Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Reportable Segments Financial Performance

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)	2025		2024		2025		2024
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 Services	60		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 disposition	893		1		893		5

Income tax (expense) benefit on Property-Liability and reconciling items (2)	(606)		(78)		(730)		(337)
Total reconciling items	819		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.

Schedule of Reportable Segments Revenue Information


Reportable segments revenue information
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Property-Liability
Insurance premiums
Auto	$	9,528	$	9,079	$	18,875	$	17,857
Homeowners	3,771		3,255		7,428		6,409
Other personal lines	779		701		1,520		1,360
Commercial lines	104		158		217		327
Other business lines	164		146		333		286
Allstate Protection	14,346		13,339		28,373		26,239
Run-off Property-Liability	—		—		—		—
Total Property-Liability insurance premiums	14,346		13,339		28,373		26,239
Other revenue	504		441		992		871
Net investment income	687		643		1,470		1,345
Net gains (losses) on investments and derivatives	(190)		(103)		(519)		(265)
Total Property-Liability	15,347		14,320		30,316		28,190

Protection Services
Protection plans	531		453		1,041		892
Roadside assistance	39		34		75		81
Protection and insurance products	125		126		250		252
Intersegment premiums and service fees (1)	36		39		73		74
Other revenue	111		98		239		183
Net investment income	25		23		49		44
Net gains (losses) on investments and derivatives	1		(1)		(9)		(6)
Total Protection Services	868		772		1,718		1,520

Allstate Health and Benefits
Employer voluntary benefits	—		246		243		494
Group health	123		120		247		238
Individual health	112		108		232		220
Other revenue	109		121		240		255
Net investment income	5		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 revenue	23		19		38		39
Net investment income	37		21		59		39
Net gains (losses) on investments and derivatives	46		1		37		2
Total Corporate and Other	106		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.

Schedule of Reportable Segments Expense Information Used in Measure for Segment Profit or Loss


Reportable segments expense information used in measure for segment profit or loss
	Three months ended June 30,				Six months ended June 30,
($ in millions)	2025		2024		2025		2024
Property-Liability
Claims and claims expense excluding catastrophe losses and prior year reserve reestimates (1)	$	8,470	$	8,593	$	17,163	$	17,200
Catastrophe losses	1,990		2,120		4,192		2,851
Non-catastrophe prior year reserve reestimates	(378)		(66)		(616)		(59)
Amortization of DAC	1,742		1,673		3,474		3,281
Advertising expense	442		402		965		685
Amortization of purchased intangibles	46		51		92		102
Restructuring and related charges	13		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 Liability	3		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 DAC	328		296		646		585
Restructuring and related charges	1		—		1		1
Other segment expenses (2)	290		246		599		480
Income taxes on operations	18		19		35		36
Total	807		718		1,612		1,417

Allstate Health and Benefits
Accident, health and other policy benefits	188		291		521		587
Amortization of DAC	6		32		43		74
Restructuring and related charges	1		—		1		1
Other segment expenses (2)	149		224		383		449
Income taxes on operations	1		15		10		30
Total	345		562		958		1,141

Corporate and Other
Interest expense	100		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.

Schedule of Additional Significant Financial Performance Data


Additional significant financial performance data
	Three months ended June 30,				Six months ended June 30,
($ in millions)	2025		2024		2025		2024
Amortization of DAC
Property-Liability	$	1,742	$	1,673	$	3,474	$	3,281
Protection Services	328		296		646		585
Allstate Health and Benefits	6		32		43		74
Consolidated	$	2,076	$	2,001	$	4,163	$	3,940

Amortization of purchased intangibles
Property-Liability	$	46	$	51	$	92	$	102
Protection Services	9		13		18		24
Allstate Health and Benefits	2		6		6		13
Consolidated	$	57	$	70	$	116	$	139

Income tax expense (benefit)
Property-Liability	$	350	$	79	$	498	$	342
Protection Services	16		16		29		29
Allstate Health and Benefits	247		14		255		28
Corporate and Other	(9)		(26)		(55)		(50)
Consolidated	$	604	$	83	$	727	$	349

Schedule of Reportable Segment Total Assets, Investments and Deferred Policy Acquisition Costs


Reportable segments total assets, investments and deferred policy acquisition costs
($ in millions)	June 30, 2025		December 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 Other	4,589		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 Other	3,986		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.