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Allstate Reports Second Quarter 2025 Results
NORTHBROOK, Ill., July 30, 2025--(BUSINESS WIRE)--The Allstate Corporation (NYSE: ALL) today reported financial results for the second quarter of 2025. "Allstate had strong operating and financial performance in the second quarter while executing our growth strategies," said Tom Wilson, who leads The Allstate Corporation. "Revenues increased to $16.6 billion and net income was $2.1 billion for the quarter. Adjusted net income* was $1.6 billion, $5.94 per diluted share, which excludes a $643 million gain from the Employer Voluntary Benefits business divestiture." "In addition to strong financial results, we are creating shareholder value by increasing growth and proactively managing investments and capital. Total policies in force increased to 208 million, 4% higher than last year, led by Protection Plans. Personal property-liability policies have begun to grow due to expanded distribution, new products and increased marketing. Protection Plans continued to expand with international revenues up 30% above the prior year. The $77.4 billion investment portfolio generated $754 million of income in the quarter while lowering overall portfolio risk. Redeployment of capital out of the health businesses was completed on July 1 with the sale of Group Health, bringing total divestiture proceeds to $3.25 billion for this segment," concluded Wilson. Second Quarter 2025 Results Total revenues of $16.6 billion in the second quarter of 2025 were $919 million or 5.8% higher than the prior year quarter. Net income applicable to common shareholders was $2.1 billion in the second quarter of 2025 compared to $301 million in the prior year quarter, reflecting strong operating results and a $643 million gain, after-tax, from the sale of the Employer Voluntary Benefits business. Adjusted net income* was $1.6 billion, or $5.94 per diluted share, compared to $429 million in the prior year quarter. Adjusted net income return on common shareholders equity* was 28.6%. The Allstate Corporation Consolidated Highlights As of or for the three monthsended June 30, As of or for the six monthsended June 30, ($ in millions, except per share data and ratios) 2025 2024 % / pts Change 2025 2024 % / pts Change Consolidated revenues $ 16,633 $ 15,714 5.8 % $ 33,085 $ 30,973 6.8 % Net income applicable to common shareholders 2,079 301 NM 2,645 1,490 77.5 % per diluted common share 7.76 1.13 NM 9.85 5.58 76.5 % Adjusted net income* 1,591 429 NM 2,540 1,796 41.4 % per diluted common share* 5.94 1.61 NM 9.46 6.73 40.6 % Return on Allstate common shareholders' equity (trailing twelve months) Net income applicable to common shareholders 29.6 % 19.3 % 10.3 Adjusted net income* 28.6 % 21.6 % 7.0 Common shares outstanding (in millions) 263.8 264.0 (0.1 )% Book value per common share $ 82.40 $ 62.14 32.6 % Property-Liability insurance premiums earned 14,346 13,339 7.5 % 28,373 26,239 8.1 % Property-Liability combined ratio Recorded 91.1 101.1 (10.0 ) 94.2 97.1 (2.9 ) Underlying combined ratio* 79.5 85.3 (5.8 ) 81.3 86.1 (4.8 ) Catastrophe losses $ 1,990 $ 2,120 (6.1 )% $ 4,192 $ 2,851 47.0 % Total policies in force (in thousands) 208,187 199,877 4.2 % * Measures used in this release that are not based on accounting principles generally accepted in the United States of America ("non-GAAP") are denoted with an asterisk and defined and reconciled to the most directly comparable GAAP measure in the "Definitions of Non-GAAP Measures" section of this document. NM = not meaningful Property-Liability earned premiums of $14.3 billion increased 7.5% in the second quarter of 2025 compared to the prior year quarter, primarily driven by higher average premiums and modest policy in force growth. Underwriting income was $1.3 billion compared to a loss of $145 million in the prior year quarter. Property-Liability Results As of or for the three monthsended June 30, As of or for the six monthsended June 30, ($ in millions) 2025 2024 % / pts Change 2025 2024 % / pts Change Premiums written $ 15,047 $ 14,279 5.4 % $ 29,344 $ 27,462 6.9 % Premiums earned 14,346 13,339 7.5 % 28,373 26,239 8.1 % Policies in force (in thousands) 37,900 37,677 0.6 % Underwriting income (loss) $ 1,280 $ (145 ) NM $ 1,640 $ 753 117.8 % Recorded combined ratio 91.1 101.1 (10.0 ) 94.2 97.1 (2.9 ) Underlying combined ratio* 79.5 85.3 (5.8 ) 81.3 86.1 (4.8 ) Premiums written increased 5.4% compared to the prior year quarter driven mainly by higher average premiums. Policies in force increased by 0.6% as a 31.3% decline in commercial policies partially offset growth in personal property-liability. Property-Liability combined ratio was 91.1 for the quarter which was an improvement of 10.0 points versus the prior year quarter due to improved underlying margins and favorable prior year non-catastrophe reserve reestimates. Allstate Protection auto insurance generated strong margins while accelerating new business growth, which increased policies in force compared to the prior year quarter. Allstate Protection Auto Results As of or for the three monthsended June 30, As of or for the six monthsended June 30, ($ in millions, except ratios) 2025 2024 % / pts Change 2025 2024 % / pts Change Premiums written $ 9,533 $ 9,284 2.7 % $ 19,381 $ 18,641 4.0 % Premiums earned 9,528 9,079 4.9 % 18,875 17,857 5.7 % Underwriting income 1,331 370 NM 2,147 721 NM Policies in force (in thousands) 25,243 25,124 0.5 % Recorded combined ratio 86.0 95.9 (9.9 ) 88.6 96.0 (7.4 ) Underlying combined ratio* 87.8 93.5 (5.7 ) 89.5 94.3 (4.8 ) Written and earned premiums grew 2.7% and 4.9% compared to the prior year quarter, respectively, primarily due to higher average premiums. Auto insurance rate increases result in an annualized premium impact of 0.4% in the second quarter, reflecting continued moderation in loss cost trends. Auto insurance policies in force have begun to grow due to expanded distribution, increased marketing, new products and sophisticated rating plans. Policies grew by 0.5% as a 24.8% increase in new business was negatively impacted by reductions in New York and New Jersey and lower customer retention. Policy growth was 1.9% over the prior year, excluding New York and New Jersey, which have pending regulatory requests which would open these markets. The recorded auto insurance combined ratio of 86.0 in the second quarter of 2025 was a 9.9 point improvement from the prior year quarter, reflecting higher average earned premiums, moderating loss costs and favorable prior year non-catastrophe reserve releases. Prior year non-catastrophe reserve reestimates were favorable $415 million in the second quarter, a 4.3 point combined ratio impact, reflecting improvement in loss trends. The underlying auto insurance combined ratio* of 87.8 in the second quarter of 2025 was a 5.7 point improvement from the prior year quarter, as higher average earned premiums continued to outpace loss and expense trends. Allstate Protection homeowners insurance generated an underwriting loss of $76 million compared to a loss of $375 million in the prior year. Underlying margins improved and policies in force increased. Allstate Protection Homeowners Results As of or for the three monthsended June 30, As of or for the six monthsended June 30, ($ in millions, except ratios) 2025 2024 % / pts Change 2025 2024 % / pts Change Premiums written $ 4,395 $ 3,845 14.3 % $ 7,848 $ 6,719 16.8 % Premiums earned 3,771 3,255 15.9 % 7,428 6,409 15.9 % Underwriting (loss) income (76 ) (375 ) (79.7 )% (527 ) 189 NM Policies in force (in thousands) 7,596 7,426 2.3 % Recorded combined ratio 102.0 111.5 (9.5 ) 107.1 97.1 10.0 Catastrophe Losses $ 1,614 $ 1,616 (0.1 )% $ 3,438 $ 2,171 58.4 % Underlying combined ratio* 58.6 63.5 (4.9 ) 60.5 64.5 (4.0 ) Written premiums and earned premiums increased by 14.3% and 15.9% compared to the prior year quarter, respectively, due to higher average premium and policies in force growth of 2.3%. A 13.7% increase in Allstate brand homeowners insurance average gross written premium compared to the prior year quarter reflects continued rate increases and higher insured home replacement costs. Catastrophe losses of $1.6 billion in the quarter were in line with the prior year quarter. The recorded homeowners insurance combined ratio of 102.0 was 9.5 points below the second quarter of 2024, due to higher average premiums and favorable underlying trends. The underlying combined ratio* of 58.6 improved by 4.9 points compared to the prior year quarter primarily driven by higher average premiums and favorable non-catastrophe claim frequency. ------------------------------------------------------------------------------------------------------------------------------------------------------- Protection Services continues to broaden protection to customers through five businesses that include embedded Allstate branded offerings in non-insurance purchases. Revenues increased to $867 million in the second quarter of 2025, 12.2% higher than the prior year quarter, primarily due to Allstate Protection Plans. Adjusted net income of $60 million increased by $5 million compared to the prior year quarter. Protection Services Results Three months ended June 30, Six months ended June 30, ($ in millions) 2025 2024 % / $ Change 2025 2024 % / $ Change Total revenues (1) $ 867 $ 773 12.2 % $ 1,727 $ 1,526 13.2 % Allstate Protection Plans 563 483 16.6 1,103 947 16.5 Allstate Dealer Services 148 148 — 294 294 — Allstate Roadside 56 51 9.8 111 117 (5.1 ) Arity 59 52 13.5 138 91 51.6 Allstate Identity Protection 41 39 5.1 81 77 5.2 Adjusted net income $ 60 $ 55 $ 5 $ 115 $ 109 $ 6 Allstate Protection Plans 51 41 10 96 81 15 Allstate Dealer Services 4 6 (2 ) 8 12 (4 ) Allstate Roadside 11 8 3 22 19 3 Arity (8 ) (2 ) (6 ) (14 ) (6 ) (8 ) Allstate Identity Protection 2 2 — 3 3 — (1) Excludes net gains and losses on investments and derivatives. Allstate Protection Plans continued to expand distribution relationships and product offerings. Revenue of $563 million increased $80 million, or 16.6%, compared to the prior year quarter reflecting strong international growth. Adjusted net income of $51 million in the second quarter of 2025 was $10 million higher than the prior year quarter. Allstate Dealer Services generated revenue of $148 million and adjusted net income of $4 million, a slight decline compared to $6 million in the prior year quarter due to higher loss costs. Allstate Roadside revenue of $56 million in the second quarter of 2025 increased 9.8% compared to the prior year quarter reflecting increased bundling with Allstate branded Affordable, Simple, Connected auto insurance products and higher third-party sales. Adjusted net income of $11 million in the second quarter was $3 million higher than the prior year quarter. Arity revenue of $59 million increased $7 million compared to the prior year quarter, due to higher lead generation revenue. Adjusted net loss of $8 million in the second quarter of 2025 compared to a $2 million loss in the prior year reflecting increased operating expenses. Allstate Identity Protection revenue of $41 million in the second quarter of 2025 increased 5.1% compared to the prior year quarter reflecting growth in the employee benefits channel. Adjusted net income of $2 million in the second quarter of 2025 was unchanged compared to the prior year quarter. ----------------------------------------------------------------------------------------------------------------------------------------------------- Allstate Health and Benefits The sale of the Employer Voluntary Benefits business closed on April 1, 2025, generating a financial book gain of $643 million, after-tax, in the second quarter of 2025. The sale of the Group Health business closed on July 1, 2025, generating a financial book gain of approximately $500 million that will be recorded in the third quarter of 2025. Operating results were reported in the Health and Benefits segment, and the assets and liabilities of the business are classified as held for sale for the second quarter. Premiums and contract charges for health and benefits decreased 50.4%, or $239 million, compared to the prior year quarter primarily due to the sale of the Employer Voluntary Benefits business. Adjusted net income of $4 million in the second quarter was $54 million lower than prior year quarter attributable to the sale of the Employer Voluntary Benefits business and increased benefit utilization in the Group Health and Individual Health businesses. Allstate Health and Benefits Results Three months ended June 30, Six months ended June 30, ($ in millions) 2025 2024 % Change 2025 2024 % Change Premiums and contract charges $ 235 $ 474 (50.4 )% $ 722 $ 952 (24.2 )% Employer voluntary benefits — 246 NM 243 494 (50.8 ) Group health 123 120 2.5 247 238 3.8 Individual health 112 108 3.7 232 220 5.5 Adjusted net income $ 4 $ 58 (93.1 ) $ 34 $ 114 (70.2 )% Employer voluntary benefits — 28 NM 22 45 (51.1 ) Group health 9 28 (67.9 ) 21 56 (62.5 ) Individual health (5 ) 2 NM (9 ) 13 NM ----------------------------------------------------------------------------------------------------------------------------------------------------- Allstate Investments uses a proactive approach to balance risk and return for the $77.4 billion portfolio. Net investment income of $754 million in the second quarter of 2025, increased by $42 million from the prior year quarter primarily due to market-based portfolio growth, partially offset by lower performance-based income. Allstate Investment Results Three months ended June 30, Six months ended June 30, ($ in millions, except ratios) 2025 2024 $ / pts Change 2025 2024 $ / pts Change Net investment income $ 754 $ 712 $ 42 $ 1,608 $ 1,476 $ 132 Market-based (1) 733 667 66 1,452 1,293 159 Performance-based (1) 79 107 (28 ) 275 308 (33 ) Net gains (losses) on investments and derivatives $ (144 ) $ (103 ) $ (41 ) $ (493 ) $ (267 ) $ (226 ) Change in unrealized net capital gains and losses, pre-tax (2) $ 492 $ (152 ) $ 644 $ 1,032 $ (425 ) $ 1,457 Total return on investment portfolio (2) 1.4 % 0.7 % 0.7 2.8 % 1.1 % 1.7 Total return on investment portfolio (2) (trailing twelve months) 5.4 % 5.3 % 0.1 (1) Investment expenses are not allocated between market-based and performance-based portfolios with the exception of investee level expenses. (2) Includes investments held for sale. Market-based investment income was $733 million in the second quarter of 2025, an increase of $66 million, or 9.9%, compared to the prior year quarter, reflecting increased asset balances and slightly higher fixed income yields in the $67.1 billion market-based portfolio. Performance-based investment income totaled $79 million in the second quarter of 2025, a decrease of $28 million compared to the prior year quarter reflecting lower private equity valuation increases. The overall portfolio allocation to performance-based assets provides a diversifying source of higher long-term returns; volatility in reported results is expected. Net losses on investments and derivatives were $144 million in the second quarter of 2025, compared to losses of $103 million in the prior year quarter. Second quarter 2025 losses were driven by sales of fixed income securities partially offset by valuation increases on equity instruments. Unrealized net capital gains improved by $492 million to the prior quarter as lower interest rates resulted in higher fixed income valuations and prior unrealized loss balances were converted to realized through fixed income sales. Total return on the investment portfolio was 1.4% for the second quarter of 2025 and 5.4% for the latest twelve months. Macroeconomic impacts are regularly monitored through our integrated Enterprise Risk and Return Management framework. In the second quarter of 2025, investment risks were lowered by reducing public equity and high yield bond allocations and shortening the fixed income portfolio duration. Proactive Capital Management "Allstate's results support our growth strategy creating shareholder value," said Jess Merten, Chief Financial Officer. "Adjusted net income return on equity* was 28.6% for the latest 12 months. Divestiture of the Employer Voluntary Benefits and Group Health businesses positions those businesses for success and reallocates capital to Allstate's strategic growth opportunities. Shareholders also benefited from a 9% increase in the quarterly dividend to $1.00 per common share, and we repurchased $341 million of common stock." Visit for additional information about Allstate's results, including a webcast of its quarterly conference call and the call presentation. The conference call will be at 9 a.m. ET on Thursday, July 31. Financial information, including material announcements about The Allstate Corporation, is routinely posted on Forward-Looking Statements This news release contains "forward-looking statements" that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like "plans," "seeks," "expects," "will," "should," "anticipates," "estimates," "intends," "believes," "likely," "targets" and other words with similar meanings. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the "Risk Factors" section in our most recent annual report on Form 10-K. Forward-looking statements are as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statement. About Allstate The Allstate Corporation (NYSE: ALL) protects people from life's uncertainties with a wide array of protection for autos, homes, electronic devices, and identities. Products are available through a broad distribution network including Allstate agents, independent agents, major retailers, online, and at the workplace. Allstate is widely known for the slogan "You're in Good Hands with Allstate." For more information, visit THE ALLSTATE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) ($ in millions, except par value data) June 30,2025 December 31,2024 Assets Investments Fixed income securities, at fair value (amortized cost, net $54,383 and $53,616) $ 54,435 $ 52,747 Equity securities, at fair value (cost $2,171 and $4,329) 2,397 4,463 Mortgage loans, net 807 784 Limited partnership interests 9,194 9,255 Short-term, at fair value (amortized cost $9,642 and $4,539) 9,640 4,537 Other investments, net 964 824 Total investments 77,437 72,610 Cash 995 704 Premium installment receivables, net 11,271 10,614 Deferred policy acquisition costs 5,930 5,773 Reinsurance and indemnification recoverables, net 9,645 8,924 Accrued investment income 628 615 Deferred income taxes 117 231 Property and equipment, net 619 669 Goodwill 3,118 3,245 Other assets, net 5,419 5,140 Assets held for sale 715 3,092 Total assets $ 115,894 $ 111,617 Liabilities Reserve for property and casualty insurance claims and claims expense $ 44,141 $ 41,917 Reserve for future policy benefits 304 269 Unearned premiums 28,005 26,909 Claim payments outstanding 1,655 1,567 Other liabilities and accrued expenses 9,683 9,390 Debt 8,087 8,085 Liabilities held for sale 14 2,113 Total liabilities 91,889 90,250 Equity Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 82.0 thousand shares issued and outstanding, $2,050 aggregate liquidation preference 2,001 2,001 Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 264 million and 265 million shares outstanding 9 9 Additional capital paid-in 4,084 4,029 Retained income 55,400 53,288 Treasury stock, at cost (636 million and 635 million shares) (37,418 ) (36,996 ) Accumulated other comprehensive income (loss): Unrealized net capital gains and losses 36 (771 ) Unrealized foreign currency translation adjustments (106 ) (145 ) Unamortized pension and other postretirement prior service credit 11 11 Discount rate for reserve for future policy benefits 2 16 Total accumulated other comprehensive loss (57 ) (889 ) Total Allstate shareholders' equity 24,019 21,442 Noncontrolling interest (14 ) (75 ) Total equity 24,005 21,367 Total liabilities and equity $ 115,894 $ 111,617 THE ALLSTATE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) ($ in millions, except per share data) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Revenues Property and casualty insurance premiums $ 15,041 $ 13,952 $ 29,739 $ 27,464 Accident and health insurance premiums and contract charges 235 474 722 952 Other revenue 747 679 1,509 1,348 Net investment income 754 712 1,608 1,476 Net gains (losses) on investments and derivatives (144 ) (103 ) (493 ) (267 ) Total revenues 16,633 15,714 33,085 30,973 Costs and expenses Property and casualty insurance claims and claims expense 10,249 10,801 21,064 20,302 Accident, health and other policy benefits 188 291 521 587 Amortization of deferred policy acquisition costs 2,076 2,001 4,163 3,940 Operating costs and expenses 2,135 2,019 4,380 3,904 Pension and other postretirement remeasurement (gains) losses — (9 ) 78 (11 ) Restructuring and related charges 15 13 31 23 Amortization of purchased intangibles 57 70 116 139 Interest expense 100 98 200 195 Total costs and expenses 14,820 15,284 30,553 29,079 Gain on disposition of operations 890 — 890 — Income from operations before income tax expense 2,703 430 3,422 1,894 Income tax expense 604 83 727 349 Net income 2,099 347 2,695 1,545 Less: Net (loss) income attributable to noncontrolling interest (10 ) 16 (9 ) (4 ) Net income attributable to Allstate 2,109 331 2,704 1,549 Less: Preferred stock dividends 30 30 59 59 Net income applicable to common shareholders $ 2,079 $ 301 $ 2,645 $ 1,490 Earnings per common share: Net income applicable to common shareholders per common share - Basic $ 7.86 $ 1.14 $ 9.98 $ 5.65 Weighted average common shares - Basic 264.6 264.1 264.9 263.8 Net income applicable to common shareholders per common share - Diluted $ 7.76 $ 1.13 $ 9.85 $ 5.58 Weighted average common shares - Diluted 267.9 267.1 268.4 266.8 Definitions of Non-GAAP Measures We believe that investors' understanding of Allstate's performance is enhanced by our disclosure of the following non-GAAP measures. Our methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited. 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 Related income tax expense or benefit of these items Net income (loss) applicable to common shareholders is the GAAP measure that is most directly comparable to adjusted net income. We use adjusted net income as an important measure to evaluate our results of operations. We believe that the measure provides investors with a valuable measure of the Company's ongoing performance because it reveals trends in our insurance and financial services business that may be obscured by the net effect of 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 and adjustments for other significant non-recurring, infrequent or unusual items and the related tax expense or benefit of these items. Net gains and losses on investments and derivatives, and pension and other postretirement remeasurement gains and losses may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions, the timing of which is unrelated to the insurance underwriting process. Gain or loss on disposition is excluded because it is non-recurring in nature and the amortization or impairment of purchased intangibles is excluded because it relates to the acquisition purchase price and is not indicative of our underlying business results or trends. Non-recurring items are excluded because, by their nature, they are not indicative of our business or economic trends. Accordingly, adjusted net income excludes the effect of items that tend to be highly variable from period to period and highlights the results from ongoing operations and the underlying profitability of our business. A byproduct of excluding these items to determine adjusted net income is the transparency and understanding of their significance to net income variability and profitability while recognizing these or similar items may recur in subsequent periods. Adjusted net income is used by management along with the other components of net income (loss) applicable to common shareholders to assess our performance. We use adjusted measures of adjusted net income in incentive compensation. Therefore, we believe it is useful for investors to evaluate net income (loss) applicable to common shareholders, adjusted net income and their components separately and in the aggregate when reviewing and evaluating our performance. We note that investors, financial analysts, financial and business media organizations and rating agencies utilize adjusted net income results in their evaluation of our and our industry's financial performance and in their investment decisions, recommendations and communications as it represents a reliable, representative and consistent measurement of the industry and the Company and management's performance. We note that the price to earnings multiple commonly used by insurance investors as a forward-looking valuation technique uses adjusted net income as the denominator. Adjusted net income should not be considered a substitute for net income (loss) applicable to common shareholders and does not reflect the overall profitability of our business. The following tables reconcile net income (loss) applicable to common shareholders and adjusted net income (loss). Taxes on adjustments to reconcile net income (loss) applicable to common shareholders and adjusted net income (loss) generally use a 21% effective tax rate. ($ in millions, except per share data) Three months ended June 30, 2025 2024 2025 2024 Consolidated Per diluted common share Net income applicable to common shareholders $ 2,079 $ 301 $ 7.76 $ 1.13 Net (gains) losses on investments and derivatives 144 103 0.54 0.38 Pension and other postretirement remeasurement (gains) losses — (9 ) — (0.03 ) Amortization of purchased intangibles 57 70 0.21 0.26 Gain on disposition (893 ) (1 ) (3.33 ) — Income tax expense (benefit) 204 (35 ) 0.76 (0.13 ) Adjusted net income * $ 1,591 $ 429 $ 5.94 $ 1.61 Six months ended June 30, 2025 2024 2025 2024 Consolidated Per diluted common share Net income applicable to common shareholders $ 2,645 $ 1,490 $ 9.85 $ 5.58 Net (gains) losses on investments and derivatives 493 267 1.84 1.00 Pension and other postretirement remeasurement (gains) losses 78 (11 ) 0.29 (0.04 ) Amortization of purchased intangibles 116 139 0.43 0.52 Gain on disposition (893 ) (5 ) (3.33 ) (0.02 ) Income tax expense (benefit) 101 (84 ) 0.38 (0.31 ) Adjusted net income * $ 2,540 $ 1,796 $ 9.46 $ 6.73 Adjusted net income (loss) return on Allstate common shareholders' equity is a ratio that uses a non-GAAP measure. It is calculated by dividing the rolling 12-month adjusted net income by the average of Allstate common shareholders' equity at the beginning and at the end of the 12-months, after excluding the effect of unrealized net capital gains and losses. Return on Allstate common shareholders' equity is the most directly comparable GAAP measure. We use adjusted net income as the numerator for the same reasons we use adjusted net income, as discussed previously. We use average Allstate common shareholders' equity excluding the effect of unrealized net capital gains and losses for the denominator as a representation of common shareholders' equity primarily applicable to Allstate's earned and realized business operations because it eliminates the effect of items that are unrealized and vary significantly between periods due to external economic developments such as capital market conditions like changes in interest rates, the amount and timing of which are unrelated to the insurance underwriting process. We use it to supplement our evaluation of net income (loss) applicable to common shareholders and return on Allstate common shareholders' equity because it excludes the effect of items that tend to be highly variable from period to period. We believe that this measure is useful to investors and that it provides a valuable tool for investors when considered along with return on Allstate common shareholders' equity because it eliminates the after-tax effects of realized and unrealized net capital gains and losses that can fluctuate significantly from period to period and that are driven by economic developments, the magnitude and timing of which are generally not influenced by management. In addition, it eliminates non-recurring items that are not indicative of our ongoing business or economic trends. A byproduct of excluding the items noted above to determine adjusted net income return on Allstate common shareholders' equity from return on Allstate common shareholders' equity is the transparency and understanding of their significance to return on common shareholders' equity variability and profitability while recognizing these or similar items may recur in subsequent periods. We use adjusted measures of adjusted net income return on Allstate common shareholders' equity in incentive compensation. Therefore, we believe it is useful for investors to have adjusted net income return on Allstate common shareholders' equity and return on Allstate common shareholders' equity when evaluating our performance. We note that investors, financial analysts, financial and business media organizations and rating agencies utilize adjusted net income return on common shareholders' equity results in their evaluation of our and our industry's financial performance and in their investment decisions, recommendations and communications as it represents a reliable, representative and consistent measurement of the industry and the company and management's utilization of capital. We also provide it to facilitate a comparison to our long-term adjusted net income return on Allstate common shareholders' equity goal. Adjusted net income return on Allstate common shareholders' equity should not be considered a substitute for return on Allstate common shareholders' equity and does not reflect the overall profitability of our business. The following tables reconcile return on Allstate common shareholders' equity and adjusted net income (loss) return on Allstate common shareholders' equity. ($ in millions) For the twelve months ended June 30, 2025 2024 Return on Allstate common shareholders' equity Numerator: Net income applicable to common shareholders $ 5,705 $ 2,909 Denominator: Beginning Allstate common shareholders' equity $ 16,592 $ 13,516 Ending Allstate common shareholders' equity (1) 22,018 16,592 Average Allstate common shareholders' equity $ 19,305 $ 15,054 Return on Allstate common shareholders' equity 29.6 % 19.3 % ($ in millions) For the twelve months ended June 30, 2025 2024 Adjusted net income return on Allstate common shareholders' equity Numerator: Adjusted net income * $ 5,650 $ 3,551 Denominator: Beginning Allstate common shareholders' equity $ 16,592 $ 13,516 Less: Unrealized net capital gains and losses (938 ) (1,845 ) Adjusted beginning Allstate common shareholders' equity 17,530 15,361 Ending Allstate common shareholders' equity (1) 22,018 16,592 Less: Unrealized net capital gains and losses 36 (938 ) Adjusted ending Allstate common shareholders' equity 21,982 17,530 Average adjusted Allstate common shareholders' equity $ 19,756 $ 16,446 Adjusted net income return on Allstate common shareholders' equity * 28.6 % 21.6 % _____________ (1) Excludes equity related to preferred stock of $2,001 million for both periods shown. Combined ratio excluding the effect of catastrophes, prior year reserve reestimates and amortization or impairment of purchased intangibles ("underlying combined ratio") is a non-GAAP ratio, which is computed as the difference between four GAAP operating ratios: the combined ratio, the effect of catastrophes on the combined ratio, the effect of prior year non-catastrophe reserve reestimates on the combined ratio, and the effect of amortization or impairment of purchased intangibles on the combined ratio. We believe that this ratio is useful to investors, and it is used by management to reveal the trends in our Property-Liability business that may be obscured by catastrophe losses, prior year reserve reestimates and amortization or impairment of purchased intangibles. Catastrophe losses cause our loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior year reserve reestimates are caused by unexpected loss development on historical reserves, which could increase or decrease current year net income. Amortization or impairment of purchased intangibles relates to the acquisition purchase price and is not indicative of our underlying insurance business results or trends. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our underwriting performance. The most directly comparable GAAP measure is the combined ratio. The underlying combined ratio should not be considered a substitute for the combined ratio and does not reflect the overall underwriting profitability of our business. The following tables reconcile the respective combined ratio to the underlying combined ratio. Underwriting margin is calculated as 100% minus the combined ratio. Property-Liability Three months endedJune 30, Six months endedJune 30, 2025 2024 2025 2024 Combined ratio 91.1 101.1 94.2 97.1 Effect of catastrophe losses (13.9 ) (15.9 ) (14.8 ) (10.9 ) Effect of prior year non-catastrophe reserve reestimates 2.6 0.5 2.2 0.3 Effect of amortization of purchased intangibles (0.3 ) (0.4 ) (0.3 ) (0.4 ) Underlying combined ratio* 79.5 85.3 81.3 86.1 Effect of prior year catastrophe reserve reestimates — (1.0 ) — (1.1 ) Allstate Protection - Auto Insurance Three months endedJune 30, Six months endedJune 30, 2025 2024 2025 2024 Combined ratio 86.0 95.9 88.6 96.0 Effect of catastrophe losses (2.2 ) (3.9 ) (2.2 ) (2.6 ) Effect of prior year non-catastrophe reserve reestimates 4.3 1.9 3.4 1.3 Effect of amortization of purchased intangibles (0.3 ) (0.4 ) (0.3 ) (0.4 ) Underlying combined ratio* 87.8 93.5 89.5 94.3 Effect of prior year catastrophe reserve reestimates (0.2 ) (0.1 ) (0.2 ) (0.1 ) Allstate Protection - Homeowners Insurance Three months endedJune 30, Six months endedJune 30, 2025 2024 2025 2024 Combined ratio 102.0 111.5 107.1 97.1 Effect of catastrophe losses (42.8 ) (49.6 ) (46.3 ) (33.9 ) Effect of prior year non-catastrophe reserve reestimates (0.3 ) 1.9 — 1.6 Effect of amortization of purchased intangibles (0.3 ) (0.3 ) (0.3 ) (0.3 ) Underlying combined ratio* 58.6 63.5 60.5 64.5 Effect of prior year catastrophe reserve reestimates 0.5 (3.9 ) 0.3 (4.3 ) View source version on Contacts Nick NottoliMedia Relationsmediateam@ Allister GobinInvestor Relations(847) 402-2800 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
24-07-2025
- Business
- Zawya
Lesha Bank records net profit of QAR 82.4mln for the first half of 2025
Lesha Bank LLC (Public) ('Lesha Bank' or the 'Bank') announced its financial results for the period ended 30 June 2025. The Bank achieved a net profit of QAR 82.4 million, attributable to the equity holders, marking a 52.3% increase compared to the same period in the previous year. The Bank sustained its positive momentum across the investment portfolio, with Assets Under Management (AUM) reaching QAR 10.8 billion, reflecting a 61.3% increase year-over-year. At the same time, total investments recorded a growth of 14.7%, standing at QAR 3.7 billion. Total income climbed to QAR 198.4 million, reflecting a 12.5% increase compared to the same period last year. As profitability strengthened, total equity rose to QAR 1.4 billion, up 9.7% from the same period last year. Key performance indicators also demonstrated resilience: the return on average equity (ROAE) stood at 12.1%, and the return on average assets (ROA) reached 2.4%. The Bank's book value per share was QAR 1.24, with annualized earnings per share of QAR 0.147. As of 30 June 2025, the capital adequacy ratio stood at a healthy 16.04%, underscoring Lesha Bank's solid financial foundation and prudent capital management. HE Sheikh Faisal bin Thani Al Thani, Lesha Bank Chairman, commented: 'The Bank maintained a robust momentum in the first half of 2025, achieving a healthy returns and double-digit growth across key performance indicators. This performance underscores the resilience of our diversified business model and our commitment to delivering tailored, high-impact investment solutions. Despite ongoing macroeconomic headwinds, our clearly defined strategy continues to steer us toward promising regional and global opportunities, enabling us to unlock growth and long-term value to the shareholders.' Mohammed Ismail Al Emadi, Lesha Bank CEO, added: 'We are pleased with our positive performance in the first half of 2025, continuing our steady and agile approach amid the dynamic market conditions. Through our client centric approach and maintaining a careful focus on sourcing and managing high-quality assets, we've continued to deliver stable returns. Looking ahead to the second half of the year, we aim to further broaden our footprint by tapping into emerging global and regional investment trends—aligning with the evolving needs of our clients and reinforcing our position as a trusted partner in value-driven investment opportunities.' The press release and the full set of financial statements are available on its website at Lesha Bank LLC (Public) is a Shari'a-compliant investment Bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange (QSE: QFBQ).
Zawya
24-07-2025
- Business
- Zawya
Qatar: Lesha Bank net profit jumps 52.3% year-on-year to $22.63mln in H1
Qatar - Lesha Bank has achieved a net profit of QR82.4mn, attributable to the equity holders, in the first half (H1) of 2025, marking a 52.3% increase compared to the same period in the previous year. The bank sustained its positive momentum across the investment portfolio, with assets under management (AUM) reaching QR10.8bn, reflecting a 61.3% increase year-over-year. At the same time, total investments recorded a growth of 14.7% to QR3.7bn. Total income climbed to QR198.4mn, reflecting a 12.5% increase on annualised basis. As profitability strengthened, total equity rose to QR1.4bn, up 9.7% from the same period last year. Key performance indicators also demonstrated resilience with the return on average equity (ROAE) at 12.1%, and the return on average assets (ROA) at 2.4%. The bank's book value per share was QR1.24, with annualised earnings-per-share of QR0.147. As of June 30, 2025, the capital adequacy ratio stood at a healthy 16.04%, underscoring Lesha Bank's solid financial foundation and prudent capital management. 'The bank maintained a robust momentum in H1-2025, achieving a healthy returns and double-digit growth across key performance indicators. This performance underscores the resilience of our diversified business model and our commitment to delivering tailored, high-impact investment solutions," said HE Sheikh Faisal bin Thani al-Thani, Lesha Bank Chairman. Despite ongoing macroeconomic headwinds, he said, the bank's clearly defined strategy continues to steer it towards promising regional and global opportunities, enabling it to unlock growth and long-term value to the shareholders. Mohammed Ismail al-Emadi, Lesha Bank Chief Executive Officer, said it is pleased with the positive performance in H1-2025, continuing steady and agile approach amid the dynamic market conditions. "Through our client centric approach and maintaining a careful focus on sourcing and managing high-quality assets, we've continued to deliver stable returns. Looking ahead to the second half of the year, we aim to further broaden our footprint by tapping into emerging global and regional investment trends — aligning with the evolving needs of our clients and reinforcing our position as a trusted partner in value-driven investment opportunities," he said. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (
Yahoo
17-06-2025
- Business
- Yahoo
BlackRock Study: Family Offices are in Risk-Management Mode, Focused on Increasing Diversification and Idiosyncratic Sources of Return
Alternative assets are more important than ever to family offices, making up 42% of their portfolios, up from 39% from BlackRock's previous survey. NEW YORK, June 17, 2025--(BUSINESS WIRE)--BlackRock today launched its 2025 Global Family Office Survey, which revealed that current geopolitical uncertainty is the most important issue for family offices (84%) and is a critical factor in their capital allocation decisions. The survey results also showed that concern around disruptions to trade and the increasing fragmentation in geopolitics turned overall sentiment negative for the first time since the survey began in 2020. Armando Senra, Head of the Americas Institutional Business for BlackRock, said, "Family offices, globally, entered 2025 with caution - a stance expected to continue through 2026 - as geopolitical tensions, policy shifts, and market fragmentation weigh on sentiment. With 60% of family offices pessimistic about the global outlook, confidence has been further shaken by new U.S. tariffs. Family offices are now prioritizing diversification, liquidity, and structural reassessment of risk as they build resilience in their investment portfolios." While there is a pervasive sense that we are witnessing a fundamental rewriting of the rules that have long shaped markets, many family offices are hopeful that the negative implications to the global economy will be limited. Family offices are in risk-management mode, with more than two-thirds (68%) focused on increasing diversification, and nearly half (47%) increasing their use of a variety of sources of return, including illiquid alternatives, ex-US equities, liquid alternatives, and cash. The survey further revealed that: Allocations to private credit and infrastructure are on the rise Alternative assets are more important than ever to family offices, making up 42% of their portfolios, up from 39% in our 2022-2023 survey1. Looking ahead, private credit and infrastructure are the most-favored alternative assets. Nearly one-third (32%) of family offices intend to increase their allocations to private credit (32%) and infrastructure (30%) in 2025-2026, with allocations to private credit marking the highest figure for any alternative asset class. When it comes to choosing a particular strategy within private credit, respondents have a clear preference for special situations/opportunistic and direct lending. Infrastructure is gaining strong momentum with family offices, with three-quarters (75%) of respondents feeling positive about the prospects for the asset class. Family offices are particularly attracted to infrastructure's ability to generate stable cash flows, its role as a portfolio diversifier and its perceived resilience. Over the following year, respondents intend to increase their infrastructure allocations to both opportunistic (54%) and value-add strategies (51%) driven by a combination of higher return potential, tailwinds and flexibility — qualities that are increasingly important in today's volatile market environment. Lili Forouraghi, Head of Family Office, Healthcare, Endowment and Foundations for BlackRock in the U.S., said, "The sustained demand and interest in private credit and infrastructure from family offices is a testament to the illiquidity premia and differentiated return opportunity in the current investment landscape. Access to opportunities and the right strategies continue to rise in importance as these asset classes evolve from niche strategies to the cornerstone of client portfolios." Seeking collaboration and closer partnerships To complement their in-house talent, many family offices are seeking to collaborate with external partners, especially when it comes to private markets. More than half of respondents noted gaps in their internal expertise around reporting (57%), deal-sourcing (63%), and private-market analytics (75%). Around one-quarter (22%) of family offices have used an Outsourced Chief Investment Officer (OCIO) or would consider doing so, and many look to third-party partners for expertise in both investments and technology. Mireille Abujawdeh, Head of Family Offices, Endowments, and Foundations for BlackRock in EMEA, said, "As family offices navigate increasing complexity across investment strategies, risk management and private markets, they are turning to select partners who can deliver more than just products. They need tailored solutions, data driven insights, deal sourcing and due diligence support, particularly in private markets where over half of respondents recognise gaps in internal expertise." Open to AI, but there are barriers to adoption A strong majority of family offices indicated that they would consider using AI for a variety of tasks from risk management to cash-flow modeling. However, there are technical and organizational barriers to greater adoption. Currently, family offices are far more likely to invest in tech firms building AI solutions (45%), or in investment opportunities that they believe will benefit from the growth in AI (51%), than they are to deploy AI tech internally to improve the investing process (33%). About the BlackRock Family Office Survey BlackRock partnered with Illuminas to conduct a research survey of family offices between 17 March and 19 May 2025, we spoke to 175 single-family offices that collectively oversee assets of more than US $320 billion, via a combination of surveys and a series of in-depth interviews with chief investment officers (CIOs) and key decision-makers at family offices around the world. This material is for distribution to Professional Clients (as defined by the Financial Conduct Authority or MiFID Rules) and qualified investors only and should not be relied upon by any other persons. About BlackRock BlackRock's purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. 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You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock. The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public. The information contained in this document, may contain statements that are not purely historical in nature but are "forward-looking statements". These include, amongst other things, projections, forecasts or estimates of income. These forward-looking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser. In Qatar: The information contained in this document is intended strictly for sophisticated institutions. 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Zawya
14-05-2025
- Business
- Zawya
Bahrain Duty Free reports net profit of $4.51mln
Bahrain Duty Free Shop Complex announced at a meeting of its board of directors yesterday the financial results for the three months ended March 31, 2025. Chairman of the board Abdulla Buhindi stated that the company had achieved a net profit of BD1,693,624 during the first quarter of 2025 compared to BD2,341,326 for the same quarter of the previous year representing a decrease of 27.7 per cent. Earnings per share during the quarter were 11.91 fils compared to 16.45 fils in the same quarter of last year. Total comprehensive income for the quarter decreased to BD2,175,967 compared to BD2,624,419 in the same quarter of last year representing a decrease of 17.1pc. Total shareholders' equity for the period ending March 31, 2025, is BD40,667,751 compared to BD43,490,786 as of December 31, 2024, down by 6.5pc. Total assets as of March 31, 2025, are BD40,985,592 compared to BD43,870,257 as December 31 2024, a decrease of 6.6pc. Commenting on the results, Mr Buhindi said that the strong performance of all investment continued during the period and he was pleased with the good results recorded by the company and that the investment portfolio has demonstrated solid performance of all sectors within the portfolio. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
