01—Abstract
Summary
Summary of the 10-K filed February 20, 2026. Cited figures are marked; the original filing is the authoritative source.
The Allstate Corporation's 2025 Form 10-K filing details a robust financial performance, driven by significant growth in its Allstate Protection segment, which accounts for the majority of the company's premiums.
The company reported a substantial increase in net income applicable to common shareholders, reaching $10.17 billiona in 2025, a marked improvement from $4.55 billion in 2024. This growth was fueled by higher underwriting income, gains from the disposition of the employer voluntary benefits and group health businesses, and an increase in net investment income. Allstate Protection, its largest segment, saw a notable rise in premiums written for both auto and homeowners insurance.
The company's strategy of 'Transformative Growth,' focusing on improving customer value, expanding access, and leveraging technology, appears to be yielding positive results, as evidenced by increased policies in force and premium rate adjustments. The Protection Services segment also demonstrated steady performance, contributing to overall revenue growth. The company's financial position strengthened, with total investments growing to $83.24 billion and shareholders' equity increasing to $30.61 billionb.
Allstate also actively engaged in capital return to shareholders through common share repurchases and dividends, signaling confidence in its ongoing operational strength and future prospects. Despite a competitive market and potential risks related to catastrophes and regulatory changes, Allstate's diversified business model and strategic initiatives position it for continued resilience and growth.
02—Key points
Key Highlights
- Consolidated net income applicable to common shareholders significantly increased to $10.17 billion in 2025 from $4.55 billion in 2024.
- Total revenue rose by 5.6% to $67.69 billion in 2025, driven by higher auto and homeowners insurance policies in force and premium rate increases.
- Allstate Protection segment's underwriting income grew substantially to $8.69 billion in 2025 from $3.15 billion in 2024, largely due to increased premiums and prior-year reserve releases.
- The company completed the sale of its employer voluntary benefits and group health businesses, recording gains of $888 million and $715 million respectively (pre-tax).
- Total investments increased to $83.24 billion as of December 31, 2025, from $72.61 billion as of December 31, 2024.
- Shareholders' equity grew to $30.61 billion as of December 31, 2025, reflecting strong net income and increased unrealized capital gains on investments.
- The company repurchased 6 million common shares for $1.24 billion in 2025 and announced a new $4.00 billion share repurchase program.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 20, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $67.69B$64.11B | +5.6% |
| Net Income | $10.16B$4.55B | +123.4% |
| EPS (Basic) | $38.56$17.22 | +123.9% |
| EPS (Diluted) | $38.06$16.99 | +124.0% |
| Shares Outstanding (Basic) | 263.60M264.30M | −0.3% |
| Shares Outstanding (Diluted) | 267.10M267.80M | −0.3% |
05—Questions
Frequently Asked Questions
What was Allstate's overall financial performance in 2025?
Allstate reported a significant increase in net income applicable to common shareholders, reaching $10.17 billion in 2025, up from $4.55 billion in 2024. This improvement was driven by higher underwriting income, gains from the sale of certain businesses, and increased net investment income. Total revenue also grew to $67.69 billion.
How did the Allstate Protection segment perform?
The Allstate Protection segment, which is the company's largest, showed strong performance with underwriting income increasing to $8.69 billion in 2025 from $3.15 billion in 2024. This growth was primarily due to higher earned premiums and favorable prior-year reserve releases, despite higher expenses. Premiums written for auto and homeowners insurance both increased.
What impact did the business dispositions have on the financial results?
Allstate completed the sale of its employer voluntary benefits business and its group health business in 2025. These transactions resulted in pre-tax gains of $888 million and $715 million, respectively, which contributed positively to the company's overall net income for the year.
How is Allstate managing its capital and shareholder returns?
Allstate's financial position strengthened in 2025, with shareholders' equity increasing to $30.61 billion. The company returned capital to shareholders through common share repurchases, buying back 6 million shares for $1.24 billion, and increased its common shareholder dividend to $1.08 per share. The company also announced a new $4.00 billion share repurchase program.
06—Continue