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Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
ALL — frequently asked questions
Is The Allstate Corporation overvalued?
In our latest published analysis dated 2026-09-27, ALL looks meaningfully undervalued. The price recorded at analysis is USD 228 versus our fair value of USD 444; the high endpoint is presented separately as potential value of USD 841. That implies roughly 95.0% upside to fair value at that date.
Our latest published report, analyzed 2026-09-27, gives ALL a fair value of USD 444 and a potential value of USD 841. The conclusion is triangulated across multiple valuation models and weighted by reliability for The Allstate Corporation's archetype; it is a dated research output, not a live price.
Should I buy ALL now?
Our latest published rating for ALL, analyzed 2026-09-27, is Strong Buy. The Allstate Corporation looks meaningfully undervalued at the analysis-date price of USD 228 versus fair value of USD 444; potential value is USD 841. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for ALL?
The dedicated bear-case section in our report analyzed 2026-09-27 documents The Allstate Corporation's material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is ALL's rating?
Our latest published rating for ALL, analyzed 2026-09-27, is Strong Buy, with a published moat assessment of 6.2/10 (Narrow). It reflects our fair value of USD 444, the potential value of USD 841, and the price recorded at analysis (USD 228).
Sustained underwriting rate adequacy, continued benign catastrophe frequency, and acceleration of non-catastrophe fee income from Protection Services ($3.55B in FY2025 revenue) maintain operating margins above 16.0% and allow the deployment of $9.5B in holding company capital into aggressive share repurchases, driving Potential value toward USD 840.59.
Main risk
Severe convective storms and hurricanes coincide with auto bodily injury severity inflation and state regulatory rate pushback, depressing Property-Liability operating margins below 8.0%.
We rate The Allstate Corporation a Strong Buy based on our Fair value of USD 443.87, representing a 95.0% upside from the report-date price of USD 227.60 on September 25, 2026.
We assign The Allstate Corporation a Strong Buy rating. This indicates an exceptional risk-adjusted investment opportunity where the stock trades at an attractive valuation relative to its normalized earnings power and capital return potential.
The report was prepared at a price of USD 227.60 on September 25, 2026. This price sits significantly below our Fair value of USD 443.87, representing an upside of 95.0%. Under our constructive operating path, Potential value reaches USD 840.59.3
The primary risk to this thesis is that severe convective storms and hurricanes, combined with social inflation and bodily injury litigation costs, push Property-Liability operating margins below through-the-cycle breakeven levels. Because Property-Liability contributes 88.25% of consolidated revenue ($59.73B of $67.69B), unabsorbed catastrophe losses would sharply compress annual earnings, as occurred when operating margins collapsed to -3.61% in FY2022 and 0.05% in FY2023. If that occurred, investors would observe the rolling combined ratio deteriorating above 92%, holding company deployable capital falling below $3.0B from its Q2 2026 level of $9.5B, and share repurchases being suspended to protect insurance subsidiary capital.4,6,7
The strongest driver of value creation is the successful execution of aggressive rate increases across auto and homeowners insurance that restored underwriting margins, generating $10.28B in GAAP net income and $10.11B in operating cash flow in FY2025. These earned premiums provide durable underwriting profits that, paired with $9.5B in deployable capital, fund continuous share repurchases—building on a 39% share reduction over the past decade —to compound value per share significantly toward our Fair value.4,6
Aggressive rate actions across personal auto and homeowners lines restored Property-Liability profitability, driving FY2025 GAAP net income to $10.28B and operating cash flow to $10.11B on $59.73B in segment revenue.6,7
Exceptional Balance Sheet Liquidity and Share Repurchase Accretion
The holding company maintains $9.5B in deployable capital as of Q2 2026. Management has demonstrated disciplined capital stewardship by repurchasing 39% of outstanding shares over 10 years, driving rapid per-share compounding.4
Deep Valuation Discount to Normalized Earnings Power
At USD 227.60 as of September 25, 2026, Allstate trades at just 8.27x forward earnings, well below peers and providing a 95.0% upside to our Fair value of USD 443.87.
House recommendation
We rate Allstate a Strong Buy because restored Property-Liability rate adequacy and $10.11B in annual operating cash flow support substantial per-share earnings power and aggressive capital returns at a steep discount to intrinsic value.
Company overview
ALLSTATE CORP offers products through approximately 2,200 sales representatives in contact centers and online. Direct Auto products are also available through employees in approximately 500 retail stores
Its Allstate Protection segment accounted for 93.9% of Allstate’s 2025 consolidated insurance premiums and contract charges and 18.1% of Allstate’s December 31, 2025 PIF. This segment includes private passenger auto, homeowners and other personal lines products. Its Run-off Property-Liability segment includes results from property and casualty insurance coverage that primarily relates to policies written from the 1960s through the mid-1980s.
In a severe compounding stress test combining elevated catastrophe storm activity with acute auto bodily injury severity inflation and state regulatory rate pushback, Property-Liability operating margins compress below 10.0%, eroding statutory surplus at operating insurance subsidiaries. Under this shock, consolidated operating income falls toward trough levels reminiscent of FY2022-FY2023 (-3.61% and 0.05% operating margins). With holding company cash of $678M against $7.50B of total debt, holding company dividend extractions would be restricted to protect subsidiary regulatory capital adequacy. This scenario halts share repurchases, cuts normalized EPS toward $22.00, and reduces terminal fair value toward $160.09.
Property-Liability underwriting scale forms the operational core of Allstate, generating $59.73B of the company's $67.69B consolidated revenue in FY2025 (88.25%). Scale advantages in claims administration, actuarial pricing sophistication, and proprietary mobility telematics spanning over 2 trillion miles of driving data enable Allstate to price risks dynamically and absorb localized catastrophe shocks more effectively than regional carriers. Reinsurance purchasing power further shields capital during severe weather seasons.
The exclusive agency network serves as a foundational distribution platform that creates local relationship advisory touchpoints and defends customer retention. Management has systematically introduced productivity tools that offload administrative and routine service burdens, empowering exclusive agents to focus on high-value advisory interactions and cross-line sales, which reached all-time record highs. Multi-policy bundling between homeowners and auto insurance generates switching frictions that insulate preferred accounts from direct digital price shopping.
Non-catastrophe fee expansion through Protection Services ($3.55B in FY2025 revenue) provides valuable diversification away from balance-sheet underwriting risks. In nonstandard auto and independent agency channels, the integration of National General expanded market access and deepened distribution breadth. While intense price competition from direct digital carriers prevents a wide economic moat, these integrated distribution and data assets secure a durable narrow .
The highlighted cell is Fair value when every assumption sits at its base level ($443.87). Each row and column shows what Fair value becomes when one assumption moves.
Maintain Strong Buy; Reaffirm core allocation, monitor catastrophe reserve releases into subsequent quarters, and evaluate the pacing of share buybacks from deployable holding company liquidity.
Trigger: Property-Liability combined ratio improves beyond expectations driven by benign catastrophe losses and sustained rate adequacy, accompanied by favorable prior-year reserve releases and accelerating fee revenue in Protection Services.
An earnings beat demonstrates that premium rate increases continue to outpace loss cost inflation and bodily injury severity trends, confirming the resilience of underwriting margins. With the shares trading at $227.60 against a Fair value of $443.87 and Potential value of $840.59, an operating beat validates the upside trajectory toward 95.0% potential.
In-line
Maintain Strong Buy; Maintain position weighting, verify quarterly policy retention rates across exclusive agency distribution, and track capital return execution.
Trigger: Underwriting margins and earned premiums track consensus expectations, with combined ratios reflecting normal seasonal catastrophe storm activity and bodily injury severity trends matching filed rate assumptions.
Results meeting expectations confirm that underwriting normalization is progressing along the anticipated path toward through-the-cycle margins. The valuation thesis remains fully supported with the stock offering 95.0% upside from $227.60 to of $443.87.
The property and casualty insurance industry currently operates at peak underwriting profitability, with industry operating margin at 15.3% and net margin at 11.1%. Allstate's FY2025 operating margin reached 20.03% following multi-year cumulative rate increases. Capital intensity remains structurally low, evidenced by an industry capex-to-revenue ratio of -1.1% and capex-to-depreciation of 0.37, while Allstate incurred just $228M in capex against $10.11B in operating cash flow in FY2025.6
Bull cycle
The Property & Casualty bull cycle is defined by robust pricing power across personal auto and homeowners lines following aggressive regulatory rate approvals, driving earned premium growth ahead of loss cost inflation. Underwriters benefit from moderating supply chain and used-car replacement costs, favorable non-catastrophe claim frequencies, rising investment yields on short-to-intermediate fixed income portfolios, and disciplined capital return via share repurchases and regular dividend increases.
§11 Position management
Sizing
5-7%
The high conviction level and 5-7% portfolio weighting reflect Allstate's compelling valuation discount, demonstrated underwriting recovery generating $10.28B in FY2025 net income, low financial leverage, and substantial holding company deployable capital of $9.5B that supports ongoing share buybacks.4,6
Risk
Risk management focuses on monitoring catastrophe loss exposures against reinsurance retentions, tracking social litigation inflation across personal auto bodily injury liability, and ensuring holding company debt ($7.50B) remains well-serviced by subsidiary dividend capacity and $9.5B in deployable parent liquidity. Position exposure should be rebalanced following significant share price advances toward Fair value.
Entry tranches
§12 Investor perspectives
Value and Total Return Investors
Buy
Allstate offers an exceptional valuation discount, trading at 8.27x forward P/E with a 95.0% upside to Fair value of USD 443.87, backed by $10.11B in operating cash flow and $9.5B in holding company liquidity.3,4,6
Quality and Moat-Focused Investors
Buy
The exclusive agency network provides durable distribution reach and multi-policy customer stickiness, supporting consistent returns on equity above the moderate cost of capital of 6.22%.2,4
Income and Dividend Growth Investors
Buy
§14 Final recommendation
Action
Strong Buy
Allstate represents a compelling Strong Buy opportunity driven by a powerful Property-Liability underwriting recovery that produced $10.28B in GAAP net income in FY2025. At USD 227.60 as of September 25, 2026, the stock trades at just 8.27x forward earnings, offering substantial margin of safety against our Fair value of USD 443.87.3,6
With $9.5B in deployable capital at the holding company and an ongoing capital return program that has reduced share count by 39% over the past decade, Allstate is positioned to deliver outstanding risk-adjusted total return through earnings normalization and capital accretion.
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Sources
The records this analysis drew on, as they stood when it was run.
Analyst consensusData as of 2026-09-27 · Published 2026-09-27 · Provider-adjusted · cited for 1 figureCited in Financial history
State insurance commissioners delay or cap filed rate adjustments in key markets.
Underwriting losses compel suspension of share repurchases to preserve subsidiary statutory capital.
A downside scenario exists driven by compounding severe convective storms and hurricanes, aggressive social litigation inflation in bodily injury claims, and regulatory lag in rate approvals. Under these adverse conditions, Property-Liability underwriting margins fall toward trough levels, eroding statutory insurance surplus and halting share buybacks to protect subsidiary capitalization. This downside path would be confirmed by consecutive quarters of elevated combined ratios, persistent adverse reserve development, or significant declines in holding company deployable liquidity.
Ways this thesis can break
Clustered catastrophe storm losses and auto bodily injury litigation inflation compress underwriting margins below through-the-cycle breakeven levels.
Historical operating margin collapsed to -3.61% in FY2022 and 0.05% in FY2023. Property-Liability generates 88.25% of consolidated revenue ($59.73B of $67.69B), leaving consolidated earnings unprotected when severe convective storms, hurricanes, and bodily injury severity inflation strike simultaneously. A drop below an 8% operating margin would trigger severe underwriting losses and compress fair value by 28.5%.6,7
FV impact
0%
Operating margin 6 points lower throughout
Trigger
Within 12 months
Cost of capital normalizes upward to reflect personal lines catastrophe tail risk, regulatory lag, and historical earnings volatility.
The valuation engine discounts cash flows and earnings at a moderate Ke of 6.2212%, which provides an equity risk premium of only 104 bps over the 5.18% risk-free rate. Incorporating normalized cycle cost of equity of 7.1842% and adjusting for catastrophic tail risks pushes the required cost of equity to 8.22%, triggering an estimated 26% de-rating across cash flow and residual earnings models.2
Market refuses multiple re-rating toward commercial peers due to ongoing personal auto market share losses to direct digital competitors.
Allstate trades at a forward P/E of 8.27x, while valuation models anticipate terminal multiple expansion to 10.5x. Peer Progressive achieves superior revenue growth of 7.3% and higher ROE of 34.9% through direct digital scale, capping Allstate's terminal multiple at a discounted cycle trough of 8.4x and impairing fair value by 18.5%.3
FV impact
Early-warning signals to monitor
The five developments that would weaken our investment case.
Allstate demonstrates solid economic profit generation during normalized and hardening underwriting periods. In FY2025, GAAP net income reached $10.28B on consolidated revenue of $67.69B, generating an operating cash flow of $10.11B and free cash flow of $9.88B. The company's returns on equity significantly exceed its capital costs: against a baseline risk-free rate of 5.18% and an equity risk premium of 4.14%, Allstate's moderate cost of equity is 6.2212% and normalized cycle cost of equity is 7.1842%. Even as operating margin normalizes toward the house target of 14.0% from the FY2025 peak of 20.03%, return on capital remains comfortably above WACC, supporting sustainable economic value creation.2,5,6
6.2/ 10
Narrow
Sources of advantage
01Exclusive Agency Distribution Network — Allstate deploys an exclusive agency force providing localized relationship-driven distribution, with enterprise technology tools that offload routine service tasks and expand sales capacity, driving cross-line policy sales to record highs.Wide
02Underwriting Scale and Proprietary Telematics Data — Property-Liability generated $59.73B in FY2025 revenue, supported by over 2 trillion miles of mobility driving data that informs dynamic pricing, risk selection, and claims automation.Moderate
03Multi-Policy Bundling and Switching Costs — Bundling home and auto policies creates operational switching frictions and higher retention rates compared to monoline auto lines, defending customer relationships against monoline price shopping.Moderate
Direct digital competitor price pressure and market share capture in monoline auto
medium
12-36 months
Deploying enterprise customer acquisition systems, direct quoting capabilities, and offloading administrative burdens from exclusive agents to expand sales focus.4
Elevated catastrophe loss frequency exceeding reinsurance attachment points
high
Ongoing / seasonal
Nationwide property catastrophe reinsurance treaties, geographic exposure management, and strategic rate adequacy adjustments in high-risk zones.4
Social inflation and medical cost severity escalation in auto bodily injury liability
medium
12-24 months
Early claims settlement intervention, telematics driving analytics, and legislative advocacy for state tort reform.4
Earned premium growth settles in line with nominal economic expansion as rate adjustments mature.
Technology tools support agent productivity, sustaining policyholder retention across exclusive agency channels.
Holding company deployable liquidity continues funding regular dividends and share repurchases.
Under the base scenario, which carries a probability of 55.0%, Allstate's underwriting margins normalize toward long-term historical levels following peak rate realization. Premium growth moderates toward steady-state levels while exclusive agency distribution sustains policy retention. Capital management remains focused on steady share repurchases and dividends. This path produces a target valuation of $443.87, delivering an expected return of 95.0% from the analysis price of $227.60. This outcome would be disconfirmed if catastrophe losses escalate sharply or auto liability reserve deficiencies emerge across consecutive quarters.
Under the bull scenario, assigned a probability of 20.0%, favorable weather patterns and sustained pricing discipline keep underwriting margins above historical cycle averages. Multi-policy bundling and agent digital enablement accelerate policy retention, while non-catastrophe Protection Services revenue expands. Share buybacks aggressively reduce share count, lifting the bull target valuation to $840.59 and generating a projected return of 269.3% relative to $227.60. Disconfirmation would occur if severe storm seasons or competitive price cuts undermine underwriting profitability.
Downgrade the rating; Re-examine Property-Liability combined ratio trends, scrutinize prior accident year reserve development, verify holding company deployable capital levels, and adjust position sizing if underwriting losses persist.
Trigger: Property-Liability combined ratio deteriorates significantly due to severe unhedged catastrophe storm losses, unexpected bodily injury reserve strengthening, or accelerating policyholder cancellations in personal auto.
An underwriting miss driven by structural loss severity inflation or regulatory refusal to approve needed rate filings would threaten normalized margin assumptions. However, because $227.60 provides a substantial discount to Fair value of $443.87, a moderate operational setback warrants lowering the rating band while preserving constructive exposure if holding company liquidity remains intact.
Allstate exhibits robust operating earnings quality characterized by strong cash conversion, where operating cash flow closely mirrors GAAP net income. Earnings are derived primarily from core Property-Liability underwriting and net investment income rather than non-operating accounting adjustments. Capital expenditures are minimal relative to earnings power, resulting in high owner cash generation. Key factors governing earnings durability going forward include loss reserve adequacy across bodily injury lines and ongoing discipline in catastrophe reinsurance treaty protections.4,6
Metrics to watch into the print
01
Metric:
Property-Liability Combined Ratio and Loss Trends
CurrentOperating margins reached cyclical highs in recent filings, with management confirming solid pure premium trends.
Why it matters
Reveals whether earned premium rates remain adequate against underlying loss cost inflation and catastrophe losses, directly determining underwriting profit and operating margin durability.
02
Metric:
Prior Accident Year Reserve Development
CurrentManagement noted favorable tort reform impacts in key states like Florida that help mitigate bodily injury severity trends.
Why it matters
Unfavorable reserve adjustments signal social inflation and escalating bodily injury claim severity, which directly reduces reported earnings and damages balance sheet capital adequacy.
03
Metric:
Policies in Force and Customer Retention Rates
CurrentCross-line sales from exclusive agents achieved record levels, supported by technology tools that improve agent sales efficiency.
Why it matters
Measures customer retention and competitive defense against direct digital carriers, determining whether premium growth reflects real franchise stability or pure rate catch-up.
04
Metric:
Holding Company Deployable Capital and Share Buybacks
CurrentHolding company holds significant deployable capital, enabling active share repurchase authorization execution.
Why it matters
Confirms parent company liquidity to fund regular dividends and share repurchases, providing a direct floor under per-share earnings growth.
Allstate is characterized by exceptional cash conversion and low capital intensity. In FY2025, operating cash flow reached $10.11B, closely tracking GAAP net income of $10.28B. Capital expenditures totaled only $228M (yielding $9.88B in free cash flow), consisting primarily of routine technology and facility enhancements. Owner earnings were estimated at $10.55B based on $482M of depreciation and $216.6M in maintenance capex. This tremendous cash flow conversion provides an enduring buffer against underwriting loss shocks and funds steady shareholder capital distributions.5,6
Allstate demonstrates a highly disciplined capital allocation track record focused on cash returns and opportunistic portfolio management. Over the past decade, Allstate repurchased 39% of its outstanding common shares, returning total cash equal to its entire 2015 market capitalization through repurchases and regular dividends. As of Q2 2026, the holding company maintained $9.5B in deployable capital, affording substantial liquidity to maintain share repurchases alongside the $4.32 annual dividend per share. Holding company cash stood at $678M as of FY2025 against $7.50B in total debt. Capital allocation is guided by maintaining adequate statutory capital at operating insurance subsidiaries while returning excess cash when underwriting profitability is healthy.
Allstate's return on equity rebounded dramatically to 46.11% in FY2025 following steep underwriting losses in FY2022 (-3.61% operating margin) and FY2023 (0.05% operating margin). This recovery was driven by comprehensive premium rate hikes across auto and homeowners lines that expanded operating income to $13.16B and GAAP net income to $10.28B. While through-the-cycle ROE will normalize toward a sustainable 14%-18% range as rate increases mature, economic returns remain well in excess of historical cycle troughs.
Economic returns significantly outpace the cost of capital. Allstate's estimated moderate cost of equity is 6.2212% (based on an adjusted beta of 0.2515, risk-free rate of 5.18%, and equity risk premium of 4.14%) and normalized cycle cost of equity is 7.1842%. With current return on equity of 46.11% and normalized net margin modeled at 10.5%, Allstate generates substantial positive economic spread over WACC (6.02%).
Underwriting rate catch-up drove an extraordinary earnings inflection in FY2025.
The Allstate Corporation (ALL) trades at 8.3x forward earnings against a peer median of 11.4x. Its EV/EBITDA of 3.6x compares with a peer median of 7.9x. The comparison uses 4 peers: The Travelers Companies Inc., The Progressive Corporation, Assurant Inc. and Chubb Limited, as of 2026-09-27.
Bear cycle
The P&C bear cycle materializes when severe convective storm and hurricane losses breach catastrophe allowances, coupled with sharp social inflation in litigation and bodily injury medical severity. Regulatory resistance delays or caps filed rate increases in key jurisdictions (such as California and New York), leading to negative underwriting margins, prior-year reserve deficiencies, statutory capital strain, and sudden curtailment of share buybacks.
Secular trends
Trend
Impact
Note
Telematics and Behavioral Mobility Pricing
positive
Insurers leverage connected-vehicle driving analytics (over 2 trillion miles recorded by Allstate) to segment driver risk accurately, improving loss selection and customer pricing precision.
Social Inflation and Legal System Abuse
negative
Escalating attorney involvement and large third-party litigation financing extend liability claims settlement periods and drive up bodily injury loss severity across the auto industry.
Climate Volatility and Convective Storm Clustering
negative
Increasing frequency of severe convective storms, inland flooding, and coastal hurricanes increases property loss volatility, requiring higher reinsurance attachment points and continuous rate adequacy adjustments.
Agentic AI and Automated Claims Administration
positive
Adoption of enterprise artificial intelligence streamlines routine service inquiries, accelerates claims processing, and optimizes lead routing without expanding operational headcount.
Positioning
Allstate is positioned as a top-tier national underwriter with primary exposure in personal lines (Property-Liability accounted for 88.25% of consolidated FY2025 revenue). Its exclusive agency force anchors strong customer retention in multi-policy bundled home and auto accounts. However, Allstate faces direct price competition in monoline auto from Progressive (PGR), which delivers faster revenue growth (7.3% vs ALL 4.63%) and higher ROE (34.9% vs ALL), prompting Allstate to prioritize combined ratio profitability over volume expansion.4,7
Level
Action
Why
Analysis Price ($227.60)
Initiate core position (50% of target allocation)
Shares trade at an attractive 8.27x forward P/E and offer a 95.0% discount to synthesized Fair value of $443.87.
Pullback to 200-day moving average ($224.26) or below $215.00
Add second tranche (30% of target allocation)
Accumulate on temporary weather or broader market weakness that leaves long-term through-the-cycle underwriting fundamentals intact.
Cyclical trough support ($195.00 - $205.00)
Complete full position (remaining 20% of target allocation)
Approaches third-party trading benchmark levels ($204.27) and consensus target low ($191.00), offering an extraordinary margin of safety.
Exit tranches
Level
Action
$335.00 - $350.00
Trim 25% of position to rebalance weighting as shares approach consensus high targets ($334.00) and forward earnings baseline targets.
$440.00 - $445.00
Trim additional 35% of position as market price converges with synthesized Fair value ($443.87).
Above $500.00
Re-evaluate underwriting cycle peak and systematically trim remaining position toward core long-term holding.
Quarterly checkpoints
Metric
Threshold
Action
Property-Liability Combined Ratio
Rolling 4-quarter average combined ratio exceeding 96.0%
Re-assess rate adequacy and underwriting profitability; freeze incremental position adds.
Holding Company Deployable Capital
Deployable capital falls below $5.0B
Review share buyback pacing and subsidiary capital transfer constraints; reduce target position size.
Prior-Year Loss Reserve Development
Adverse reserve development exceeding $500M in a single quarter
Evaluate whether direct carriers are permanently capturing market share; reduce terminal growth assumption.
Allstate provides a secure cash dividend of $4.32 per share with immense dividend coverage from $9.88B in free cash flow, supplemented by heavy share repurchases.4,5
Severe convective storms and hurricanes coincide with auto bodily injury severity inflation and state regulatory rate pushback, depressing Property-Liability operating margins below 8.0%. Property-Liability generates 88.25% of consolidated revenue ($59.73B of $67.69B). Clustered catastrophe losses and prolonged bodily injury litigation settlements overwhelm reinsurance retentions and outpace earned premium growth, driving underwriting results toward historical deficit levels observed in FY2022 (-3.61% operating margin) and FY2023 (0.05% operating margin). Erases $1B to $3B in annual GAAP net income, reduces normalized diluted EPS toward $22.00, and curtails holding company share repurchases, impairing fair value by 28.5% toward the lower valuation envelope. Property-Liability combined ratio rising above 95% on a trailing-twelve-month basis, holding company deployable capital falling below $3.0B from $9.5B, or consecutive quarterly net underwriting losses.4,6,7
Earnings call transcript
2026Q2 earnings call
Data as of 2026-06-30 · Published 2026-08-05 · cited for 14 figures
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
