v3.25.2
Reportable Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Reportable Segments
Note 4Reportable Segments
Measuring segment profit or loss
The measure of segment profit or loss used in evaluating performance is underwriting income for the Allstate Protection and Run-off Property-Liability segments and adjusted net income for the Protection Services, Allstate Health and Benefits and Corporate and Other segments.
Allstate Protection and Run-off Property-Liability segments comprise Property-Liability. The Company does not allocate investment income, net gains and losses on investments and derivatives, or assets to the Allstate Protection and Run-off Property-Liability segments. Management reviews assets at the Property-Liability, Protection Services, Allstate Health and Benefits, and Corporate and Other levels for decision-making purposes.
Underwriting income is calculated as premiums earned and other revenue, less claims and claims expenses, amortization of deferred policy acquisition costs (“DAC”), operating costs and expenses,
amortization or impairment of purchased intangibles and restructuring and related charges as determined using GAAP.
Adjusted net income (loss) is net income (loss) applicable to common shareholders, excluding:
•Net gains and losses on investments and derivatives
•Pension and other postretirement remeasurement gains and losses
•Amortization or impairment of purchased intangibles
•Gain or loss on disposition
•Adjustments for other significant non-recurring, infrequent or unusual items, when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, or (b) there has been no similar charge or gain within the prior two years
•Income tax expense or benefit on reconciling items
A reconciliation of these measures to net income (loss) applicable to common shareholders is provided below.
Reportable segments financial performance
Three months ended June 30,Six months ended June 30,
($ in millions)2025202420252024
Underwriting income (loss) by segment
Allstate Protection$1,283 $(142)$1,647 $761 
Run-off Property-Liability
(3)(3)(7)(8)
Total Property-Liability 1,280 (145)1,640 753 
Adjusted net income (loss) by segment, after-tax
Protection Services60 55 115 109 
Allstate Health and Benefits
4 58 34 114 
Corporate and Other(94)(104)(191)(210)
Reconciling items
Allstate Protection and Run-off Property-Liability net investment income
687 643 1,470 1,345 
Net gains (losses) on investments and derivatives(144)(103)(493)(267)
Pension and other postretirement remeasurement gains (losses)— 9 (78)11 
Amortization of purchased intangibles (1)
(11)(19)(24)(37)
Gain (loss) on disposition893 1 893 5 
Income tax (expense) benefit on Property-Liability and reconciling items (2)
(606)(78)(730)(337)
Total reconciling items819 453 1,038 720 
Less: Net (loss) income attributable to noncontrolling interest (3)
(10)16 (9)(4)
Net income applicable to common shareholders$2,079 $301 $2,645 $1,490 
(1)Excludes amortization of purchased intangibles in Allstate Protection, which is already included above in underwriting income.
(2)The tax computation of the reporting segments and income tax benefit (expense) on reconciling items to net income (loss) are computed discretely based on the tax law of the jurisdictions applicable to the reporting entities.
(3)Reflects net (loss) income attributable to noncontrolling interest in Property-Liability.
Reportable segments revenue information
($ in millions)Three months ended June 30,Six months ended June 30,
2025202420252024
Property-Liability    
Insurance premiums    
Auto$9,528 $9,079 $18,875 $17,857 
Homeowners3,771 3,255 7,428 6,409 
Other personal lines779 701 1,520 1,360 
Commercial lines104 158 217 327 
Other business lines164 146 333 286 
Allstate Protection14,346 13,339 28,373 26,239 
Run-off Property-Liability
— — — — 
       Total Property-Liability insurance premiums
14,346 13,339 28,373 26,239 
Other revenue504 441 992 871 
Net investment income687 643 1,470 1,345 
Net gains (losses) on investments and derivatives(190)(103)(519)(265)
Total Property-Liability15,347 14,320 30,316 28,190 
Protection Services  
Protection plans531 453 1,041 892 
Roadside assistance39 34 75 81 
Protection and insurance products
125 126 250 252 
Intersegment premiums and service fees (1)
36 39 73 74 
Other revenue111 98 239 183 
Net investment income25 23 49 44 
Net gains (losses) on investments and derivatives1 (1)(9)(6)
Total Protection Services868 772 1,718 1,520 
Allstate Health and Benefits
Employer voluntary benefits— 246 243 494 
Group health123 120 247 238 
Individual health112 108 232 220 
Other revenue109 121 240 255 
Net investment income5 25 30 48 
Net gains (losses) on investments and derivatives(1)— (2)2 
Total Allstate Health and Benefits
348 620 990 1,257 
Corporate and Other    
Other revenue23 19 38 39 
Net investment income37 21 59 39 
Net gains (losses) on investments and derivatives46 1 37 2 
Total Corporate and Other106 41 134 80 
Intersegment eliminations (1)
(36)(39)(73)(74)
Consolidated revenues$16,633 $15,714 $33,085 $30,973 
(1)Intersegment insurance premiums and service fees are primarily related to Arity and Allstate Roadside and are eliminated in the condensed consolidated financial statements.
Reportable segments expense information used in measure for segment profit or loss
Three months ended June 30,Six months ended June 30,
($ in millions)2025202420252024
Property-Liability
Claims and claims expense excluding catastrophe losses and prior year reserve reestimates (1)
$8,470 $8,593 $17,163 $17,200 
Catastrophe losses1,990 2,120 4,192 2,851 
Non-catastrophe prior year reserve reestimates(378)(66)(616)(59)
Amortization of DAC1,742 1,673 3,474 3,281 
Advertising expense442 402 965 685 
Amortization of purchased intangibles46 51 92 102 
Restructuring and related charges13 15 29 22 
Other segment expenses (2)
1,242 1,134 2,419 2,267 
Allstate Protection
13,567 13,922 27,718 26,349 
Claims and claims expense (1)
2 2 5 6 
Other segment expenses (2)
1 1 2 2 
Run-off Property Liability3 3 7 8 
Total Property-Liability
13,570 13,925 27,725 26,357 
Protection Services
Claims and claims expense
170 157 331 315 
Amortization of DAC328 296 646 585 
Restructuring and related charges1 — 1 1 
Other segment expenses (2)
290 246 599 480 
Income taxes on operations
18 19 35 36 
Total807 718 1,612 1,417 
Allstate Health and Benefits
Accident, health and other policy benefits
188 291 521 587 
Amortization of DAC6 32 43 74 
Restructuring and related charges1 — 1 1 
Other segment expenses (2)
149 224 383 449 
Income taxes on operations
1 15 10 30 
Total345 562 958 1,141 
Corporate and Other
Interest expense100 98 200 195 
Restructuring and related charges— (2)— (1)
Other segment expenses (2)
45 47 77 89 
Income taxes on operations
(21)(29)(48)(54)
Preferred stock dividends
30 30 59 59 
Total$154 $144 $288 $288 
(1)Includes Property-Liability incurred loss adjustment expenses, net of reinsurance of $751 million and $713 million during the three months ended June 30, 2025 and 2024, respectively, and $1.49 billion and $1.41 billion during the six months ended June 30, 2025 and 2024, respectively.
(2)Includes employee-related costs, professional services, technology and other operating costs and expenses.
Additional significant financial performance data
Three months ended June 30,Six months ended June 30,
($ in millions)2025202420252024
Amortization of DAC
Property-Liability$1,742 $1,673 $3,474 $3,281 
Protection Services328 296 646 585 
Allstate Health and Benefits6 32 43 74 
Consolidated$2,076 $2,001 $4,163 $3,940 
Amortization of purchased intangibles
Property-Liability$46 $51 $92 $102 
Protection Services9 13 18 24 
Allstate Health and Benefits2 6 6 13 
Consolidated$57 $70 $116 $139 
Income tax expense (benefit)
Property-Liability $350 $79 $498 $342 
Protection Services16 16 29 29 
Allstate Health and Benefits
247 14 255 28 
Corporate and Other
(9)(26)(55)(50)
Consolidated$604 $83 $727 $349 
Capital expenditures for long-lived assets are generally made at the Property-Liability level as the Company does not allocate assets to the Allstate Protection and Run-off Property-Liability segments. A portion of these long-lived assets are used by entities included in the Protection Services, Allstate Health and Benefits and Corporate and Other segments and, accordingly, are charged to these segments in proportion to their use.
Reportable segments total assets, investments and deferred policy acquisition costs
($ in millions)June 30, 2025December 31, 2024
Assets
Property-Liability$102,190 $96,988 
Protection Services 7,673 7,540 
Allstate Health and Benefits
1,442 4,362 
Corporate and Other4,589 2,727 
Consolidated$115,894 $111,617 
Investments (1)
Property-Liability$70,831 $67,671 
Protection Services 2,379 2,228 
Allstate Health and Benefits (2)
241 379 
Corporate and Other3,986 2,332 
Consolidated$77,437 $72,610 
Deferred policy acquisition costs
Property-Liability$2,656 $2,548 
Protection Services 3,198 3,161 
Allstate Health and Benefits (2)
76 64 
Consolidated$5,930 $5,773 
(1)The balances reflect the elimination of related party investments between segments.
(2)As of June 30, 2025 and December 31, 2024, $320 million and $1.91 billion of investments, respectively, and $1 million and $521 million of deferred policy acquisition costs, respectively, are classified as held for sale and not included in the table above.