ALL US S&P 500Russell 1000 Earnings call
Allstate
Results Q2 2026 vs Q1 2026 · previous quarter · published 5 Aug 2026 and 30 Apr 2026
Net income up 33.1% on the previous quarter. Management sounded cautious, in its script and in answers to analysts.
1 · Numbers
+33.1%
Net income vs Q1 2026
Net income 3.27B vs 2.46B
Revenue +9.8%
Against the same quarter last year (Q2 2025) it is +55.1%, so it is not just seasonal.
Why Against the same quarter last year, net income rose because total revenues grew by $18.6 billion, supported by strong margins, precise pricing, and expense control in the auto and homeowners insurance segments.
2 · How management spoke
Cautious
Less upbeat than 96% of company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
Allstate's protection plans generated $1.4 billion in total revenue and over $80 million in the first six months of the year, growing more than 10x in size.
Read between the lines
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Figure
Auto insurance new business increased to 2.3 million items in the quarter compared to 1.5 million three years ago across all sales channels.
Source quote
“Auto insurance new business increased to 2.3 million items in the quarter versus 1.5 million 3 years ago, which is balanced between all channels, Allstate agents, independent agents and direct sales via phone or web.”
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Figure
The segment had 177 million policies in force contributing $3.4 billion to the top line and generating over $200 million in adjusted net income in the last 12 months.
Source quote
“The segment has 177 million policies in force contributing $3.4 billion to our top line and generating over $200 million in adjusted net income in the last 12 months.”
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Figure
Protection plans generated $1.4 billion in total revenue and over $80 million in the first six months of the year, growing more than 10x in size.
Source quote
“So protection plans, square trades more than 10x its size. We've made $1.4 billion for it and it made over $80 million in the first 6 months of this year.”
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Figure
The company repurchased 39% of outstanding shares, reducing the total number of shares available in the market.
Source quote
“In that time, we've repurchased 39% of outstanding shares.”
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Figure
The Property-Liability combined ratio improved 4.5 points to 86.6% in Q2 2026 compared to Q1 2026.
Source quote
“The Property-Liability combined ratio improved 4.5 points to 86.6%.”
4 more
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Figure
Underwriting income increased nearly 57% from the prior year to reach $2 billion, reflecting significant growth in the business's core underwriting operations.
Source quote
“Business generated $2 billion of underwriting income, an increase of nearly 57% from the prior year.”
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Key theme
The company is building Ally to leverage Agentic AI to lower costs, improve customer value, and increase growth.
Source quote
“Now this platform is enabling us to build Ally, which will leverage Agentic AI to improve customer value, lower cost and increase growth.”
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Figure
The year-to-date underlying combined ratio was 88.5%, which is a key metric for assessing the company's underwriting profitability.
Source quote
“The year-to-date underlying combined ratio was 88.5%.”
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Figure
Investment income increased over 57% since 2022, growing from $2.4 billion to nearly $3.8 billion on a trailing 12-month basis as of the second quarter of 2026.
Source quote
“In 2022, investment income or since 2022, investment income has increased over 57%, growing from $2.4 billion to nearly $3.8 billion on a trailing 12-month basis as of second quarter 2026.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“For example, when property liability margins declined at the beginning of the pandemic, and the economic outlook was uncertain, we reduced equity holdings.”
“I think Ali should help us reduce our expenses Jesse has already got a lot of work going on to take work out of agent offices, which will reduce our...”
“On top of that, though, your the question about catastrophe risk, we managed overall catastrophe risk.”
Numbers
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 18.60B | 16.94B | +9.8% | 16.63B | +11.8% |
| Net income | 3.27B | 2.46B | +33.1% | 2.11B | +55.1% |
| EPS | 12.51 | 9.25 | +35.2% | 7.76 | +61.2% |
Topics
Most discussed now
- In the center of the slide, you can see how these investments are translating into new business growth in the...
- The transformative growth initiative is resulting in market share growth in auto and homeowners insurance.
- The reduction of expected costs for first quarter claims benefited the second quarter by 2.4 points, resulting in an adjusted...
- Allstate's strategy is to increase Property-Liability market share and expand the protection Allstate provides to customers by offering…
- The Property-Liability business increased growth in the second quarter while generating attractive returns.
Faded since Q1 2026
- Fading Homeowners insurance market share grew at 83% of the U.S.
- Fading The increase reflects higher average investment balances from a 15% increase in earned premiums strong underwriting income and improved…
Latest announcements
Official filings, newest first.
- Regulation FD disclosure · SEC 8-K
The company released its August 2026 monthly report regarding estimated catastrophe losses on its website.
- Regulation FD disclosure · SEC 8-K
The company released its July 2026 monthly report regarding estimated catastrophe losses on its website and as Exhibit 99.
- Results of operations · SEC 8-K
The company released its second quarter 2026 financial results and investor supplement on August 5, 2026, but the filing does not provide specific financial figures or year-over-year comparisons.
- Regulation FD disclosure · SEC 8-K
The company released its June 2026 monthly report regarding estimated catastrophe losses on its website and as Exhibit 99.
- Director or officer change; Regulation FD disclosure · SEC 8-K
Christian M. Lown will join The Allstate Corporation as Executive Vice President and Chief Financial Officer on August 3, 2026, with an annual base salary of $875,000 and a $2,000,000 sign-on bonus.
- Regulation FD disclosure · SEC 8-K
The company released its May 2026 monthly report regarding estimated catastrophe losses and policies in force on its website.
- Shareholder vote results · SEC 8-K · routine
- Regulation FD disclosure · SEC 8-K
The company released its April 2026 monthly report regarding estimated catastrophe losses and policies in force on its website.