v3.26.1
Reportable Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Reportable Segments
Note 3Reportable 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 and Corporate segments and Allstate Health and Benefits when it was a reportable segment.
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 and Corporate levels for decision-making purposes.
The dispositions of the employer voluntary benefits (“EVB”) and group health businesses in 2025 did not qualify for discontinued operations. The Allstate Health and Benefits segment is no longer a reportable segment, with results of this segment recast to reflect only the results of the EVB and group health businesses. The retained individual health business, previously included in the Allstate Health and Benefits segment, is a non-reportable segment with results included in all other for all periods presented.
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)2026202520262025
Underwriting income (loss) by segment
Allstate Protection$2,006 $1,283 $4,665 $1,647 
Run-off Property-Liability
— (3)(1)(7)
Adjusted net income (loss) by segment, after-tax
Protection Services53 60 100 115 
Allstate Health and Benefits
— 9 — 43 
Corporate
(48)(94)(107)(191)
Reconciliation of segment performance measures to net income (loss) applicable to common shareholders
Allstate Protection and Run-off Property-Liability net investment income
885 687 1,730 1,470 
Net gains (losses) on investments and derivatives1,055 (144)650 (493)
Pension and other postretirement remeasurement gains (losses)146 — 127 (78)
Amortization of purchased intangibles (1)
(8)(11)(16)(24)
Gain on disposition
1 893 7 893 
All other (2)
5 (5)17 (9)
Income tax (expense) benefit on Allstate Protection and Run-off Property-Liability and reconciling items (3)
(853)(606)(1,501)(730)
Total reconciling items1,231 814 1,014 1,029 
Less: Net income (loss) attributable to noncontrolling interest (4)
1 (10)2 (9)
Net income applicable to common shareholders$3,241 $2,079 $5,669 $2,645 
(1)Excludes amortization of purchased intangibles in Allstate Protection, which is already included above in underwriting income.
(2)Includes results of the individual health business, which was previously included within the Allstate Health and Benefits segment. Prior period results were recast to reflect the historical results of the individual health business.
(3)The tax computation of the reporting segments and income tax benefit (expense) on reconciling items to net income (loss) are computed discretely based on the tax law of the jurisdictions applicable to the reporting entities.
(4)Reflects net income (loss) attributable to noncontrolling interest in Allstate Protection.
Reportable segments revenue information
($ in millions)Three months ended June 30,Six months ended June 30,
2026202520262025
Allstate Protection
Insurance premiums
Auto$9,644 $9,528 $19,191 $18,875 
Homeowners4,201 3,771 8,365 7,428 
Specialty lines822 779 1,642 1,520 
Commercial lines107 104 208 217 
Brokered solutions and collateral protection144 164 314 333 
       Total Allstate Protection insurance premiums14,918 14,346 29,720 28,373 
Other revenue568 504 1,112 992 
Total Allstate Protection
15,486 14,850 30,832 29,365 
Run-off Property-Liability
— — — — 
Protection Services
Protection plans578 531 1,156 1,041 
Roadside assistance49 39 96 75 
Protection and insurance products
125 125 251 250 
Intersegment premiums and service fees (1)
35 36 66 73 
Other revenue123 111 240 239 
Net investment income25 25 48 49 
Net gains (losses) on investments and derivatives26 1 19 (9)
Total Protection Services961 868 1,876 1,718 
Allstate Health and Benefits
Employer voluntary benefits— — — 243 
Group health— 123 — 247 
Other revenue— 79 — 163 
Net investment income— 1 — 24 
Net gains (losses) on investments and derivatives— (1)— (1)
Total Allstate Health and Benefits
— 202 — 676 
Corporate
Other revenue12 23 29 38 
Net investment income96 37 164 59 
Net gains (losses) on investments and derivatives31 46 (39)37 
Total Corporate
139 106 154 134 
Reconciliation of revenue
Allstate Protection and Run-off Property-Liability net investment income
885 687 1,730 1,470 
Allstate Protection and Run-off Property-Liability net gains (losses) on investments and derivatives
999 (190)671 (519)
All other161 146 340 314 
Intersegment eliminations (1)
(35)(36)(66)(73)
Consolidated revenues$18,596 $16,633 $35,537 $33,085 
(1)Intersegment insurance premiums and service fees are primarily related to Arity and Roadside and are eliminated in the condensed consolidated financial statements.
Reportable segments expense information used in measure for segment profit or loss
Three months ended June 30,Six months ended June 30,
($ in millions)2026202520262025
Allstate Protection
Claims and claims expense excluding catastrophe losses and prior year reserve reestimates (1)
$8,638 $8,470 $17,406 $17,163 
Catastrophe losses1,722 1,990 2,962 4,192 
Prior year reserve reestimates excluding catastrophes(692)(378)(1,708)(616)
Amortization of DAC1,840 1,742 3,661 3,474 
Advertising expense524 442 1,068 965 
Amortization of purchased intangibles38 46 77 92 
Restructuring and related charges6 13 7 29 
Other segment expenses (2)
1,404 1,242 2,694 2,419 
Total
13,480 13,567 26,167 27,718 
Run-off Property-Liability
Claims and claims expense prior year reserve reestimates— 2 — 5 
Other segment expenses (2)
— 1 1 2 
Total
— 3 1 7 
Protection Services
Claims and claims expense
198 170 397 331 
Amortization of DAC356 328 704 646 
Non-deferrable commissions
124 110 250 211 
Restructuring and related charges— 1 4 1 
Other segment expenses (2)
186 180 369 388 
Income taxes on operations (3)
19 18 34 35 
Total883 807 1,758 1,612 
Allstate Health and Benefits
Accident, health and other policy benefits
— 121 — 379 
Amortization of DAC— — — 30 
Other segment expenses (2)
— 71 — 213 
Income taxes on operations (3)
— 2 — 12 
Total— 194 — 634 
Corporate
Interest expense96 100 194 200 
Other segment expenses (2)
33 45 66 77 
Income taxes on operations (3)
(3)(21)(19)(48)
Preferred stock dividends
30 30 59 59 
Total$156 $154 $300 $288 
(1)Includes Allstate Protection incurred loss adjustment expenses, net of reinsurance of $799 million and $750 million during the three months ended June 30, 2026 and 2025, respectively, and $1.58 billion and $1.48 billion during the six months ended June 30, 2026 and 2025, respectively.
(2)Includes employee-related costs, professional services, technology and other operating costs and expenses.
(3)Excludes taxes attributable to items excluded from the segment’s reported measure of profit or loss.
Additional significant financial performance data
Three months ended June 30,Six months ended June 30,
($ in millions)2026202520262025
Amortization of DAC
Allstate Protection
$1,840 $1,742 $3,661 $3,474 
Protection Services356 328 704 646 
Allstate Health and Benefits— — — 30 
All other
6 6 15 13 
Consolidated$2,202 $2,076 $4,380 $4,163 
Amortization of purchased intangibles
Allstate Protection
$38 $46 $77 $92 
Protection Services6 9 12 18 
Allstate Health and Benefits— — — 1 
All other
2 2 4 5 
Consolidated$46 $57 $93 $116 
Income tax expense (benefit)
Allstate Protection and Run-off Property-Liability
$812 $350 $1,480 $498 
Protection Services23 16 35 29 
Allstate Health and Benefits— 249 — 258 
Corporate
35 (9)2 (55)
All other
1 (2)4 (3)
Consolidated$871 $604 $1,521 $727 
Capital expenditures for long-lived assets are generally made at the Property-Liability level as the Company does not allocate assets to the Allstate Protection and Run-off Property-Liability segments. A portion of these long-lived assets are used by entities included in the Protection Services and Corporate segments and accordingly, are charged to these segments in proportion to their use.
Reportable segments total assets, investments and deferred policy acquisition costs
($ in millions)June 30, 2026December 31, 2025
Assets
Allstate Protection and Run-off Property-Liability
$105,240 $102,801 
Protection Services 8,512 8,372 
Corporate
10,020 7,610 
All other
984 975 
Consolidated$124,756 $119,758 
Investments (1)
Allstate Protection and Run-off Property-Liability
$75,307 $73,222 
Protection Services 2,528 2,312 
Corporate
9,774 7,503 
All other
193 200 
Consolidated$87,802 $83,237 
Deferred policy acquisition costs
Allstate Protection
$2,806 $2,803 
Protection Services 3,232 3,274 
All other101 86 
Consolidated$6,139 $6,163 
(1)The balances reflect the elimination of related party investments between segments.