ALLSTATE CORP
For the period ended Mar 31, 2026. Filed Apr 29, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 29, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Run-off Property-Liability
Run-off Property-Liability Segment Results
Run-off Property-Liability Segment
| Underwriting results | ||
|---|---|---|
| ($ in millions) | Three months ended March 31, | |
| 2026 | 2025 | |
| Claims and claims expense | $— | $(3) |
| Operating costs and expenses | (1) | (1) |
| Underwriting loss | $(1) | $(4) |
| Reserves for asbestos, environmental and other run-off claims before and after the effects of reinsurance | ||
|---|---|---|
| ($ in millions) | March 31, 2026 | December 31, 2025 |
| Asbestos claims | ||
| Gross reserves | $1,078 | $1,098 |
| Reinsurance | (320) | (329) |
| Net reserves | 758 | 769 |
| Environmental claims | ||
| Gross reserves | 299 | 302 |
| Reinsurance | (54) | (55) |
| Net reserves | 245 | 247 |
| Other run-off claims | ||
| Gross reserves | 447 | 452 |
| Reinsurance | (37) | (36) |
| Net reserves | 410 | 416 |
| Total | ||
| Gross reserves | 1,824 | 1,852 |
| Reinsurance | (411) | (420) |
| Net reserves | $1,413 | $1,432 |
| Reserves by type of exposure before and after the effects of reinsurance | ||
|---|---|---|
| ($ in millions) | March 31, 2026 | December 31, 2025 |
| Direct excess commercial insurance | ||
| Gross reserves | $1,042 | $1,063 |
| Reinsurance | (333) | (341) |
| Net reserves | 709 | 722 |
| Assumed reinsurance coverage | ||
| Gross reserves | 580 | 584 |
| Reinsurance | (54) | (54) |
| Net reserves | 526 | 530 |
| Direct primary commercial insurance | ||
| Gross reserves | 96 | 98 |
| Reinsurance | (23) | (24) |
| Net reserves | 73 | 74 |
| Unallocated loss adjustment expenses | ||
| Gross reserves | 106 | 107 |
| Reinsurance | (1) | (1) |
| Net reserves | 105 | 106 |
| Total | ||
| Gross reserves | 1,824 | 1,852 |
| Reinsurance | (411) | (420) |
| Net reserves | $1,413 | $1,432 |
First Quarter 2026 Form 10-Q 51
Segment Results Run-off Property-Liability
| Percentage of gross and ceded reserves by case and incurred but not reported (“IBNR”) | ||||
|---|---|---|---|---|
| March 31, 2026 | December 31, 2025 | |||
| Case | IBNR | Case | IBNR | |
| Direct excess commercial insurance | ||||
| Gross reserves (1) | 56% | 44% | 57% | 43% |
| Ceded (2) | 66 | 34 | 66 | 34 |
| Assumed reinsurance coverage | ||||
| Gross reserves | 34 | 66 | 32 | 68 |
| Ceded | 40 | 60 | 44 | 56 |
| Direct primary commercial insurance | ||||
| Gross reserves | 39 | 61 | 38 | 62 |
| Ceded | 74 | 26 | 72 | 28 |
(1)Approximately 65% and 66% of gross case reserves as of March 31, 2026 and December 31, 2025, respectively, are subject to settlement agreements that define and limit our obligations.
(2)Approximately 72% and 73% of ceded case reserves as of March 31, 2026 and December 31, 2025, respectively, are subject to settlement agreements that define and limit our obligations.
| Gross payments from case reserves by type of exposure | ||
|---|---|---|
| ($ in millions) | Three months ended March 31, | |
| 2026 | 2025 | |
| Direct excess commercial insurance | ||
| Gross (1) | $22 | $26 |
| Ceded (2) | (9) | (11) |
| Assumed reinsurance coverage | ||
| Gross | 4 | 6 |
| Ceded | — | — |
| Direct primary commercial insurance | ||
| Gross | 1 | 1 |
| Ceded | (1) | — |
(1)In the first quarter of 2026 and 2025, 89% and 90% of payments related to settlement agreements, respectively.
(2)In the first quarter of 2026 and 2025, 94% and 93% of payments related to settlement agreements, respectively.
Total net reserves as of March 31, 2026, included $746 million or 53% of estimated IBNR reserves compared to $761 million or 53% of estimated IBNR reserves as of December 31, 2025.
Total gross payments were $27 million for the first quarter of 2026 compared to $33 million for the first quarter of 2025. Payments primarily related to settlement agreements reached with several insureds on large claims, mainly asbestos-related losses, where the scope of coverages has been agreed upon. The claims associated with these settlement agreements are expected to be substantially paid out over the next several years as qualified claims are submitted by these insureds. Reinsurance collections were $13 million for the first quarter of 2026 compared to $6 million for the first quarter of 2025.
52 www.allstate.com
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