%, up from 10.8% in the same quarter last year Market Capitalization: $66.31 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Charles Peters (Morgan Stanley) asked about the cost and return on technology investments, particularly the impact of AI and legacy systems. CEO Thomas Wilson replied that Allstate’s orchestration layer enables integration with legacy technology and that technology investments are yielding strong returns without current cost barriers. Robert Cox (J.P. Morgan) questioned whether Allstate should slow its share repurchase pace to preserve capital for acquisitions. Wilson emphasized a holistic capital management approach, stating, “We’re going to meet our commitment to get to $4 billion done,” while remaining flexible for organic and inorganic growth. Pablo Singzon (Barclays) inquired about the sustainability of new application growth across distribution channels. CFO Jesse Merten expressed confidence in further growth, driven by investment in lead quality, agent productivity, and bundled product offerings. Elyse Greenspan (Wells Fargo) asked how Allstate views the normalization of profitability in auto insurance relative to its mid-90s combined ratio target. Wilson stressed the company’s adaptability, noting that current returns are attractive and that there is no fixed goal for combined ratio normalization. Joshua Shanker (Bank of America) asked if rapid homeowners policy growth could strain capital requirements. Wilson responded that Allstate’s catastrophe risk management and capital flexibility allow for continued growth in both homeowners and auto without undue pressure on the business. Looking forward, the StockStory team will be watching (1) the deployment and financial impact of the Ally AI platform across Allstate’s operations, (2) the pace of policy growth in both auto and homeowners insurance as distribution expansion continues, and (3) ongoing rebalancing of investment portfolios and capital deployment, especially in the context of regulatory developments and potential acquisition opportunities. The ability to maintain underwriting discipline amidst inflation and competitive pressures will also be a key signpost. Allstate currently trades at $262.30, in line with $264.59 just before the earnings. Is there an opportunity in the stock? The answer lies in our full research report (it’s free for active Edge members). ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+214% between June 2020 and June 2025). Find your next big winner with StockStory today.

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. Allstate (ALL) drew fresh attention on August 5, 2026, after reporting second quarter and first half 2026 results that showed higher revenue, net income, and earnings per share compared with the prior year periods. See our latest analysis for Allstate. Allstate’s latest results follow a strong run, with a 90 day share price return of 21.66% and a year to date share price return of 28.66%. The 3 year total shareholder return of 166.44% suggests momentum has been building over a longer period. If Allstate’s move has you thinking about where else growth stories might emerge, this could be a good time to broaden your search with the 18 top founder-led companies Bulls point to Allstate’s recent earnings jump, buybacks, and strong multi year returns. Bears argue the stock’s sharp move and premium versus some intrinsic estimates leave less room for comfort. Which side does the current valuation favor? Allstate’s most followed narrative points to a fair value of $254.68 compared with the last close at $262.23, which places the stock slightly above that fair value line while still close to analyst consensus. Read the complete narrative. Read the complete narrative. Want to see what is behind that fair value of $254.68? The narrative leans heavily on moderate revenue growth, slimmer profit margins, and a higher future earnings multiple. It is the mix of those moving parts that really matters. Result: Fair Value of $254.68 (OVERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the Allstate narrative still hinges on weather and regulation, because heavier catastrophe losses or tighter rate approvals could quickly pressure margins and earnings assumptions. Find out about the key risks to this Allstate narrative. The analyst narrative suggests Allstate is about 3% overvalued around $262 based on future earnings and a 14.6x P/E in 2029. Our fair ratio work points in a different direction. At a current P/E of 5x versus an estimated fair ratio of 7.1x, the gap implies the market is applying a lower multiple than that benchmark and also than peers at 10.3x and the US insurance industry at 11.5x. Is this a margin of safety or a signal that earnings expectations need a second look? See what the numbers say about this price — find out in our valuation breakdown. Mixed views on Allstate’s current pricing and outlook are clear, so consider this a prompt to move quickly and review the numbers yourself. To weigh the 4 key rewards and 1 important warning sign side by side, start with the 4 key rewards and 1 important warning sign. If Allstate has sharpened your focus, do not stop here. The next move could come from a completely different corner of the market, so widen your search confidently. Spot potential mispricings early by checking companies that look beaten down but financially sound through the 85 resilient stocks with low risk scores. Target resilient cash generators by reviewing dividend payers with strong profiles using the 8 dividend fortresses. Hunt for future standouts before the crowd notices by scanning the screener containing 20 high quality undiscovered gems. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ALL. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Image source: The Motley Fool. Wed, Aug. 5, 2026 at 5 p.m. ET Head of Investor Relations - Allister Gobin Chairman, President, and Chief Executive Officer - Thomas Wilson Chief Financial Officer - Chris Lown President, Property-Liability - Jesse Merten President, Allstate Protection - Mario Rizzo President, Investments and Corporate Strategy - John Dugenske Operator: Good day, and thank you for standing by. Welcome to Allstate's Second Quarter Earnings Investor Call. As a reminder, please be aware that this call is being recorded. And now I'd like to introduce your host for today's program, Allister Gobin, Head of Investor Relations. Please go ahead, sir. Allister Gobin: Good morning, everyone. Welcome to Allstate's Second Quarter 2026 Earnings Call. Yesterday, following the close of the market, we issued our news release and investor supplement and posted materials on our website at allstateinvestors.com. Today, our management team will discuss how Allstate is creating shareholder value. Then we will open up the line for your questions. As noted on the first slide of the presentation, our discussion will include non-GAAP measures for which reconciliations are provided in the news release and the investor supplement. We will make forward-looking statements about Allstate's operations. Actual results may differ materially from these statements, so please refer to our 2025 10-K and other public filings for more information on potential risks. And now I'll turn it over to Tom. Thomas Wilson: Good morning. Thank you for investing time at Allstate. Before we begin, I'd like to welcome Chris Lown, who joined Allstate this week as Chief Financial Officer. He's an excellent addition to the Allstate team. You can look forward to hearing from him on the next call. chosen not to put in the middle of heat with like 2 days work. I'd also like to thank John for doing triple duty, leading investments strategy and being Interim Chief Financial Officer. Let's begin on Slide 2. Allstate's strategy is to increase Property-Liability market share and expand the protection we provide to customers by offering affordable, simple and connected products through an extensive distribution network. Shareholder value is created through operational excellence, which generates attractive returns on capital, sustainable growth through the PropertyLiability transformative growth initiative and expanded protection, capital generation, which funds organic growth, enables us to optimize risk-adjusted investment returns, pursue acquisitions and provide significant cash to shareholders. Let's review second quarter results on Slide 3. Overall, Allstate increased property liability growth and generated exceptional earnings. Starting with growth. Total revenues grew at $18.6 billion, up 11.8% from the second quarter of 2025. Net premiums written increased 2.6%, which was supported by continued growth in auto and homeowners insurance and a 9.9% increase in issued applications. Total policies in force increased 3.8% to $215.9 million. That reflects 2.6% growth in Property-Liability and 4.1% growth in Protection Services. Net investment income increased 33.8% to $1 billion, reflects lengthening of the duration last year, a larger portfolio and increased performance-based income. The increase in public equity investments last year also generated significant capital gains, which raised net income. The Property-Liability combined ratio was 4.5 points improved to 86.6%, while the underlying combined ratio was 79.4%, in line with the prior year quarter. Net income was $3.2 billion, and adjusted net income was $2.3 billion or $8.99 a share. For the first half of the year, adjusted net income was $5.1 billion or $19.65 per share. Adjusted net income return on equity is 44.2% over the last 12 months. Slide 4 provides a construct for our detailed discussion of results. This year's growth in earnings are the result of operational excellence. Auto and homeowners insurance combined ratios are significantly better than the industry, which reflects precise pricing, expense control and claims expertise. These capabilities also enable us to rapidly adapt to changes in external environment and competition. Our investment expertise generates first and second quartile results. All of this requires a highly sophisticated technology and analytics platform. Value is also created through sustainable growth. The transformative growth initiative is resulting in market share growth in auto and homeowners insurance. Broadening protection leverages our customer base, brand distribution and capabilities. So we protect consumers electronics, appliances, furniture, roadside services, car warranties and. Next up is deployment of Ally, Allstate's large language intelligence ecosystem. Allstate also generates significant capital, which funds a wide range of value creation opportunities. Over the last decade, we've increased organic growth, generated attractive returns from investments, acquired SquareTrade and National General and provided significant cash to shareholders through dividends and repurchases. In that time, we've repurchased 39% of outstanding shares. The total cash return to shareholders through dividends and share repurchases over this 10-year period was equal to Allstate's 2015 market capitalization. Allstate's annual free cash flow relative to market capitalization is far in excess of the S&P 500 and virtually all subsectors of the market. Let's turn to Slide 5, which provides an overview of how these outcomes are powered by sophisticated technology and analytics. So we have a technology-driven strategy, not a strategy supported by technology. Now the difference may sound subtle, but in execution is significant. A technology-driven strategy looks to technology first to determine how it can be leveraged to improve customer value and generate attractive returns. The strategy supported by technology starts with the go-to-market strategy and then says, how do we develop technology to implement that. In our case, this means advanced analytics are embedded into operations across the enterprise. That includes pricing, customer sales and support, claims, investments and capital management. Over 250 highly sophisticated analytical models are used to make and support decision-making using over 40 petabytes of data and 1.5 billion CPU compute hours. A few examples of what this enables us to do, generate over 100 million quotes, purchase 50 million leads often with subsecond response times and manage hundreds of millions of customer interactions. Now this platform is enabling us to build Ally, which will leverage Agentic AI to improve customer value, lower cost and increase growth. The architecture has 8 integrated components that would enable agent-to-agent processing. For example, one component will handle all customer interactions. Each component is comprised of multiple Agentic agents, which are built to be reused across the enterprise. The orchestration layer that we've built between the underlying systems for transformative growth is helping us accelerate the build and deployment of Ally. Transformative growth also included a number of organizational and process changes related to technology, which are enabling Alley. Now we still have more capabilities to build, particularly in reimagining customer value and business processes. And so we're enhancing our internal talent and expanding external relationships. Ally is another important step in executing a technology-driven strategy. Jesse will now discuss Property-Liability results. Jesse Merten: All right. Thank you, Tom. Good morning, everyone. Let's start on Slide 6 with how Allstate's operational excellence consistently results in superior performance. This slide shows 10 years of combined ratios in both auto and homeowners insurance as compared to the industry as well as the results for our Property-Liability business. Starting with auto insurance on the left. Over the last 10 years, Allstate's auto insurance business achieved target margins with a combined ratio of 95.2%, while the industry did not make an underwriting profit. The same story exists in homeowners insurance, but Allstate's outperformance is greater at 10 points. There are obviously swings in individual products by year, but the third chart shows that in total, Allstate has generated significant underwriting margins over the last decade from our Property-Liability business. To achieve these strong results, Allstate relies on pricing sophistication, disciplined underwriting and a world-class claims team. We manage volatility through risk selection and a robust reinsurance program as part of our strategic risk and return management framework. Moving on to Slide 7. The Property-Liability business increased growth in the second quarter while generating attractive returns. Starting with the table on the left, net premiums earned increased 4% to $14.9 billion, driven by premium growth in both auto and homeowners insurance. The Property-Liability combined ratio improved 4.5 points to 86.6%. Auto Insurance generated an 83.3% combined ratio, improving 2.7 points from the prior year. Homeowners insurance generated a 94.6% combined ratio, improving 7.4 points. The Property-Liability underlying combined ratio remained strong at 79.4%. Business generated $2 billion of underwriting income, an increase of nearly 57% from the prior year. The chart on the right walks through the 4.5 point property liability combined ratio improvement from 91.1% in the second quarter of '25 to 86.6% this quarter. The underlying loss ratio improved 1.1 points and lower catastrophe losses compared to the prior year contributed 2.4 points. Prior year reserve re-estimates contributed 2 points of the improvement. These drivers were offset by a 1 point increase in the expense ratio, about half of which is higher advertising with most of the remainder coming from nonrecurring legal expenses. Overall, strong property-Liability performance drove another quarter of excellent returns and a combined ratio of 86.6%. Moving now to Slide 8. Operational excellence also enables rapid adaptation to changing conditions. As most of you know, following the pandemic, supply chain constraints led to a nearly 60% increase in used car prices. We also experienced increases in parts costs, longer repair times and more severe accidents increased bodily injury severity. As a result, auto insurance returns deteriorated, necessitating price increases and restrictions on new business. The recent reserve changes highlight how quickly we were able to adapt. Auto claim reserve releases have totaled $1.5 billion this year. Approximately half of the bodily injury changes relate to 2023 and 2024. The recorded and underlying combined ratios for each year are shown on the top 2 rows of this chart. The bottom rows adjusts for the impact of claim reserve releases on each year and shows what the combined ratio would have been with these changes. As you can see in 2023, the underlying combined ratio for auto insurance would have been 95.2%, a 7.2 point improvement from 2022, which shows our rapid adaptation. We also made changes to reserve reestimates within a year and did so in the second quarter. The reduction of expected costs for first quarter claims benefited the second quarter by 2.4 points, resulting in an adjusted underlying combined ratio of 90%. The year-to-date underlying combined ratio was 88.5%. Let's turn now to Slide 9 to discuss how Allstate has improved affordability, which increases growth while maintaining strong margins. The chart shows Allstate's auto premium per policy compared to the adjusted underlying loss and expense per policy. The dark blue line represents annualized average premium. The light blue line represents adjusted underlying loss and expense. The gap between the 2 results in strong auto insurance margins. On the right side of the chart, annualized premium per policy in the second quarter was $1,486, down slightly from the second quarter of 2025, reflecting strong margins and actions that we've taken to improve affordability for customers. Adjusted underlying loss and expense per policy was $1,337. The bottom of the slide shows the net implemented rate change over time. In the second quarter, rate increases and decreases were implemented in 36 locations with a net impact of 0. Allstate continues to manage auto insurance profitability with discipline and the business is positioned to grow profitably. And now I'll pass it over to Mario. Mario Rizzo: Thanks, Jess. Coming to Slide 10, Transformative growth execution that is generating Property-Liability market share growth. Looking first at the left side of the slide, advances in our acquisition sophistication, expanded direct distribution and productivity of Allstate agents allow us to economically increase Allstate brand advertising. We have strong returns from marketing spend with advertising investment of $1.1 billion in the first half of the year. In the center of the slide, you can see how these investments are translating into new business growth in the Allstate agent and direct channels. In addition, independent agent volumes increased as well. The top chart shows auto insurance new business by channel for the second quarter of 2023 and the most recent quarter. Auto insurance new business increased to 2.3 million items in the quarter versus 1.5 million 3 years ago, which is balanced between all channels, Allstate agents, independent agents and direct sales via phone or web. The bottom chart shows a similar pattern in homeowners insurance with new business increasing by 46.8% to 411,000 policies many of which are bundled with auto insurance, particularly in the Allstate agent channel. Overall, new business growth highlights the benefits of having the broadest distribution in the industry and new products with sophisticated pricing and risk segmentation. Growth rates by year are shown on the right side of the slide. Auto insurance policy growth in the second quarter turned positive last year after the pandemic-related growth restrictions and was 2.8% this quarter. In homeowners insurance, growth has been consistently positive and was 2.9% this quarter. The bottom line is that transformative growth is working. Moving to Slide 11. Protection Services is an important part of how Allstate expands protection and leverages capabilities to create value in more parts of customers' lives. 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. Protection Services extends Allstate's brand customer relationships, distribution network and technology capabilities into adjacent markets. Allstate Protection Plans are distributed through over 30 major retailers such as Walmart, Costco and Home Depot, as well as a growing presence in international markets. This gives us access to customers at the point of purchase and expands awareness of the Allstate brand. Dealer Services extends our reach into vehicle purchasing journey through more than 1,100 dealership relationships, products protect vehicle value and reduce the cost of unexpected repairs. Parity demonstrates how Allstate leverages data and analytics at scale. With over 2 trillion miles of driving data, mobility intelligence capabilities provide a better understanding of how people move, improve risk insights and generate third-party revenue. Roadside Assistance brings the Allstate brand to life through 1.75 million rescues each year, which strengthens customer relationships. An exciting part of transformative growth is that the affordable, simple and connected auto insurance shopping experiences are increasing bundled roadside sales. Allstate Identity Protection extends our promise of protection into another area of growing customer need. Identity Protection helps 3.4 million customers prevent, detect and recover from scans and identity-related events. By doing so, we expand Allstate's customer base. Taken together, these businesses reflect a broad strategic opportunity. Customers need protection in more aspects of their lives and Allstate is uniquely positioned to meet those needs. In summary, Protection Services expands our addressable market, broadens our distribution footprint deepens customer relationships and creates additional opportunities for growth. And now I'll turn it over to John. Jesse Merten: Thanks, Mario. Let's turn to Slide 12 to discuss how strong investment performance supports earnings growth and shareholder value. Starting on the left, the portfolio was 80% interest-bearing assets with equity securities and performance-based investments providing growth-oriented exposure. This allocation supports recurring income generation while providing attractive risk-adjusted return on capital. Our investment performance is first and second quartile in benchmark to the market for fixed income, private equity and real estate. . This is due to a terrific team of nearly 300 investment professionals and use of external managers when we don't have the expertise for scale in-house. Turning to the upper right, investment income is a growing contributor to earnings. In 2022, investment income or since 2022, investment income has increased over 57%, growing from $2.4 billion to nearly $3.8 billion on a trailing 12-month basis as of second quarter 2026. That has increased the contribution of investment income to roughly $11.5 of adjusted net income per diluted share. Shareholder value is also created by using an enterprise risk and return lines to adjust investment allocations. We actively adjust portfolio positioning as market conditions, investment opportunities and enterprise priorities evolve, enabling us to grow income, improve portfolio yields and generate attractive long-term investment performance. For example, when property liability margins declined at the beginning of the pandemic, and the economic outlook was uncertain, we reduced equity holdings. Last year with strong results, a strong economy and additional deployable capital, the duration of the bond portfolio was lengthened and public equity holdings were increased by $7.1 billion. Benefit of these actions are higher investment income and mark-to-market equity gains and net income. The lower right shows overall returns on a GAAP adjusted basis, which were 2.6% in the most recent quarter. Now let's move to Slide 13, which highlights how strong capital generation funds diversified value creation. -- attractive returns on equity have enabled Allstate to generate substantial capital. giving us the flexibility to invest in growth, strengthen our competitive position and return capital to shareholders. The top half of the slide shows how we've deployed the capital generated over the last decade. We've nearly doubled property liability premiums, increased investments and completed acquisitions that have strengthened both our distribution capabilities and our protection offerings. At the same time, we've returned significant capital to shareholders through dividends and the repurchase of 39% of outstanding shares. Looking at the right-hand side of the chart, we see that these investments and shareholder returns were supported by attractive returns on equity. Over the past 2 years, Allstate's average return on equity matched the S&P 500 and ranked in the top quartile among peers. The bottom half of the slide highlights our continued commitment to returning capital to shareholders. During quarter, we returned $1.3 billion to shareholders including a repurchase of $1 billion of common shares, $2.6 billion remain under the $4 billion repurchase authorization announced in February. We are in a strong capital position with deployable capital at the holding company, increasing to $9.5 billion or approximately $37 per common share outstanding. Strong returns on equity have enabled us to invest in growth build competitive advantage and return substantial capital to shareholders. Together, these actions have been a powerful driver of long-term shareholder value. And now I'll wrap up quickly on Slide 14. And in closing, Allstate's strategy is delivering strong results and creating shareholder value. Now let's open up the floor to questions and answers. Thank you. Charles Peters: One. So I'll focus on Slide 5 and the technology piece for my first question. And I'm sure there's a lot of complexity to what's going on here. But maybe you could step back and give us some perspective on how you're managing the costs and measuring the ROI of all your various initiatives, and with these large language models, I imagine protecting your data assets and your underwriting tools are top of mind. And when we think about this technology investment, are we going to be getting to a point in the future where you're off all the legacy systems? Thomas Wilson: Greg, let me deal with it first 3 pieces. We did this slide to just show that artificial intelligence is just another step along the continuum that we've been at for a long time, which is our very technology and analytics to the company. and AI will help further improve what we already know how to do. So there are some companies that are less advanced than that. We don't say we're the most advanced. We just want to know kind of where we are, which is we're heavily into using technology. The expenses related with that, we look at all kinds of different ways as you would expect, but we're not having any barriers right now to investing money and getting good returns on that. . As it relates to the long term thing, you're always, I kind of cynically say to our team, sometimes what's a legacy system. And it's usually 1 you just turned on. So you're always adapting technology, you're always doing it. We are moving to what we call the connected customer cloud, which is C3 to put a lot of our systems on the same basis, the same platform. But with our orchestration layer, we don't need to get rid of all ex old technology. The orchestration layer, if you talk to people working on AI, that's 1 of the most difficult things to put in because it requires you to go in and take your legacy systems and make them accessible to APIs and other actions. And we did that as part of transformative growth, we didn't do it knowing AI was coming. We just thought it made sense, but it's positioned us to do ALA well. And as it relates to like token costs, I know a number of companies are talking about total costs. That's not an issue for us. Charles Peters: On just the other piece of it was just protecting your data assets and underwriting tools from the large language models. Do you have any perspective on that? Thomas Wilson: Yes. cybersecurity, obviously really important and more difficult now than it was 2 years ago and 5 years ago. So we spent a tremendous amount of time and effort on cybersecurity I'm personally concerned about this -- the large language miles that now break out on their own and tell other agents how to do it on their own without getting caught. I think that's an issue that the country really needs to deal with. From our standpoint, we're aggressive. We've built up a great team. We know how to use LLM internally. We don't use public LLMs to do any of ourselves. So we're not worried about our data being exfiltrated or scooped up in the knowledge of somebody else's LLM, so 1 of our competitors can use it. But you're right to be focused on cybersecurity. It's obviously, it's important for our customers to make sure we keep the data safe and secure. Charles Peters: Excellent. And then just a focus on Slide 6, the -- where you ran through your 10-year record. And I'm particularly focused on the auto piece where I think through the 6 months, you're running substantially below your 10-year average combined ratio. And I'm reconciling Slide 9 where your flat rate change -- just curious about the competitive environment and when you might start to see that combined ratio drift up more towards the 10-year average? Thomas Wilson: Let me go up a little bit and answer growth because I know there will be other people interested in growth as well. First, enhance sustainable growth, you really need a multifaceted approach. It's not really just about cutting price. -- because anybody can give it away. And I sometimes feel like when people are doing analysis of us, they just look at price, they look at combined ratio and they say, "Oh, well, you're going to change your pricing so your combined ratio is going to go way up." That certainly would be reflective of some people's view given our low PE today. We don't -- we believe we can continue to operate and get rents better than the industry get, which is why I just showed that slide of how we're better than the industry. We do that because we get this multifaceted approach to it. And you'll really remember that is what transformative growth is what Mario talked about. It starts with increasing customer value, which is more affordable prices and new products. And so -- and that started, you'll remember with reducing cost. We made a lot of progress on reducing costs over the last 6 years, but we have more to do there. The second quarter ratio went up just talked about, about half was advertising a lot the rest was a onetime legal accrual, which they tend to be bumpy. It's not systemic. I don't intend to get into why we did the accrual. -- but it's not systemic. So I'm not concerned about where we are in the second quarter, but we're also not done. And maybe Jesse can talk later, somebody has a question about expenses, talked about what we're doing there. Claim effectiveness is also important. Mike Viavi's team has done an excellent job of keeping our claims properly paid. So that's not too little, not too much. So you can see from the reserve changes, our costs have seen a lot lower than we thought they would be. New products we've done well, which is another part of the increase in customer value, broaden access to all distribution channels. Mario talked about that, increasing sophistication and marketing. We have success there as well. but we're putting a new enterprise customer acquisition system into place, which we think will take us again further towards driving growth without having to just reduce price and take less margin. The new tech ecosystem we talked about. So there's a multifaceted approach to it. At this point, we're earning high returns and so it pays to drive shareholder value by reducing some of that margin and giving up some growth. But we don't like to have a plan to say, "Oh, we're at X and the right optimal point is to get to 90." But we just do it every day. how we're going to grow as fast as we can and make as much money as we can. Unknown Analyst: My first 1 is around the competition within the broader space. If we look at the broader market, would you kind of give us a color on the competitive environment for auto -- personal auto only the mono line business versus how the bundled home and auto competition is, which study is more intense when it comes to competition? And is there a divergence between how the growth opportunity would look like going forward for those 2 specific lines? Thomas Wilson: I am going to go up a little bit and then come down. So first, we think about it as the customer, how do we meet all their needs. So that's auto insurance, it's home insurance, could be renters insurance. So they don't have a home, we'll sell them renters' insurance, it could be their identity because everybody's got an identity. A lot of people have phones and TVs and so we kind of want to protect whatever it is they have, whichever way they can. We do that mostly under the Allstate brand, as you know. So that brand sells well and Mario talked about that in terms of our broad distribution as well. . So we start there. When you go down below that, then it's, okay, on monoline auto, I would say all of those people who buy just auto insurers for us, there's other stuff I'd like to sell them too, like it doesn't just have to be on -- but if you're focused on the, what I would call, the higher risk nonstandard non Robinsons, if that's what you're referring to group. That's pretty competitive. National General really gave us a leg up in our expertise there. And it also gave us a huge leg up in the independent Agent channel. In the bundled product, we're obviously quite good there. Mario talked about the cross-line sales from our Allstate agents are really at all-time record highs. And so we're feeling good about that whole process. And then we think we can sell even more stuff. Jesse can talk about what we're doing in individual markets because I think you're focused really on product, but I'm saying folks on customer, that's important product, also important. But there's also like what are you doing in the local market in a state. So just maybe you can give an example of a state where how we're competing differently there than we were in the past. Hard to pick the state. We love all the states equally, but we're sitting here in Illinois, and I thought maybe I would pick Illinois because Illinois is an interesting state. So it's in focus because effectively, Illinois is a state where we're growing, but we're not growing as much as we think we could, right? So we see opportunity and potential in the state to accelerate growth. So we have go-to-market teams. I think we've talked to all of you about that. We have a go-to-market team that's focused on the state of Illinois, and they optimize across channels to make sure that we're really getting the most production. And as Tom said, meeting the most number of customers where they're at. So we have a strong EA footprint in Illinois, but at the same time, they're focusing on direct in a segmented way. So the go-to-market team is identifying where can we win in the direct channel and we're investing marketing dollars or the returns are strong. At the same time in the state, if you look at the in agent channel, and we're providing -- we have underwriting and pricing strategies that help those independent agents win. As Tom mentioned, it's not just that. It's a product portfolio. So we have Custom 360 products available for independent agents. We have really competitive both auto and home products that they can then bundle and provide that bundled solution to their customers. And we think that affordable protection is differentiating. And we're -- because we have that product availability, we're going in and we're engaging and then, in some cases, reengaging independent agents so that we get more new business out of that channel. That doesn't mean we're not focused on the exclusive agent channel and accelerating growth there from both a retention and a new business perspective. So that can be things like coaching pure benchmarking, but also providing tools so that they can serve more customers and identify more customer needs. Of course, they have a broad portfolio of solutions available to them. It's not just auto, home, landlords or renters. As Tom mentioned, this is life and retirement solutions, commercial solutions that exclusive agents can then bring to market. The go-to-market team helps them to identify where those opportunities exist. -- while also looking at footprint and things that we can do to make exclusive agents more productive. The 1 other thing I would say is we also then take learnings from other states and apply them to a state like Illinois. So we're having great success in places like Missouri and Texas and Kansas. And we take those stories, we carry them forward into the local market and we apply them across all 3 distribution channels. So it's a really a really balanced way to identify where the best opportunities exist to grow. And that's where we are able to implement and execute through the go-to-marketing. Unknown Analyst: Okay. Really appreciate that. So it's much more holistic. That's the right way to think about it? . Unknown Executive: Yes, holistic across the business, the distribution channel product availability, yes, it's a complete system. . Unknown Analyst: Okay. My second question is really on if we think about severity development, right, like inflation is there, but it doesn't feel like it's showing up. So problematically if we look at severity over the last, call it, 6 months. Just given where the severity development has been so far, given the letter given everything else, -- is it sort of fair to say even if pricing were to continue to slow down, there is really not a lot of loss pressure that's pushing the combined ratio higher so far, is it also safe to say that's going to continue for the rest of the year? Is that kind of a right way to think about where things are going, going forward? Jesse Merten: Bob, this is Jesse. On Severity, I mean, obviously, we're not going to give you a forward look on what severity is going to me. We can talk about what's happening. And we try and isolate rather isolating severity, we give you pure premium trends. You saw that the pure premium trend was down for the quarter. So that's some combination of frequency and severity. I think you have to -- as you think about severity and what it's going to look like going forward. Certainly, there's inflation that will affect certain components of severity, particularly physical damage severities, but there's bodily injury severity and bodily injury severity trends that we have to keep an eye on. And those continue to be at relatively high levels, particularly as compared to the physical damage severities. I think the whole industry is seeing that. So as you think about -- you can see again what the pure premium trend was for the quarter and you know sort of behind the scenes what we're doing to make sure that we're operationally excellent from a claims perspective. But you really have to take a forward view on what's the inflation impact going to be on things like parts? What are we going to see in labor inflation? And then what's the bodily injury severity development can look like in the back half of the year where you can really form a view on what the overall pure premium trend is going to look like for the rest of the year and what that's going to mean to markets. So right now, though, the key point on the slide was if you look at the average premium, the pure premium trend, we have real solid margins. Robert Cox: For my first question, I just want to ask on the deployable capital of $9.5 billion at the holding company. Just given that level of capital and even some normalization in underwriting profitability, it seems like you could repurchase shares at the current pace for quite some time. So I'm just curious -- is it prudent at this point in time to stop accelerating the buyback and hold on to some more cash to give some leeway for potential acquisitions? Or how are you all thinking about that? Thomas Wilson: Rob, it's Tom. We committed to do $4 billion. We're going to do $4 billion. John pushed that aggressively last quarter. because we have plenty of capital. And so we're going to meet our commitment to get to $4 billion done. When you look above that and you say, okay, well, first, we generate a substantial amount of free cash flow. And you say how we manage it. We're pretty active in it. Obviously, organic growth investing and leveraging our capabilities, whether that's things like protection services or we've had great investment results because we've made some good changes there or share repurchases. So also not included in the conversation there is we're very active in sourcing capital. So whether that's using $2 billion of preferred stock to take out common, what we do with reinsurance. We sold our Life business and we sold our health and benefits businesses because we thought we could deploy the capital and buyer returns in other places, even though they're both really good businesses. So we think about it holistically, and we use this capital management framework from an enterprise standpoint. So that's the way we think about capital. Obviously, the best opportunity is increased organic growth when you look at our ROEs or our return on required capital, all of which are great. Investments is another place we've done really well. We've done exceptionally well with buying a couple of businesses. So protection plans, square trades more than 10x its size. We've made $1.4 billion for it and it made over $80 million in the first 6 months of this year. National General, we made $4 billion gross. We sold some businesses and it's more than double in size. So when we see something that can help drive growth then we use shareholders' money to deploy it and leverage those capabilities, which is what you'd expect. Obviously, share repurchases, John talked a lot about that. We're not afraid to share repurchases. It's better than sitting on it and not getting a good return. But so we look at all 3 of them. I just think like what's the right thing to do from an enterprise standpoint. And the good news is we generate enough capital that we can do many of these things at the same time. Robert Cox: Yes, a lot of options. And then I just wanted to follow up on Ali -- it sounds like, clearly, there's a lot of exciting opportunities. Maybe you could just talk about how you expect the results of Ali to eventually show up in the income statement, particularly between expense, loss ratio and growth over time? Thomas Wilson: First, we haven't completely built it or deployed it. So some of this is just speculation. But I would say positive benefits to all those. I think Ali should help us reduce our expenses -- Jesse has already got a lot of work going on to take work out of agent offices, which will reduce our distribution expenses. We think there's a bunch of other expenses that can help us reduce we think it can help us be more accurate in pricing more accurate in our claims. We think it can -- 1 of the things that Agenetic AI will help us do is connect the highly sophisticated individual things we do, whether that's buying leads, pricing, which distribution channel lead should get routed to that it can help us be a lot more effective in growth. So we think it's going to add just a really positive thing for us to do. I can't give you specific numbers how much growth is going to do or how we can do at expenses. But right now, we see lots of opportunity. We're very optimistic about where that will take us. Pablo Singzon: I was wondering if you could provide perspective on new application growth in personal auto. So last year, apps grew about 25%. And so far this year, I think you're tracking to high single digits. So the question is, where do you think that moves given the current environment, right? Do you think you hold growth at that level? Or is there a risk of degradation because of just increasing competition? Jesse Merten: Pablo, it's Jesse Merten. I think overall, we believe we can continue to fuel growth in new issued applications across all 3 channels. You saw we continue to have strength in direct, and that is because -- we're investing in sophistication, making sure that we get the right leads and the close rates are effective. So we will continue to invest in refine. We think there's opportunities indirect. As Tom mentioned, we're also working with our exclusive agent channel to make sure that they're focused on the highest value work and we think that's going to result in continued increases in productivity. And they do continue to be more productive than they've been in the past. . And the final piece of that, of course, is to keep the new issued application engine running as the independent agent channel. We've had a lot of success there, but we think there's a lot of opportunity, particularly in the middle market where we're gaining some traction with, as I mentioned, bringing products to market that they can bundle and auto and home together to drive affordability for the customer, but it's a really great solution and it's some of our best products. So overall, I feel confident in our ability to continue to drive new business going forward across all 3 channels. Pablo Singzon: And I guess for my follow-up, I'm going to flip to the retention side, right? So -- many in the industry have talked about more customer shopping. And I guess the question is, can you talk about how personal auto retention has been trending for you? And have you seen any retention benefits from your push to provide your current customers greater value? Thomas Wilson: Overall, retention has stabilized for us recently. There are a lot of shoppers but that's been the case now for some time, right? But I don't think it's more than it was, say, a year ago, but they're shopping. And so we have invested, as you mentioned, in programs like SAVE. we think SAVE has had a retention benefit certainly for the customers that we targeted. And at this point, we're sort of feeling like we've got a stable retention trends. Some of that, of course, you have to really look a little bit deeper by segment, by risk segment, by risk type and what, frankly, by product type to really understand what overall retention is. But when we look at that granular level, we feel like retention trends are stable and that SAVE was the right thing to do. It's working. Same is true for the things that we're doing to work with our exclusive agents to invest in relationships, which we think will have retention benefit. So overall, the retention trend feels stable. Elyse Greenspan: For my first question, I guess I'm looking at Slide 8, right? You guys provided some good disclosure, right, on the adjusted underlying combined ratio, right, going back, I guess, to 2022 on year-to-date, right, you guys are running at around an 88.5 obviously well below, right? I think you guys say you target a mid-90s across the cycle in auto. Obviously, things have been favorable. So how do you, I guess, think about just where you are now relative to that mid-90s target when you think about, right, price is slowing a bit. obviously, frequency and severity will be what they will be. But as you think out not just this year but over the next couple of years, how do you think about a normalization within profitability within the auto book? Thomas Wilson: Slide 8 was really to show how quickly we can move when we need to. So I would really focus on the far left-hand side. So we move the combined ratio by over 7 points in a year in response to a huge increase in cost. And as you know well, because we price on a lag basis that's no small feat getting that done. So what I would say is that same adaptability applies to the question you're raising. . So if you look -- Jesse also showed rate increases over a number of quarters. And it's been flat for a while. And we're still making really good returns, and we're growing. So we are always looking to grow as fast as we can, and we're looking to earn good attractive returns and be competitive. And we've been able to do that. Whether that means we have to go up from the far right-hand side to the mid-90s, we don't have a goal on that. What we said is in the mid-90s, you're making a really attractive return on required capital. So I think that's the message we believe is we're growing and we're earning really, really attractive returns on capital. So that should be good for shareholders. Elyse Greenspan: And then my follow-up question, just within policies in force, right? Just trying to get a sense as you guys are looking at current growth trends, I guess, across both captive, your independent agent in your direct business. Can you just give us a sense if there's different trends across any of the channels that you're currently seeing from an overall policy growth perspective? Thomas Wilson: Well, you thought we broke out the growth by channel, and it's very balanced. Maybe another way to answer the question is about why do consumers choose these various chains. So if you start with people when they're making a choice on insurance, they're first like, okay, how easy is it -- and how comfortable do I feel buying insurance, and then what's the cost, the relative cost. So you've seen a growth in the direct channel, which are people who don't really want that much help buying it. They're really looking to do cost and it's gotten easier over time. That channel is also growing a lot because there's been so much advertising going through. I don't -- I wouldn't underestimate how much that one channel to another -- in the independent age channel, those are people who are like, look, I don't really feel like dealing with this myself. I don't really trust insurance companies that much, so I want somebody that can move around between those -- and you've seen we've grown rapidly there. That's a good value proposition as well and people are prepared to pay more for that than they do direct. And then in between that is our exclusive agents, which are people who want some help, but they believe in a brand. And they don't feel like they need to go out and shop around and have somebody look at a bunch of different companies. And we've obviously, just can talked about what we've done to improve that channel. We point out we sell in the direct channel, the same product we sell to our agents, but it's 7% cheaper in the direct channel because it doesn't come with an agent. Like can people get that, our agents get it. So we think there's -- it's really when you look at the customer segments, there's always going to be people in all those segments, and we just want to be available from all. In each of them, we have work to do to make sure we're as effective and efficient as we can. So you've seen we've made huge progress in our direct channel and you've seen that growing. But I would say we're not done, we're still not industry-leading in terms of our effectiveness and efficiency in direct. The exclusive agent channel, Just, maybe you want to talk about the things we're doing there to improve effectiveness and efficiency. Jesse Merten: Yes, absolutely. So our exclusive agents have been sort of foundational to our strategy for a long time. And so we're working with them to make them more efficient, more effective and really put them in a position to deliver what clients value, which we know they can do. So examples, we're taking routine service tasks off of their plate. People want those things done, but they don't need that done by their exclusive agent. That isn't value. We want them to do the things that reinforce their value proposition. We're giving them technology tools that serve up opportunities to engage with customers. It's sort of those moments that matter. We're putting right in front of our agents so that they have an opportunity to shine and allow our customers to see the value that Allstate agents provide across the system, that was more than just that, we're improving the quality of leads, so that they have better close rates, there's less duplication, which is important to our agents. Product breadth is another thing we're really investing in to make sure that they can diversify the sources of revenue in their agencies. So that's going beyond auto and home, which they bundle at very high levels, as Tom mentioned, but also specialty products like renters and landlords and boats and motorcycles, Life and Retirement and commercial, as I mentioned before. So we're making sure that our exclusive agents have the full portfolio where they want to meet that broader set of customer needs because we think they're certainly able to do that. The final thing I would say about what we're doing to support agents is really focusing on location flexibility. We're giving them the choice on how to best run their small business, right? So if a physical location is important to their business, then they'll have fiscal locations. But the flexibility means that in some cases, a shared location or no physical location at all works for an agent, and they can still successfully maintain that local presence. -- and grow their business. So we're trying to introduce tools that help them be effective as well as options that allow them to lower their overall cost so that it can continue to be a really strong and productive channel for Allstate. Joshua Shanker: Thank you very much sooner. I know that monthly PIF reporting is going away. But as June is basically the last month, we can do it, I did some back-of-the-envelope calculations and it looks to me like that the homeowners business in terms of policy count is growing faster than it has any time since prior to hurricane to Galena. And I know over the past 20 years, you learned a lot about our cash fee management, but you're growing really fast in property. Can you continue to grow at this speed without adding material at load to your business? And can you talk a little bit about the capital requirements of growing auto home at the same pace, and I guess your appetite for monoline homeowners. . Thomas Wilson: Well, Josh, thank you for debunking the conspiracy theory that because we stopped doing monthly things, we had a problem. Our growth is good, and it was good in June, and we like where we're going. So it's just -- and Mario both said, we feel like we got plenty of room to pick up market share. So we like what we're doing there. In terms of the growth in homeowners, we're really good at it. . and other people will make changes that we've already made and try to catch up to us. And those all make sense to me. But it's not like we're sitting around here and saying, "Oh, geez, we've got everything figured out, let's not continue to make changes." So we have new rating plans coming out, we have new sophisticated analytics we're using with individual roofs. And we've got lots of stuff we're doing to make sure we continue to grow in homeowners. And it starts with getting it priced most accurately for every individual house. So we're good at that. On top of that, though, your -- the question about catastrophe risk, we managed overall catastrophe risk. Well, we've got -- we're probably the biggest -- certainly, the biggest U.S. buyer of property liability. -- catastrophe insurance. We've got a very complicated program. Chris is going to take that over. We don't have any restrictions on access to capital to help us manage volatility. Sometimes we choose not to use that capital because we don't think it's in shareholders' best interest, but that's not going to restrict our growth. And so monoline homeowners, and we'll take people in any way we can get them. But usually, if you own home, you've got a car too, so we'd like to get both of those, but we don't restrict people to say, geez, "If you won't give us a car, we won't insure your home" because we want each product to stand on its own, and we try to avoid subsidization between products because when you do that, you end up as you would expect, markets like water, it finds the open hole and the open hole tends to be a low return. If you sell a product to a low return, hope to get the other one. That's not usually a good plan. And so we feel good about the ability to grow both homeowners in the exclusive agent channel, which Mario talked about. Jesse talked about cust 360, an independent agent channel. And you should also -- I would notice, as you see on the chart, we've done a lot better in the direct channel. And as we improve our direct capabilities, we think that will continue to grow, too. Andrew Kligerman: I'm looking at the prior year reserve reestimates in auto, and they've been fantastic, I mean, 6.6 points this quarter, each of the last 4 prior quarters, you've had sizable releases I think, Tom, you talked about claim effectiveness, the technology ecosystem. Maybe you could help us unpack what's generating these very favorable prior year reserve reestimates and whether you think that can continue? Thomas Wilson: I'll start and then John can jump in. First, I would say, every quarter, we think we got reserves as accurate as we can get them. So we don't assume there'll be any more coming ever because we think it's as accurate as they can. Sometimes the estimates you made are higher. And so then you have reserve releases. And that's generally a more favorable place to be relative to you all then in a negative. But we've had the other issues. I think the difference is really that once the inflationary trends have started to come down in certain places, AKA, Florida, where they put some tort reform in we're very hopeful that those kinds of trends will continue. So you might have noticed that Governor Hocol decided to take on increased costs for consumers on oil insurance because of litigation, where they passed some laws. It's got turned into a reality before it becomes an issue for a benefit we can give to customers. But we're hopeful that those kinds of things is happening in Georgia and Louisiana, so we're hoping that there's a trend towards to reform and getting rid of billboard lawyers that will improve our customers' costs. And therefore, the estimates we've made might not be as high as we thought. John, what would you add to that? Unknown Executive: I'd just add a couple of things, Tom. I look at the -- what we've gone through in the context of a -- it was a pretty -- if you look back over the last 5 years, it's a pretty volatile inflationary period. So we're looking at coming out of postcode inflation period. Used car prices that were going up in the upwards of 60%. A lot of other things we've talked about bodily injury and the rest. So it's not uncommon for any estimation process as soon as it may be to potentially adjust aggressively. What we've seen since then, and if you look at the process, this is a consistent process -- we have multiple auditors on the outside that double check our work. We're continually responding to trends and new data as it comes into the marketplace. -- and making the best estimate at the time that we have. We've been -- felt comfortable adjusting numbers in recent quarters, partially because of our strong claims team and the good work that they've done. But we happily feel good about the numbers that we have in any quarter, and that's where we are now. Thomas Wilson: Okay. Thank you for investing your time with us. I would close with at this price, you can't get operational excellent sustainable growth for capital generation anywhere else. Thank you very much. Bye Operator: Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day. Before you buy stock in Allstate, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Allstate wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $403,337!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,334,946!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 12, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Allstate (ALL) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in The Allstate Corporation? Here are five stocks we like better. Allstate reported strong second-quarter results: Revenue rose 11.8% year over year to $18.6 billion, while adjusted net income reached $2.3 billion, or $8.99 per share. Net investment income increased 33.8% to $1 billion. Underwriting profitability improved significantly: Property-liability underwriting income rose nearly 57% to $2 billion, and the combined ratio improved to 86.6%, supported by lower catastrophe losses, reserve re-estimates and better auto and homeowners results. Allstate continued expanding its customer base and returning capital: Policies in force grew 3.8% to 215.9 million, while the company returned $1.3 billion to shareholders, including $1 billion in share repurchases, and had $2.6 billion remaining under its buyback authorization. MarketBeat Week in Review – 06/08 - 06/12 Allstate (NYSE:ALL) reported higher second-quarter revenue, underwriting income and investment income as the insurer continued to expand policies across its auto, homeowners and protection-services businesses. Total revenue rose 11.8% from a year earlier to $18.6 billion, while net premiums written increased 2.6%. Net income was $3.2 billion and adjusted net income was $2.3 billion, or $8.99 per share. For the first half of 2026, adjusted net income totaled $5.1 billion, or $19.65 per share. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Allstate’s Comeback Is Turning Into a Profit Machine Chair, President and CEO Tom Wilson said the company’s strategy centers on gaining property-liability market share, expanding its protection offerings and generating capital for growth investments, acquisitions, dividends and share repurchases. Allstate reported an adjusted net income return on equity of 44.2% over the past 12 months. Allstate’s property-liability combined ratio improved by 4.5 points from the prior-year quarter to 86.6. The underlying combined ratio was 79.4, in line with the year-earlier period. Property-liability underwriting income increased nearly 57% to $2 billion. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High MarketBeat Week in Review – 05/11 - 05/15 President of Property-Liability Jess Merten said net premiums earned in the segment rose 4% to $14.9 billion, supported by growth in both auto and homeowners insurance. Auto insurance recorded an 83.3 combined ratio, improving 2.7 points year over year. Homeowners insurance recorded a 94.6 combined ratio, improving 7.4 points. Lower catastrophe losses contributed 2.4 points to the overall combined-ratio improvement. Prior-year reserve re-estimates contributed 2 points, while a higher expense ratio offset 1 point of improvement. Merten said about half of the higher expense ratio reflected advertising, with most of the remainder tied to non-recurring legal expenses. He also said auto claim reserve releases totaled $1.5 billion year to date, with approximately half of bodily-injury changes relating to accident years 2023 and 2024. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Allstate’s annualized auto premium per policy was $1,486 in the second quarter, down slightly from the year-earlier period, while adjusted underlying loss and expense per policy was $1,337. The company implemented rate increases and decreases in 36 locations during the quarter, resulting in a net rate impact of zero. On severity trends, Merten said Allstate does not provide a forward outlook, but noted that bodily-injury severity remained relatively elevated compared with physical-damage severity. He said future trends will depend on inflation affecting parts and labor as well as bodily-injury development. Total policies in force increased 3.8% to 215.9 million. Property-liability policies rose 2.6%, while Protection Services policies increased 4.1%. Issued applications increased 9.9%. Chief Operating Officer Mario Rizzo said Allstate’s Transformative Growth initiative is supporting market-share gains through a mix of Allstate agents, independent agents and direct sales. Auto new-business volume rose to 2.3 million items in the quarter from 1.5 million three years earlier. Homeowners new business increased 46.8% to 411,000 policies. Auto policy growth was 2.8% in the second quarter, while homeowners policy growth was 2.9%. Rizzo said the company spent $1.1 billion on advertising in the first half, citing returns on marketing investment and increased acquisition sophistication. During the call, executives emphasized that growth is not based solely on price reductions. Wilson said the company is pursuing a “multifaceted approach” that includes customer affordability, new products, distribution expansion, marketing capabilities and claims effectiveness. Management also discussed its approach to homeowners growth and catastrophe exposure. Wilson said Allstate is using pricing, analytics and individual-roof assessment capabilities to manage risk, while relying on a substantial catastrophe reinsurance program. He said the company does not require homeowners customers to also purchase auto insurance, although it seeks to offer customers multiple protection products. Protection Services had 177 million policies in force and contributed $3.4 billion of top-line revenue, according to Rizzo. The segment generated more than $200 million of adjusted net income over the last 12 months. The businesses include Allstate Protection Plans, Dealer Services, Arity, roadside assistance and Allstate Identity Protection. Rizzo said Allstate Protection Plans are distributed through more than 30 major retailers, including Walmart, Costco and The Home Depot. Allstate Identity Protection serves 3.4 million customers, while roadside assistance performs 1.75 million rescues annually. Wilson also highlighted ALLIE, the company’s Large Language Intelligent Ecosystem, which is intended to use agentic artificial intelligence to improve customer service, reduce costs and support growth. He said Allstate has more than 250 analytical models using more than 40 petabytes of data and 1.5 billion CPU compute hours. Wilson said the company’s existing orchestration layer, developed as part of Transformative Growth, should help accelerate ALLIE’s deployment by connecting underlying systems. He said Allstate does not use public large language models for its internal work and remains focused on cybersecurity and customer-data protection. Net investment income increased 33.8% to $1 billion in the quarter, reflecting a larger portfolio, longer bond duration, and higher performance-based income. President of Investments and Corporate Strategy and Interim CFO John Dugenske said trailing-12-month investment income has risen more than 57% since 2022 to nearly $3.8 billion. The investment portfolio is 80% interest-bearing assets, with equity securities and performance-based investments providing growth-oriented exposure. Allstate increased public-equity holdings by $7.1 billion last year and lengthened bond-portfolio duration, actions that contributed to investment income and mark-to-market equity gains, management said. Allstate returned $1.3 billion to shareholders during the quarter, including $1 billion in common-stock repurchases. The company had $2.6 billion remaining under its $4 billion repurchase authorization announced in February. Deployable capital at the holding company rose to $9.5 billion, or approximately $37 per common share outstanding. Wilson also welcomed Chris Lown, who joined Allstate as chief financial officer during the week of the call. Dugenske will continue leading investments and corporate strategy after serving as interim CFO. Allstate Corporation is a publicly traded insurance company headquartered in Northbrook, Illinois, and is one of the largest personal lines property and casualty insurers in the United States. Founded in 1931 as a subsidiary of Sears, Roebuck and Co, Allstate has grown into a diversified insurer that serves millions of consumers and businesses through a mix of distribution channels and product offerings. The company underwrites a broad range of insurance products, with primary emphasis on auto and homeowners coverage. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Allstate Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

The Allstate Corporation ALL reported a second-quarter 2026 adjusted net income of $8.99 per share, which outpaced the Zacks Consensus Estimate by 56.1%. The bottom line surged 51.3% year over year. Operating revenues of $17.5 billion grew 4.5% year over year. However, the top line missed the consensus mark by 1.1%. Allstate's quarterly earnings benefited from improved underwriting performance, premium growth supported by higher pricing and policy growth, robust investment income, and lower catastrophe losses, partly offset by lower adjusted net income in the Protection Services segment. The Allstate Corporation price-consensus-eps-surprise-chart | The Allstate Corporation Quote Property and casualty insurance premiums improved 4.2% year over year to $15.7 billion. Net investment income of $1 billion advanced 33.8% year over year on the back of a growing market- and performance-based portfolio. The metric beat the Zacks Consensus Estimate of $870 million. Market-based investment income rose 14.2% year over year to $837 million and performance-based investment income jumped 202.5% year over year to $239 million. Total costs and expenses were $14.5 billion, which decreased 2.5% year over year and was lower than our estimate of $16.4 billion. The year-over-year decline was due to decreased property and casualty insurance claims and claims expenses, accident, health and other policy benefits and Pension and other postretirement remeasurement (gains) losses. Catastrophe losses of $1.4 billion dropped 12.8% year over year. Allstate’s pretax income increased 53.2% year over year to $4.1 billion. As of June 30, 2026, total policies in force were 216 million, up 3.8% year over year. The Property-Liability segment reported premiums earned of $14.9 billion in the second quarter, up 4.4% year over year, driven by higher average premiums in homeowners insurance and growth in policies in force. However, the metric missed both the Zacks Consensus Estimate and our estimate of $15.2 billion. Underwriting income in the segment surged 56.7% year over year to $2 billion. The underlying combined ratio improved 10 basis points to 79.4%. The Protection Services segment’s revenues advanced 7.8% year over year to $935 million, aided by Allstate Protection Plans and Roadside businesses. The metric lagged our estimate of $957 million. Adjusted net income of $53 million declined 7% year over year. Allstate exited the second quarter with a cash balance of $840 million, up from $678 million as of 2025-end. Total assets increased to $124.8 billion from $119.8 billion at the end of 2025. Debt remained unchanged at $7.5 billion from the 2025-end level. Total equity increased to $33.7 billion from $30.6 billion at the end of 2025. Book value per common share was $123.38 as of June 30, 2026, up 49.7% year over year. Backed by its $4.0 billion share repurchase authorization announced on Feb. 4, 2026, the company returned $1.3 billion to shareholders in the second quarter, comprising $1.0 billion in share repurchases and $280 million in dividends. The repurchase program remains in effect through Feb. 29, 2028. ALL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Here are some stocks from the broader Finance space that have also reported their quarterly results: RenaissanceRe Holdings Ltd. RNR, Cincinnati Financial Corporation CINF and The Hartford Insurance Group, Inc. HIG. Here's how they have performed: RenaissanceRe reported second-quarter 2026 operating income of $12.92 per share, which surpassed the Zacks Consensus Estimate by 12.9%.  The bottom line improved 5.1% year over year. Total operating revenues declined 6.7% year over year to $2.64 billion. The quarterly earnings benefited from lower expenses, higher net investment income and an improved total combined ratio. However, RNR’s upside was partly offset by lower net premiums earned, weaker underwriting results in the Casualty & Specialty segment and lower fee income. Cincinnati Financial reported second-quarter 2026 operating income of $1.43 per share, which missed the Zacks Consensus Estimate by 21.4%. The bottom line declined 27.4% from the year-ago quarter. Total operating revenues for the second quarter were $3 billion, reflecting a 6.8% year-over-year increase. The figure, however, missed the Zacks Consensus Estimate by 1.4%. CINF's quarterly results benefited from strong premium growth, improved pricing, and higher net investment income. However, weaker underwriting performance, driven by higher catastrophe losses, weighed on results. The Hartford Insurance Group delivered second-quarter 2026 earnings per share of $3.42, up 6% year over year and above the Zacks Consensus Estimate of $3.12 by 9.6%. Revenues amounted to $5.23 billion, which improved 6.8% year over year. HIG’s quarterly results benefited from higher investment income, premium growth in Business Insurance and improving Personal Insurance profitability. Strong new business expansion in Small Business and favorable pricing trends supported results. However, the upside was partly offset by an increased expense level, higher catastrophe losses and weaker Employee Benefits profitability. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Allstate Corporation (ALL) : Free Stock Analysis Report The Hartford Insurance Group, Inc. (HIG) : Free Stock Analysis Report Cincinnati Financial Corporation (CINF) : Free Stock Analysis Report RenaissanceRe Holdings Ltd. (RNR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Allstate (ALL) reported $17.54 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 4.6%. EPS of $8.99 for the same period compares to $5.94 a year ago. The reported revenue represents a surprise of -1.05% over the Zacks Consensus Estimate of $17.73 billion. With the consensus EPS estimate being $5.76, the EPS surprise was +56.08%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Allstate performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Property-Liability - Combined Ratio: 86.6% versus the seven-analyst average estimate of 93.9%. Property-Liability - Expense Ratio: 21.8% versus the six-analyst average estimate of 21.4%. Property-Liability - Loss Ratio: 64.8% compared to the 72% average estimate based on six analysts. Allstate Protection - Auto Insurance - Combined Ratio: 83.3% compared to the 91.9% average estimate based on five analysts. Property-Liability- Net Premiums Earned: $14.92 billion versus $15.19 billion estimated by seven analysts on average. Compared to the year-ago quarter, this number represents a +4% change. Underwriting Income- Property-Liability: $2.01 billion versus $989.25 million estimated by seven analysts on average. Property-Liability- Net Investment Income: $885 million compared to the $771.15 million average estimate based on seven analysts. The reported number represents a change of +28.8% year over year. Property-Liability- Other Revenue: $568 million versus $534.16 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +12.7% change. Corporate and Other- Net Investment Income: $96 million compared to the $51.74 million average estimate based on six analysts. The reported number represents a change of +159.5% year over year. Protection Services- Net Investment Income: $25 million versus $22.81 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a 0% change. Protection Services- Net Premiums Earned: $752 million compared to the $774.69 million average estimate based on five analysts. The reported number represents a change of +8.2% year over year. Revenues- Property and casualty insurance premiums: $15.67 billion versus the five-analyst average estimate of $16.08 billion. The reported number represents a year-over-year change of +4.2%. View all Key Company Metrics for Allstate here>>> Shares of Allstate have returned +4.4% over the past month versus the Zacks S&P 500 composite's +3.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Allstate Corporation (ALL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research