Allstate posted net income attributable to common shareholders of $2.4bn in the first quarter of 2026 (Q1 2026), up from $566m in the same quarter a year earlier, as underwriting performance improved.
Adjusted net income came to $2.8bn, or $10.65 a diluted share, versus $949m a year earlier.
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The US-based insurer’s Q1 revenue totalled $16.9bn, an increase of $489m, or 3%, from the prior-year period.
Catastrophe losses were $1bn in the quarter, down $778m from a year earlier. Total costs and expenses fell to $13.8bn from $15.7bn.
Property-liability earned premiums reached $14.8bn, rising 5.5% from Q1 2025, mainly due to higher average homeowners’ insurance premiums and growth in policies in force.
Underwriting income increased to $2.7bn from $360m, while property-liability catastrophe losses decreased by 43.7% to $1.2bn from $2.2bn.
The company said its auto insurance business showed results from “Transformative Growth execution, with strong margins and new business growth across all distribution channels”.
Written premiums were unchanged from a year earlier, as an increase in policies in force was balanced by lower average premiums. Earned premiums rose by 2.1% year on year.
Allstate homeowners insurance delivered underwriting profit of $685m, a turnaround from a $451m loss in the prior-year quarter, which was driven by the 2025 California wildfires.
Allstate Investments’ net income grew by $84m to $938m, driven by market-based portfolio growth on a $85.2bn base.
Allstate CEO Tom Wilson said: “The broad set of competitive tools created through Transformative Growth is driving strong performance.
“Market share of auto and homeowners insurance increased in many states due to a comprehensive approach of more affordable prices, new products, expanded benefits, bundled offerings, lower expenses, sophisticated analytics and increased marketing.
“This positioned Allstate and independent agents and direct distribution to capture a record amount of new business in the quarter. Retention losses were slightly lower, reflecting last year’s focus on improving customer experience.”
