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Reportable Segments | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Reportable Segments |
Note 4 | Reportable 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, Allstate Health and Benefits and Corporate and Other segments. 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, Allstate Health and Benefits, and Corporate and Other 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 June 30, |  | Six months ended June 30,
($ in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Underwriting income (loss) by segment |  |  |  |  |  |  |  |
Allstate Protection |  | $ | 1,283 |  |  | $ | (142) |  |  | $ | 1,647 |  |  | $ | 761 |
Run-off Property-Liability |  | (3) |  |  | (3) |  |  | (7) |  |  | (8) |
Total Property-Liability |  | 1,280 |  |  | (145) |  |  | 1,640 |  |  | 753 |
Adjusted net income (loss) by segment, after-tax |  |  |  |  |  |  |  |
Protection Services |  | 60 |  |  | 55 |  |  | 115 |  |  | 109 |
Allstate Health and Benefits |  | 4 |  |  | 58 |  |  | 34 |  |  | 114 |
Corporate and Other |  | (94) |  |  | (104) |  |  | (191) |  |  | (210) |
Reconciling items |  |  |  |  |  |  |  |
Allstate Protection and Run-off Property-Liability net investment income |  | 687 |  |  | 643 |  |  | 1,470 |  |  | 1,345 |
Net gains (losses) on investments and derivatives |  | (144) |  |  | (103) |  |  | (493) |  |  | (267) |
Pension and other postretirement remeasurement gains (losses) |  | — |  |  | 9 |  |  | (78) |  |  | 11 |
Amortization of purchased intangibles (1) |  | (11) |  |  | (19) |  |  | (24) |  |  | (37) |
Gain (loss) on disposition |  | 893 |  |  | 1 |  |  | 893 |  |  | 5 |
Income tax (expense) benefit on Property-Liability and reconciling items (2) |  | (606) |  |  | (78) |  |  | (730) |  |  | (337) |
Total reconciling items |  | 819 |  |  | 453 |  |  | 1,038 |  |  | 720 |
Less: Net (loss) income attributable to noncontrolling interest (3) |  | (10) |  |  | 16 |  |  | (9) |  |  | (4) |
Net income applicable to common shareholders |  | $ | 2,079 |  |  | $ | 301 |  |  | $ | 2,645 |  |  | $ | 1,490 |
(1)Excludes amortization of purchased intangibles in Allstate Protection, which is already included above in underwriting income. (2)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. (3)Reflects net (loss) income attributable to noncontrolling interest in Property-Liability.
Reportable segments revenue information
($ in millions) |  | Three months ended June 30, |  | Six months ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Property-Liability |  |  |  |  |  |  |  |
Insurance premiums |  |  |  |  |  |  |  |
Auto |  | $ | 9,528 |  |  | $ | 9,079 |  |  | $ | 18,875 |  |  | $ | 17,857 |
Homeowners |  | 3,771 |  |  | 3,255 |  |  | 7,428 |  |  | 6,409 |
Other personal lines |  | 779 |  |  | 701 |  |  | 1,520 |  |  | 1,360 |
Commercial lines |  | 104 |  |  | 158 |  |  | 217 |  |  | 327 |
Other business lines |  | 164 |  |  | 146 |  |  | 333 |  |  | 286 |
Allstate Protection |  | 14,346 |  |  | 13,339 |  |  | 28,373 |  |  | 26,239 |
Run-off Property-Liability |  | — |  |  | — |  |  | — |  |  | — |
Total Property-Liability insurance premiums |  | 14,346 |  |  | 13,339 |  |  | 28,373 |  |  | 26,239 |
Other revenue |  | 504 |  |  | 441 |  |  | 992 |  |  | 871 |
Net investment income |  | 687 |  |  | 643 |  |  | 1,470 |  |  | 1,345 |
Net gains (losses) on investments and derivatives |  | (190) |  |  | (103) |  |  | (519) |  |  | (265) |
Total Property-Liability |  | 15,347 |  |  | 14,320 |  |  | 30,316 |  |  | 28,190 |
Protection Services |  |  |  |  |  |  |  |
Protection plans |  | 531 |  |  | 453 |  |  | 1,041 |  |  | 892 |
Roadside assistance |  | 39 |  |  | 34 |  |  | 75 |  |  | 81 |
Protection and insurance products |  | 125 |  |  | 126 |  |  | 250 |  |  | 252 |
Intersegment premiums and service fees (1) |  | 36 |  |  | 39 |  |  | 73 |  |  | 74 |
Other revenue |  | 111 |  |  | 98 |  |  | 239 |  |  | 183 |
Net investment income |  | 25 |  |  | 23 |  |  | 49 |  |  | 44 |
Net gains (losses) on investments and derivatives |  | 1 |  |  | (1) |  |  | (9) |  |  | (6) |
Total Protection Services |  | 868 |  |  | 772 |  |  | 1,718 |  |  | 1,520 |
Allstate Health and Benefits |  |  |  |  |  |  |  |
Employer voluntary benefits |  | — |  |  | 246 |  |  | 243 |  |  | 494 |
Group health |  | 123 |  |  | 120 |  |  | 247 |  |  | 238 |
Individual health |  | 112 |  |  | 108 |  |  | 232 |  |  | 220 |
Other revenue |  | 109 |  |  | 121 |  |  | 240 |  |  | 255 |
Net investment income |  | 5 |  |  | 25 |  |  | 30 |  |  | 48 |
Net gains (losses) on investments and derivatives |  | (1) |  |  | — |  |  | (2) |  |  | 2 |
Total Allstate Health and Benefits |  | 348 |  |  | 620 |  |  | 990 |  |  | 1,257 |
Corporate and Other |  |  |  |  |  |  |  |
Other revenue |  | 23 |  |  | 19 |  |  | 38 |  |  | 39 |
Net investment income |  | 37 |  |  | 21 |  |  | 59 |  |  | 39 |
Net gains (losses) on investments and derivatives |  | 46 |  |  | 1 |  |  | 37 |  |  | 2 |
Total Corporate and Other |  | 106 |  |  | 41 |  |  | 134 |  |  | 80 |
Intersegment eliminations (1) |  | (36) |  |  | (39) |  |  | (73) |  |  | (74) |
Consolidated revenues |  | $ | 16,633 |  |  | $ | 15,714 |  |  | $ | 33,085 |  |  | $ | 30,973 |
(1)Intersegment insurance premiums and service fees are primarily related to Arity and Allstate 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 June 30, |  | Six months ended June 30,
($ in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Property-Liability |  |  |  |  |  |  |  |
Claims and claims expense excluding catastrophe losses and prior year reserve reestimates (1) |  | $ | 8,470 |  |  | $ | 8,593 |  |  | $ | 17,163 |  |  | $ | 17,200 |
Catastrophe losses |  | 1,990 |  |  | 2,120 |  |  | 4,192 |  |  | 2,851 |
Non-catastrophe prior year reserve reestimates |  | (378) |  |  | (66) |  |  | (616) |  |  | (59) |
Amortization of DAC |  | 1,742 |  |  | 1,673 |  |  | 3,474 |  |  | 3,281 |
Advertising expense |  | 442 |  |  | 402 |  |  | 965 |  |  | 685 |
Amortization of purchased intangibles |  | 46 |  |  | 51 |  |  | 92 |  |  | 102 |
Restructuring and related charges |  | 13 |  |  | 15 |  |  | 29 |  |  | 22 |
Other segment expenses (2) |  | 1,242 |  |  | 1,134 |  |  | 2,419 |  |  | 2,267 |
Allstate Protection |  | 13,567 |  |  | 13,922 |  |  | 27,718 |  |  | 26,349 |
Claims and claims expense (1) |  | 2 |  |  | 2 |  |  | 5 |  |  | 6 |
Other segment expenses (2) |  | 1 |  |  | 1 |  |  | 2 |  |  | 2 |
Run-off Property Liability |  | 3 |  |  | 3 |  |  | 7 |  |  | 8 |
Total Property-Liability |  | 13,570 |  |  | 13,925 |  |  | 27,725 |  |  | 26,357 |
Protection Services |  |  |  |  |  |  |  |
Claims and claims expense |  | 170 |  |  | 157 |  |  | 331 |  |  | 315 |
Amortization of DAC |  | 328 |  |  | 296 |  |  | 646 |  |  | 585 |
Restructuring and related charges |  | 1 |  |  | — |  |  | 1 |  |  | 1 |
Other segment expenses (2) |  | 290 |  |  | 246 |  |  | 599 |  |  | 480 |
Income taxes on operations |  | 18 |  |  | 19 |  |  | 35 |  |  | 36 |
Total |  | 807 |  |  | 718 |  |  | 1,612 |  |  | 1,417 |
Allstate Health and Benefits |  |  |  |  |  |  |  |
Accident, health and other policy benefits |  | 188 |  |  | 291 |  |  | 521 |  |  | 587 |
Amortization of DAC |  | 6 |  |  | 32 |  |  | 43 |  |  | 74 |
Restructuring and related charges |  | 1 |  |  | — |  |  | 1 |  |  | 1 |
Other segment expenses (2) |  | 149 |  |  | 224 |  |  | 383 |  |  | 449 |
Income taxes on operations |  | 1 |  |  | 15 |  |  | 10 |  |  | 30 |
Total |  | 345 |  |  | 562 |  |  | 958 |  |  | 1,141 |
Corporate and Other |  |  |  |  |  |  |  |
Interest expense |  | 100 |  |  | 98 |  |  | 200 |  |  | 195 |
Restructuring and related charges |  | — |  |  | (2) |  |  | — |  |  | (1) |
Other segment expenses (2) |  | 45 |  |  | 47 |  |  | 77 |  |  | 89 |
Income taxes on operations |  | (21) |  |  | (29) |  |  | (48) |  |  | (54) |
Preferred stock dividends |  | 30 |  |  | 30 |  |  | 59 |  |  | 59 |
Total |  | $ | 154 |  |  | $ | 144 |  |  | $ | 288 |  |  | $ | 288 |
(1)Includes Property-Liability incurred loss adjustment expenses, net of reinsurance of $751 million and $713 million during the three months ended June 30, 2025 and 2024, respectively, and $1.49 billion and $1.41 billion during the six months ended June 30, 2025 and 2024, respectively. (2)Includes employee-related costs, professional services, technology and other operating costs and expenses.
Additional significant financial performance data
|  | Three months ended June 30, |  | Six months ended June 30,
($ in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Amortization of DAC |  |  |  |  |  |  |  |
Property-Liability |  | $ | 1,742 |  |  | $ | 1,673 |  |  | $ | 3,474 |  |  | $ | 3,281 |
Protection Services |  | 328 |  |  | 296 |  |  | 646 |  |  | 585 |
Allstate Health and Benefits |  | 6 |  |  | 32 |  |  | 43 |  |  | 74 |
Consolidated |  | $ | 2,076 |  |  | $ | 2,001 |  |  | $ | 4,163 |  |  | $ | 3,940 |
Amortization of purchased intangibles |  |  |  |  |  |  |  |
Property-Liability |  | $ | 46 |  |  | $ | 51 |  |  | $ | 92 |  |  | $ | 102 |
Protection Services |  | 9 |  |  | 13 |  |  | 18 |  |  | 24 |
Allstate Health and Benefits |  | 2 |  |  | 6 |  |  | 6 |  |  | 13 |
Consolidated |  | $ | 57 |  |  | $ | 70 |  |  | $ | 116 |  |  | $ | 139 |
Income tax expense (benefit) |  |  |  |  |  |  |  |
Property-Liability |  | $ | 350 |  |  | $ | 79 |  |  | $ | 498 |  |  | $ | 342 |
Protection Services |  | 16 |  |  | 16 |  |  | 29 |  |  | 29 |
Allstate Health and Benefits |  | 247 |  |  | 14 |  |  | 255 |  |  | 28 |
Corporate and Other |  | (9) |  |  | (26) |  |  | (55) |  |  | (50) |
Consolidated |  | $ | 604 |  |  | $ | 83 |  |  | $ | 727 |  |  | $ | 349 |
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, Allstate Health and Benefits and Corporate and Other 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) |  | June 30, 2025 |  | December 31, 2024
Assets |  |  |  |
Property-Liability |  | $ | 102,190 |  |  | $ | 96,988 |
Protection Services |  | 7,673 |  |  | 7,540 |
Allstate Health and Benefits |  | 1,442 |  |  | 4,362 |
Corporate and Other |  | 4,589 |  |  | 2,727 |
Consolidated |  | $ | 115,894 |  |  | $ | 111,617 |
Investments (1) |  |  |  |
Property-Liability |  | $ | 70,831 |  |  | $ | 67,671 |
Protection Services |  | 2,379 |  |  | 2,228 |
Allstate Health and Benefits (2) |  | 241 |  |  | 379 |
Corporate and Other |  | 3,986 |  |  | 2,332 |
Consolidated |  | $ | 77,437 |  |  | $ | 72,610 |
Deferred policy acquisition costs |  |  |  |
Property-Liability |  | $ | 2,656 |  |  | $ | 2,548 |
Protection Services |  | 3,198 |  |  | 3,161 |
Allstate Health and Benefits (2) |  | 76 |  |  | 64 |
Consolidated |  | $ | 5,930 |  |  | $ | 5,773 |
(1)The balances reflect the elimination of related party investments between segments. (2)As of June 30, 2025 and December 31, 2024, $320 million and $1.91 billion of investments, respectively, and $1 million and $521 million of deferred policy acquisition costs, respectively, are classified as held for sale and not included in the table above.

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- Definition The entire disclosure for reporting segments including data and tables. 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