ALLSTATE CORP
For the period ended Jun 30, 2026. Filed Aug 5, 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.
Jun 30, 2026 · Filed Aug 5, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Run-off Property-Liability
Segment Results Run-off Property-Liability
Run-off Property-Liability Segment
| Underwriting results | ||||
|---|---|---|---|---|
| ($ in millions) | Three months ended June 30, | Six months ended June 30, | ||
| 2026 | 2025 | 2026 | 2025 | |
| Claims and claims expense | $— | $(2) | $— | $(5) |
| Operating costs and expenses | — | (1) | (1) | (2) |
| Underwriting loss | $— | $(3) | $(1) | $(7) |
| Reserves for asbestos, environmental and other run-off claims before and after the effects of reinsurance | ||
|---|---|---|
| ($ in millions) | June 30, 2026 | December 31, 2025 |
| Asbestos claims | ||
| Gross reserves | $1,031 | $1,098 |
| Reinsurance | (297) | (329) |
| Net reserves | 734 | 769 |
| Environmental claims | ||
| Gross reserves | 297 | 302 |
| Reinsurance | (54) | (55) |
| Net reserves | 243 | 247 |
| Other run-off claims | ||
| Gross reserves | 457 | 452 |
| Reinsurance | (52) | (36) |
| Net reserves | 405 | 416 |
| Total | ||
| Gross reserves | 1,785 | 1,852 |
| Reinsurance | (403) | (420) |
| Net reserves | $1,382 | $1,432 |
| Reserves by type of exposure before and after the effects of reinsurance | ||
|---|---|---|
| ($ in millions) | June 30, 2026 | December 31, 2025 |
| Direct excess commercial insurance | ||
| Gross reserves | $1,018 | $1,063 |
| Reinsurance | (326) | (341) |
| Net reserves | 692 | 722 |
| Assumed reinsurance coverage | ||
| Gross reserves | 572 | 584 |
| Reinsurance | (54) | (54) |
| Net reserves | 518 | 530 |
| Direct primary commercial insurance | ||
| Gross reserves | 92 | 98 |
| Reinsurance | (22) | (24) |
| Net reserves | 70 | 74 |
| Unallocated loss adjustment expenses | ||
| Gross reserves | 103 | 107 |
| Reinsurance | (1) | (1) |
| Net reserves | 102 | 106 |
| Total | ||
| Gross reserves | 1,785 | 1,852 |
| Reinsurance | (403) | (420) |
| Net reserves | $1,382 | $1,432 |
56 www.allstate.com
Run-off Property-Liability Segment Results
| Percentage of gross and ceded reserves by case and incurred but not reported (“IBNR”) | ||||
|---|---|---|---|---|
| June 30, 2026 | December 31, 2025 | |||
| Case | IBNR | Case | IBNR | |
| Direct excess commercial insurance | ||||
| Gross reserves (1) | 69% | 31% | 57% | 43% |
| Ceded (2) | 82 | 18 | 66 | 34 |
| Assumed reinsurance coverage | ||||
| Gross reserves | 33 | 67 | 32 | 68 |
| Ceded | 40 | 60 | 44 | 56 |
| Direct primary commercial insurance | ||||
| Gross reserves | 40 | 60 | 38 | 62 |
| Ceded | 76 | 24 | 72 | 28 |
(1)Approximately 57% and 66% of gross case reserves as of June 30, 2026 and December 31, 2025, respectively, are subject to settlement agreements that define and limit our obligations.
(2)Approximately 62% and 73% of ceded case reserves as of June 30, 2026 and December 31, 2025, respectively, are subject to settlement agreements that define and limit our obligations.
| Gross payments from case reserves by type of exposure | ||||
|---|---|---|---|---|
| ($ in millions) | Three months ended June 30, | Six months ended June 30, | ||
| 2026 | 2025 | 2026 | 2025 | |
| Direct excess commercial insurance | ||||
| Gross (1) | $24 | $34 | $46 | $60 |
| Ceded (2) | (9) | (10) | (18) | (21) |
| Assumed reinsurance coverage | ||||
| Gross | 8 | 10 | 12 | 16 |
| Ceded | — | (1) | — | (1) |
| Direct primary commercial insurance | ||||
| Gross | 4 | 1 | 5 | 2 |
| Ceded | (1) | (1) | (2) | (1) |
(1)In the second quarter and first six months of 2026, 86% and 87% of payments related to settlement agreements, respectively, compared to 93% and 91% in the second quarter and first six months of 2025, respectively.
(2)In the second quarter and first six months of 2026, 94% of payments related to settlement agreements compared to 94% and 93% in the second quarter and first six months of 2025, respectively.
Total net reserves as of June 30, 2026, included $653 million or 47% of estimated IBNR reserves compared to $761 million or 53% of estimated IBNR reserves as of December 31, 2025.
Total gross payments were $36 million and $63 million for the second quarter and first six months of 2026, respectively, compared to $45 million and $78 million for the second quarter and first six months of 2025, respectively. 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.
Second Quarter 2026 Form 10-Q 57
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