US primary insurer Allstate reported net income applicable to common shareholders of $7.72 billion for the first nine months of 2026, up 21.3% on the same period of 2025, as improved Property-Liability underwriting performance helped lift earnings.
Adjusted net income for the first nine months of 2026 was $7.62 billion, up 38.1% from the equivalent period of 2025, while consolidated revenues rose 5.1% to $52.89 billion.
Notably, Property-Liability underwriting income climbed 47.5% to $6.69 billion in the first nine months of 2026, compared with $4.53 billion in the same period of 2025
Earned premiums in this segment increased 4.4% to $44.81 billion over the nine months, while the recorded combined ratio improved by 4.3 percentage points to 85.1%.
Catastrophe losses in Property-Liability during the first nine months of 2026 totalled $4.61 billion, down 2.9% from $4.75 billion in the same period of 2025.
Across the group, total policies in force increased 3.9% year on year to 217.6 million. Within Property-Liability, policies in force grew 3.3% to 39.3 million during the first nine months of 2026.
Within Allstate Protection, auto insurance premiums written increased 0.2% to $29.31 billion over the first nine months of 2026, while earned premiums grew 1.3% to $28.85 billion.
The auto recorded combined ratio for the nine months improved by 3.6 percentage points to 82.8%, although the underlying combined ratio deteriorated slightly, rising 0.7 percentage points to 89%. Auto underwriting income for the nine months increased 28% to $4.96 billion.
Meanwhile, auto policies in force grew 3.4% to 26.2 million during the first nine months of 2026, supported by a 6.3% increase in new business in Q3.
Homeowners insurance premiums written for the first nine months of 2026 rose 7.9% to $13.44 billion, while earned premiums increased 12.2% to $12.69 billion.
The homeowners recorded combined ratio for the nine months improved to 89.3% from 94.9% in the prior-year period, while catastrophe losses declined 3.4% to $3.78 billion.
Homeowners underwriting income more than doubled, increasing 135% to $1.36 billion. The underlying combined ratio was 60.7%, compared with 60.2% in the prior-year period.
Homeowners policies in force increased 3.3% to 7.90 million during the first nine months of 2026, with new business up 10.2% in Q3.
At the same time, Allstate’s Protection Services continued to expand, with revenues for the first nine months of 2026 increasing 7.3% to $2.82 billion. Adjusted net income for the nine months edged up to $164 million from $161 million in the prior-year period.
Net investment income increased by $567 million to $3.12 billion for the first nine months of 2026, reflecting higher market-based and performance-based investment income.
In Q3 2026, Allstate reported net income applicable to common shareholders of $2.05 billion, down 44.8% from $3.72 billion in Q3 2025.
Q3 2026 adjusted net income fell 16.2% to $2.49 billion, while consolidated revenues increased 0.5% to $17.35 billion.
The decline in Q3 net income primarily reflected higher catastrophe losses, the gain on the sale of the group health business in Q3 2025, and net losses on investments and derivatives. These factors were partially offset by higher premiums earned.
Property-Liability earned premiums rose 3.8% to $15.09 billion in Q3 2026, but catastrophe losses increased substantially to $1.65 billion from $558 million in Q3 2025
The division’s Q3 2026 combined ratio deteriorated by 6.5 percentage points to 86.6%, primarily reflecting a 7.1 percentage point increase in catastrophe losses. This was partially offset by 2.4 percentage points of more favourable non-catastrophe prior-year reserve releases.
Property-Liability underwriting income in Q3 2026 consequently fell 30.1% to $2.02 billion from $2.89 billion a year earlier. The underlying combined ratio increased by 1.8 percentage points to 80.5%.
Net investment income rose by $228 million to $1.18 billion in Q3 2026, supported by higher market-based and performance-based returns.
