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Reportable Segments
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Reportable Segments
Note 4Reportable 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. The dispositions of the EVB and group health businesses did not qualify for discontinued operations. Starting in the third quarter of 2025, 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.
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.
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 September 30,Nine months ended September 30,
($ in millions)2025202420252024
Underwriting income (loss) by segment
Allstate Protection$3,040 $555 $4,687 $1,316 
Run-off Property-Liability
(146)(60)(153)(68)
Adjusted net income (loss) by segment, after-tax
Protection Services46 58 161 167 
Allstate Health and Benefits
— 32 43 133 
Corporate
(87)(110)(278)(320)
Reconciliation of segment performance measures to net income (loss) applicable to common shareholders
Allstate Protection and Run-off Property-Liability net investment income
873 708 2,343 2,053 
Net gains (losses) on investments and derivatives252 243 (241)(24)
Pension and other postretirement remeasurement gains (losses)108 (26)30 (15)
Amortization of purchased intangibles (1)
(13)(19)(37)(56)
Gain on disposition
723 1 1,616 6 
All other (2)
(7)5 (16)18 
Income tax (expense) benefit on Allstate Protection and Run-off Property-Liability and reconciling items (3)
(1,073)(251)(1,803)(588)
Total reconciling items863 661 1,892 1,394 
Less: Net loss attributable to noncontrolling interest (4)
(1)(25)(10)(29)
Net income applicable to common shareholders$3,717 $1,161 $6,362 $2,651 
(1)Excludes amortization of purchased intangibles in Allstate Protection, which is already included above in underwriting income.
(2)Includes results of the individual health business, which was previously included within the Allstate Health and Benefits segment. Prior period results were recast to reflect the historical results of the individual health business.
(3)The tax computation of the reporting segments and income tax benefit (expense) on reconciling items to net income (loss) are computed discretely based on the tax law of the jurisdictions applicable to the reporting entities.
(4)Reflects net loss attributable to noncontrolling interest in Allstate Protection.
Reportable segments revenue information
($ in millions)Three months ended September 30,Nine months ended September 30,
2025202420252024
Allstate Protection
    
Insurance premiums    
Auto$9,593 $9,270 $28,468 $27,127 
Homeowners3,880 3,403 11,308 9,812 
Other personal lines800 718 2,320 2,078 
Commercial lines99 151 316 478 
Other business lines161 152 494 438 
       Total Allstate Protection insurance premiums14,533 13,694 42,906 39,933 
Other revenue518 531 1,510 1,402 
Total Allstate Protection
15,051 14,225 44,416 41,335 
Run-off Property-Liability
— — — — 
Protection Services  
Protection plans552 480 1,593 1,372 
Roadside assistance42 34 117 115 
Protection and insurance products
126 125 376 377 
Intersegment premiums and service fees (1)
33 49 106 123 
Other revenue124 110 363 293 
Net investment income25 24 74 68 
Net gains (losses) on investments and derivatives10 10 1 4 
Total Protection Services912 832 2,630 2,352 
Allstate Health and Benefits
Employer voluntary benefits— 248 243 742 
Group health— 120 247 358 
Other revenue— 81 163 245 
Net investment income— 25 24 69 
Net gains (losses) on investments and derivatives— (6)(1)(3)
Total Allstate Health and Benefits
— 468 676 1,411 
Corporate
    
Other revenue24 17 62 56 
Net investment income49 25 108 64 
Net gains (losses) on investments and derivatives85 17 122 19 
Total Corporate
158 59 292 139 
Reconciliation of revenue
Allstate Protection and Run-off Property-Liability net investment income
873 708 2,343 2,053 
Allstate Protection and Run-off Property-Liability net gains (losses) on investments and derivatives
157 222 (362)(43)
All other137 162 451 476 
Intersegment eliminations (1)
(33)(49)(106)(123)
Consolidated revenues$17,255 $16,627 $50,340 $47,600 
(1)Intersegment insurance premiums and service fees are primarily related to Arity and Roadside and are eliminated in the condensed consolidated financial statements.
Reportable segments expense information used in measure for segment profit or loss
Three months ended September 30,Nine months ended September 30,
($ in millions)2025202420252024
Allstate Protection
Claims and claims expense excluding catastrophe losses and prior year reserve reestimates (1)
$8,304 $8,501 $25,467 $25,701 
Catastrophe losses558 1,703 4,750 4,554 
Non-catastrophe prior year reserve reestimates(542)(14)(1,158)(73)
Amortization of DAC1,757 1,696 5,231 4,977 
Advertising expense575 519 1,540 1,204 
Amortization of purchased intangibles46 52 138 154 
Restructuring and related charges15 23 44 45 
Other segment expenses (2)
1,298 1,190 3,717 3,457 
Total
12,011 13,670 39,729 40,019 
Run-off Property-Liability
Claims and claims expense prior year reserve reestimates (3)
146 59 151 65 
Other segment expenses (2)
— 1 2 3 
Total
146 60 153 68 
Protection Services
Claims and claims expense
193 166 524 481 
Amortization of DAC337 304 983 889 
Non-deferrable commissions
116 94 327 251 
Restructuring and related charges1 — 2 1 
Other segment expenses (2)
194 186 582 509 
Income taxes on operations16 15 51 51 
Total857 765 2,469 2,182 
Allstate Health and Benefits
Accident, health and other policy benefits
— 255 379 723 
Amortization of DAC— 30 30 90 
Restructuring and related charges— 1 — 2 
Other segment expenses (2)
— 147 213 430 
Income taxes on operations
— 9 12 36 
Total— 442 634 1,281 
Corporate
Interest expense101 104 301 299 
Restructuring and related charges— 3 — 2 
Other segment expenses (2)
42 39 119 128 
Income taxes on operations
(12)(23)(60)(77)
Preferred stock dividends
29 29 88 88 
Total$160 $152 $448 $440 
(1)Includes Allstate Protection incurred loss adjustment expenses, net of reinsurance of $741 million and $732 million during the three months ended September 30, 2025 and 2024, respectively, and $2.22 billion and $2.14 billion during the nine months ended September 30, 2025 and 2024, respectively.
(2)Includes employee-related costs, professional services, technology and other operating costs and expenses.
(3)Includes Run-off Property-Liability incurred loss adjustment expenses, net of reinsurance of $24 million and $4 million during the three months ended September 30, 2025 and 2024, respectively, and $28 million and $7 million during the nine months ended September 30, 2025 and 2024, respectively.
Additional significant financial performance data
Three months ended September 30,Nine months ended September 30,
($ in millions)2025202420252024
Amortization of DAC
Allstate Protection
$1,757 $1,696 $5,231 $4,977 
Protection Services337 304 983 889 
Allstate Health and Benefits— 30 30 90 
All other
7 7 20 21 
Consolidated$2,101 $2,037 $6,264 $5,977 
Amortization of purchased intangibles
Allstate Protection
$46 $52 $138 $154 
Protection Services10 12 28 36 
Allstate Health and Benefits— 3 1 9 
All other
3 4 8 11 
Consolidated$59 $71 $175 $210 
Income tax expense (benefit)
Allstate Protection and Run-off Property-Liability
$817 $257 $1,315 $599 
Protection Services15 14 44 43 
Allstate Health and Benefits (1)
216 8 474 34 
Corporate
29 (25)(26)(75)
All other
(2)— (5)2 
Consolidated$1,075 $254 $1,802 $603 
(1)Includes income tax expense on the gain on sale of the EVB and group health businesses.
Capital expenditures for long-lived assets are generally made at the Property-Liability level as the Company does not allocate assets to the Allstate Protection and Run-off Property-Liability segments. A portion of these long-lived assets are used by entities included in the Protection Services, Corporate and until July 1, 2025, Allstate Health and Benefits segments and accordingly, are charged to these segments in proportion to their use.
Reportable segments total assets, investments and deferred policy acquisition costs
($ in millions)September 30, 2025December 31, 2024
Assets
Allstate Protection and Run-off Property-Liability
$105,668 $96,988 
Protection Services 8,442 7,540 
Allstate Health and Benefits
— 3,714 
Corporate
5,318 2,727 
All other
974 648 
Consolidated$120,402 $111,617 
Investments (1)
Allstate Protection and Run-off Property-Liability
$74,390 $67,671 
Protection Services 2,501 2,228 
Allstate Health and Benefits (2)
— 219 
Corporate
5,240 2,332 
All other
197 160 
Consolidated$82,328 $72,610 
Deferred policy acquisition costs
Allstate Protection
$2,802 $2,548 
Protection Services 3,212 3,161 
Allstate Health and Benefits (2)
— 1 
All other
81 63 
Consolidated$6,095 $5,773 
(1)The balances reflect the elimination of related party investments between segments.
(2)As of December 31, 2024, $1.91 billion of investments and $521 million of deferred policy acquisition costs were classified as held for sale and not included in the table above.