⚡What does Allstate do, in 30 seconds?
Allstate is one of the largest publicly held US insurers for people and families 7. Through its Allstate Protection segment, it sells car, home, renters, boat and other insurance, plus commercial insurance 1. It took in $67.7bn ✓ of revenue in FY2025, and property-liability insurance made up 88% ✓ of that.
📱What does Allstate sell?
Allstate reports its revenue in five parts, and car and home insurance is by far the biggest. Here is what each part is and who buys it.
Property-liability insurance
Car, home, specialty auto, renters, condo, landlord, boat and umbrella insurance, plus commercial cover 1. It is sold under the Allstate, National General, Direct Auto and Answer Financial brands 1. At 30 June 2026, Allstate Protection had 25.951 million auto and 7.819 million homeowners policies in force 2. A separate run-off property-liability segment covers old policies written mainly from the 1960s through the mid-1980s 1. This part brought in $59.7bn ✓ in FY2025.
👥 Drivers, homeowners, renters and businesses. In the US, Allstate reaches them through over 27,400 exclusive agents and licensed professionals, about 58,700 independent agent locations, contact centers and online 4.
Protection services
Five businesses: protection plans for phones, electronics, appliances and furniture; roadside help; dealer services such as vehicle service contracts; identity protection; and Arity, a telematics data unit 1. Protection Plans revenue was $615 million in the second quarter of 2026, up 9.2% from a year earlier 2. This part brought in $3.6bn ✓ in FY2025.
👥 Shoppers buying plans through retailers and mobile operators, car buyers at dealerships, and people who get identity protection through workplace benefit programs, financial institutions or directly 1.
Health and benefits
Health and benefits businesses that Allstate sold in 2025 5 5. It sold its employer voluntary benefits business on 1 April 2025 for $1.9 billion in cash, net of price adjustments 5. It sold its group health business on 1 July 2025 for $1.23 billion in cash, net of price adjustments 5. The figures for this part now cover only those sold businesses 5. It brought in $0.7bn ✓ in FY2025, against $1.9bn ✓ in FY2024.
👥 Employers offering voluntary benefits to their staff, and group health customers, until Allstate sold these businesses in 2025 5 5. The individual health business Allstate kept is now reported elsewhere 5.
Corporate and other
The parent company's own activities and certain non-insurance operations, including spending on strategic projects 1. This part brought in $0.3bn ✓ in FY2025, less than 1% of revenue.
👥 The filing does not name customers for this part.
Investment income and other
In FY2025, revenue that the filing does not tag to one of the parts above came to $3.4bn ✓. The filing does not split this amount. Allstate's investment portfolio was $83.24 billion at 31 December 2025 72. Its net investment income was $1.009 billion in the second quarter of 2026 2.
👥 The filing does not say which customers this revenue comes from.
How the mix has shifted
💸How does Allstate make money?
Follow the money from left to rightfrom top to bottom: what comes in, what it costs to run, what is lost on insurance claims, and what is left as profit.
FY2023: Allstate made a loss, so there was no profit left to follow and no money map is drawn for that year.
Allstate took in $67.7bn ✓ of revenue in FY2025. Claims and benefits paid to customers took $38.1bn ✓, the biggest cost. Other costs of running the business took $16.4bn ✓. That left a pretax profit of $13.2bn ✓. It included pre-tax gains of $888 million and $715 million from selling its employer voluntary benefits and group health businesses 5.
After tax of $2.9bn ✓, net income was $10.3bn ✓. Put simply, out of every hundred dollars of revenue, about $57 ✓ went on claims and benefits, $24 ✓ on other costs and $4 ✓ on tax. That left Allstate $15 ✓ as profit.
Out of every $100 of revenue in FY2025…
⏱️ Allstate by the clock
Spread the FY2025 totals evenly over its 365 days and you get this. Source: ALLSTATE CORP 10-K [6].
📈How is Allstate doing?
Allstate's revenue has grown every year for a decade, but its profit has swung a lot. From FY2015 to FY2025, revenue grew 6.6% ✓ a year on average, from $35.7bn ✓ to $67.7bn ✓. Revenue rose in all 10 ✓ of those 10 ✓ years. Net income was -$0.2bn ✓ in FY2023, then $4.7bn ✓ in FY2024 and $10.3bn ✓ in FY2025. Total catastrophe losses were $5.636 billion in 2023 and $4.959 billion in 2025 23.
The latest four quarters, to 30 June 2026, look stronger still. Revenue reached $70.1bn ✓, up 5.9% ✓ on the four quarters before. Net income was $13.3bn ✓, and pretax profit was 24.2% ✓ of revenue. In the second quarter of 2026, revenue was $18.6 billion, up 11.8% from a year earlier 2. The property-liability combined ratio improved to 86.6, from 91.1 a year earlier 2. Allstate plans to file its third-quarter 2026 results after 4:15 p.m. ET on 4 November 2026 30.
📝 The report card
Allstate earns an A ✓ for profit and an A ✓ for its balance sheet, a B ✓ for steadiness and a C ✓ for growth. Cash generation is not graded ✓ for insurers. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Allstate (orange) and its 4 peers land; further right is better.
Growth
Allstate's revenue grew 9.6% ✓ a year over its last three fiscal years, a little under the 10% line, which earns a C ✓ on the fixed scale. That is below the 10.5% ✓ median of its four peers. Progressive grew fastest, at 20.9% ✓ a year, good for an A ✓.
Why this measure? (higher is better)
Growing revenue is the engine of a business. For a bank, revenue is what it earns after paying interest to savers and lenders; for an insurer, it is mostly premiums. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
For insurers, we grade profit against the owners' money rather than revenue. Over the last three years combined, Allstate earned 21.1% ✓ on its shareholders' equity, which earns an A ✓. That beats the 15.6% ✓ peer median. Only Progressive did better, at 31.1% ✓.
Why this measure? (higher is better)
Banks and insurers work with other people's money, so profit margins on revenue say little. Return on equity shows how much profit they make on the owners' money; above 15% is excellent for a big bank or insurer.
Cash generation
Not graded for banks and insurers: their cash flow mostly moves customers' money (deposits, loans, premiums), so it says little about the business.
Cash generation is not graded ✓ for Allstate or its peers. For insurers, cash flow mostly moves customers' money, such as premiums paid before claims, so it says little about the business ✓. Even so, Allstate brought in $10.1bn ✓ of operating cash flow in FY2025.
Balance sheet
For insurers, we grade the balance sheet on shareholders' equity as a share of everything the company owns. At the end of FY2025, Allstate's figure was 25.6% ✓, an A ✓. That is close to the 25.9% ✓ peer median. Berkshire Hathaway is highest of the five, at 58.7% ✓.
Why this measure? (higher is better)
Owners' equity is the cushion that absorbs losses before customers' money is at risk. The thicker the cushion compared with everything the company owns, the safer it is.
Steadiness
Allstate's yearly revenue growth swings by 6.5% ✓ (a standard deviation), which earns a B ✓. Progressive's swing is the same, at 6.5% ✓. Travelers is steadier at 3.7% ✓, an A ✓. Allstate's biggest jump was 20.7% ✓ in FY2021.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean revenue depends on interest rates, markets or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Banks and insurers are graded differently. They lend or invest customers' money, so profitability uses return on equity, the balance sheet uses the owners' share of total assets, and cash generation is not graded. They are compared only with other banks and insurers.
- Peers for context. The rank shows how Allstate compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
11 years at a glance
Where the cash goes
From FY2015 to FY2025, Allstate returned $26.8bn ✓ to shareholders through buybacks and dividends. In FY2025 it paid $1.0bn ✓ in dividends and bought back $1.2bn ✓ of shares. Since 1995, its shares outstanding have fallen by 71.1%, mainly because of buybacks 23. In February 2026 the board approved a $4.00 billion buyback plan, to be completed by 29 February 2028 24. Of that, $2.60 billion remained at 30 June 2026 24.
🧮Ratios 101: what are Allstate's key financial ratios?
Ratios shrink Allstate's big numbers into easy comparisons, and FY2025 was a strong year on most of them. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Allstate's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each dollar of revenue is kept?
Net margin
The bottom line: profit after interest and taxes, per dollar of revenue.
👉 Allstate kept 15.2% ✓ of FY2025 revenue as final profit, about level with the 15.1% ✓ peer median and up from 6.1% ✓ in FY2015. That profit included pre-tax gains of $888 million and $715 million from selling its employer voluntary benefits and group health businesses 5.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 ROE was 33.6% ✓ in FY2025, about double the 16.5% ✓ peer median and up from 10.8% ✓ in FY2015. Among its peers, only Progressive was higher, at 37.3% ✓.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA was 8.6% ✓ on total assets of $119.8bn ✓. That is above the 4.9% ✓ peer median and up from 2.1% ✓ in FY2015.
📏 Rule of thumb: For big banks, about 1% on assets is usual and above 1.2% is strong; insurers are not judged on that scale.
💵 Cash and owners: where does the money end up?
Stock pay
Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.
👉 Stock pay was just 0.2% ✓ of revenue, the same as the 0.2% ✓ of FY2015. The median for the two peers that report it is 0.3% ✓.
📏 Rule of thumb: Banks and insurers pay part of their staff in shares, so a few percent of revenue is normal.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 Allstate paid out 22.1% ✓ of FY2025 profit as dividends and buybacks, below the 37.9% ✓ peer median. In FY2015 the figure was 151.6% ✓, more than its whole profit that year.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are Allstate's competitors?
Allstate competes with other large US insurers for drivers and homeowners. Based on 2024 premiums, it was the 3rd largest US personal property and casualty insurer 716. Progressive, Travelers and Chubb also sell car and home insurance to US households 716 1718 1415. Berkshire Hathaway's GEICO sells car insurance mostly directly, by internet and phone 1213.
| Company | Where they compete | Revenue | Growth/yr (3y) | Pretax margin | Return on equity (3y) |
|---|---|---|---|---|---|
| Allstate (ALL, FY2025) | Car, home and other personal insurance through exclusive agents, independent agents, contact centers and online 1 4 | $67.7bn | 9.6% | 19.4% | 21.1% |
| Berkshire Hathaway (BRK.B, FY2025) | GEICO car insurance, sold mostly directly by internet and phone 1213 | $371.4bn | 7.1% | 22.2% | 13.1% |
| Chubb (CB, FY2025) | Home and car insurance for affluent and high-net-worth families, through independent agents and brokers 1415 | $59.4bn | 11.3% | 22.0% | 14.5% |
| Progressive (PGR, FY2025) | Car and home insurance across the US; 2nd in private passenger auto by 2024 premiums 716 | $87.7bn | 20.9% | 16.2% | 31.1% |
| Travelers (TRV, FY2025) | Car and home insurance mainly through independent agents, with about 8.4 million US personal policies at the end of 2025 1718 | $48.8bn | 9.8% | 16.0% | 16.7% |
Berkshire also names State Farm and USAA among GEICO's car insurance rivals 12. Allstate says rivals with lower prices, better pricing models, new products or more advertising could slow its growth and customer retention 21.
🧭Allstate SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- Allstate was the 3rd largest US personal property and casualty insurer, based on 2024 premiums written 7.
- Its brand is widely known through its "You're In Good Hands With Allstate" slogan 7.
- In the US, it sells through over 27,400 exclusive agents and licensed professionals and about 58,700 independent agent locations, as well as contact centers and online 4.
- Over the last three years combined, Allstate earned 21.1% ✓ on shareholders' equity, an A ✓ on our report card.
🩹 Weaknesses
- Catastrophe losses are large: $5.636 billion in 2023, $4.964 billion in 2024 and $4.959 billion in 2025 23.
- Net income was -$0.2bn ✓ in FY2023, a year when the property-liability combined ratio was 104.5 20.
- Revenue grew 9.6% ✓ a year over three years, below the 10.5% ✓ median of its peers.
- Allstate is not writing new homeowners business in Florida, and writes a limited amount of it in California 24.
🚀 Opportunities
- Allstate's 2025 10-K says it targets finishing the rollout of its Affordable, Simple, Connected auto and home products in 2026 1. By 30 June 2026 they were in 45 and 41 states 2.
- In the second quarter of 2026, new auto business rose 8.8% and new homeowners business rose 16.4% 2.
- Protection Plans revenue was $615 million in the second quarter of 2026, up 9.2% from a year earlier 2.
- Allstate says it is using generative and agentic artificial intelligence (AI) to improve customer value 1.
⚠️ Threats
- Wildfire catastrophe losses were $1.049 billion from four events in 2025, up from $71 million in 2024 23.
- Allstate's second-quarter 2026 10-Q lists tariffs, combat operations in Iran and energy market swings among things that may raise car and home claim costs 24.
- The property-liability expense ratio rose 1.0 point in the second quarter of 2026 from a year earlier, mainly on higher advertising and legal costs 24.
- In a California case filed in March 2023, Allstate exclusive agents claim they were wrongly treated as independent contractors; Allstate is defending it 25.
🏰Does Allstate have a moat?
Why 2?
Auto customers who also hold a qualifying property policy get a renewal guarantee and a deductible waiver, offered in 47 states and D.C. at the end of 2025 4. But Allstate says its market is highly competitive 21. It warns that rivals with lower prices or new products could lower its customer retention 21.
Why 2?
Allstate's Arity unit collects and analyzes car telematics data 4. It sells risk scoring, lead generation and data services to insurers, retailers, mapping and traffic companies and others 4. This is a useful data business, but not a strong network effect, where each new user makes the service better for the others.
Why 3?
Allstate had 211 million policies in force at the end of 2025, 81.6% of them in Protection Services 7. Allstate Protection had 38.275 million policies at the end of 2025, including 25.504 million auto policies 20. Property-liability policies reached 38.897 million at 30 June 2026, up 2.6% from a year earlier 22. In the US, it sells through over 27,400 exclusive agents and licensed professionals and about 58,700 independent agent locations 4. Its stated strategy for Allstate Protection is to be a low-cost digital provider; the property-liability expense ratio was 21.4 in 2025, against 21.7 in 2024 420. Yet its property-liability combined ratio swung from 104.5 in 2023 to 85.2 in 2025 20.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Allstate; grey dots are peers).
🔭What should you watch next?
Third-quarter 2026 results
Allstate plans to file its results after 4:15 p.m. ET on 4 November, with a call at 9 a.m. ET on 5 November 30. Figures on this page run to FY2025 and the four quarters to 30 June 2026.
Home insurance in Florida and California
Allstate is not writing new homeowners business in Florida and finished non-renewing certain Florida policies in the second quarter of 2026 24. In California it writes a limited amount of new homeowners business through its excess and surplus lines carrier 24.
📚Learn the words
❓Frequently asked questions about Allstate
How does Allstate make money?
Allstate makes most of its money from car, home and other property-liability insurance. In FY2025 that part brought in $59.7bn ✓, or 88% ✓ of revenue. Protection services added $3.6bn ✓. They include protection plans for phones and appliances, roadside help and identity protection 1.
When was Allstate founded?
Allstate says it has been protecting people since 1931 26. It was part of Sears, Roebuck and Co. until a 1995 spin-off 27. The Allstate Corporation, its holding company, was incorporated in Delaware on 5 November 1992 28.
Who runs Allstate?
Thomas J. Wilson runs Allstate as CEO, a job he has held since January 2007 28. He has also been Chairman since May 2008 and President since February 2018 28. Chris Lown became Chief Financial Officer on 3 August 2026 29.
Does Allstate still sell life insurance?
No. Allstate sold its remaining life insurance business in 2025, as part of the sale of its employer voluntary benefits business 5. It had sold Allstate Life Insurance Company and certain affiliates in 2021 5.
What counts as a catastrophe for Allstate?
For Allstate, a catastrophe is an event that causes pre-tax losses over $1 million before reinsurance and involves multiple policyholders 23. A winter weather event above a set claims level also counts 23. Total catastrophe losses were $4.959 billion in 2025 23.
How do Allstate agents get paid?
Allstate exclusive agents earn a monthly base commission, worked out as a percentage of eligible written premium 1. They also get variable pay for new customers and for bundling products, plus bonuses for profitable growth 1.
Does Allstate pay a dividend?
Yes, Allstate pays a quarterly dividend. It rose from $1.00 a share, paid on 2 January 2026, to $1.08 a share, paid on 1 April 2026 24. Allstate paid $1.0bn ✓ in dividends in FY2025.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [6] [8] [9] [10] [11].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. About how much of Allstate's FY2025 revenue came from property-liability insurance?
2. Allstate was once part of which company?
3. What does a combined ratio above 100 mean?
4. What kind of data does Allstate's Arity unit work with?
5. Since what year does Allstate say it has been protecting people?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials are taken from SEC filings (10-K and 10-Q) as tagged in XBRL. Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- The Allstate Corporation Form 10-K, fiscal 2025 (Item 1, Business: strategy and segments) — Segment products, brands, distribution, geography and catastrophe exposure (accessed 2026-10-30)
- The Allstate Corporation Form 8-K, August 5, 2026 (second-quarter 2026 earnings release, Exhibit 99.1) — Second-quarter 2026 revenue, net income, auto, homeowners, Protection Services and investment results (accessed 2026-10-30)
- Allstate (ALL) Form 10-K for fiscal year 2025, filed 2026-02-20 — revenue by product, segment and geography (accessed 2026-10-28)
- The Allstate Corporation Form 10-K, fiscal 2025 (Item 1, Business: products and distribution) — Distribution channels, bundling benefits, telematics and Arity (accessed 2026-10-29)
- The Allstate Corporation Form 10-K, fiscal 2025 (Note 4, Dispositions, and segment notes) — Sales of the employer voluntary benefits and group health businesses; retained individual health; life insurance sales (accessed 2026-10-30)
- SEC EDGAR companyfacts: Allstate (ALL) — annual 10-K facts (accessed 2026-10-28)
- The Allstate Corporation Form 10-K, fiscal 2025 (Item 1, Business: overview) — Brand, size ranking, policies in force and employees (accessed 2026-10-29)
- SEC EDGAR companyfacts: BERKSHIRE HATHAWAY INC (BRK.B) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: Chubb Ltd (CB) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: PROGRESSIVE CORP/OH/ (PGR) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: TRAVELERS COMPANIES, INC. (TRV) — annual 10-K facts (accessed 2026-10-28)
- Berkshire Hathaway Form 10-K for fiscal year 2025 — Item 1 insurance and reinsurance: GEICO, BH Primary, BH Reinsurance Group, competition, float, statutory surplus, catastrophe limit (accessed 2026-10-29)
- Allstate Corporation Form 10-K for fiscal year 2025 — Business overview: personal lines insurer, products and distribution channels (accessed 2026-10-29)
- Chubb Limited Form 10-K for fiscal year 2025 — Item 1 segment information: products, distribution and competitive environment by segment (accessed 2026-10-29)
- The Allstate Corporation Form 10-K, fiscal 2025 (Item 1, Business: products and distribution) — Personal lines products and distribution channels (accessed 2026-10-30)
- The Progressive Corporation Form 10-K, fiscal 2025 (Item 1, Business: Personal Lines) — Progressive auto and homeowners market rankings (accessed 2026-10-30)
- The Travelers Companies Form 10-K for fiscal year 2025 — Item 1 Personal Insurance: products, 2025 net written premiums, policies in force, distribution, pricing (accessed 2026-10-30)
- The Allstate Corporation Form 10-K for fiscal year 2025 — Item 1 Allstate Protection products and U.S. distribution through exclusive agents (accessed 2026-10-30)
- The Allstate Corporation Form 10-K, fiscal 2025 (Item 1, Business: regulation and intellectual property) — State insurance regulation, trademarks and service marks (accessed 2026-10-29)
- The Allstate Corporation Form 10-K, fiscal 2025 (Item 7, Management's Discussion and Analysis) — Property-liability combined ratio, expense ratio and advertising expense (accessed 2026-10-29)
- The Allstate Corporation Form 10-K, fiscal 2025 (Item 1A, Risk Factors) — Competition, pricing and customer retention risks (accessed 2026-10-29)
- The Allstate Corporation Form 8-K, August 5, 2026 (second-quarter 2026 earnings release exhibit) — Property-liability policies in force and combined ratio, quarter ended June 30, 2026 (accessed 2026-10-29)
- The Allstate Corporation Form 10-K, fiscal 2025 (Item 7, catastrophe losses and capital) — Catastrophe losses by type of event; common shares outstanding since 1995 (accessed 2026-10-30)
- The Allstate Corporation Form 10-Q, quarter ended June 30, 2026 — Share repurchase program, dividends, Florida and California homeowners, expense ratio and economic conditions (accessed 2026-10-30)
- The Allstate Corporation Form 10-K, fiscal 2025 (Note 14, commitments and contingencies) — California FAIR Plan assessment and exclusive agent litigation (accessed 2026-10-30)
- The Allstate Corporation 2025 proxy statement (DEF 14A), About Allstate — Year Allstate began protecting customers (accessed 2026-10-30)
- The Allstate Corporation 2026 proxy statement (DEF 14A), pension benefits — 1995 spin-off from Sears, Roebuck and Co. (accessed 2026-10-30)
- The Allstate Corporation Form 10-K, fiscal 2025 (cover, Item 1 and executive officers) — Incorporation, headquarters, CEO, employees and fiscal year (accessed 2026-10-30)
- The Allstate Corporation Form 8-K, July 14, 2026 (Exhibit 99.1, Chief Financial Officer appointment) — New Chief Financial Officer (accessed 2026-10-30)
- Allstate Newsroom: Allstate to hold Q3 2026 earnings call Nov. 5, 2026 — Third-quarter 2026 results release and call dates (accessed 2026-10-30)
- SEC EDGAR companyfacts: Allstate (ALL) — quarterly 10-Q/10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: Allstate (ALL) — balance sheet at 2026-06-30 (accessed 2026-10-28)
- The Allstate Corporation Form 8-K, October 15, 2026 (September 2026 monthly release, Exhibit 99) — Third-quarter 2026 catastrophe losses (accessed 2026-10-30)