The Allstate Corporation

Allstate delivered another strong quarter, confirming that the turnaround is complete rather than still in progress. Premium growth remains subdued by conservative underwriting, while both Auto and Homeowners remain highly profitable with combined ratios below 90%. At roughly 6.1x trailing earnings, valuation remains attractive, but the current 39.7% adjusted ROE is unlikely to represent normalized profitability.

Allstate NYSE: ALL reported adjusted net income of nearly $2.5 billion, or $9.76 per share, for the third quarter of 2026, as policy growth and higher investment income helped offset an increase in catastrophe losses.

ALL's Q3 earnings call highlights rising insurance policy growth, auto margin pressures and AI-driven distribution plans, including a 2027 assistant launch.

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