Allstate Corp

ALL: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$511.00	Cbsr	Tfwdljjb

Allstate Earnings: Getting Back on Track

Brett Horn

May 2, 2024

Allstate’s first-quarter results were encouraging, as the company continues to move the past the underwriting issues that have plagued it over the past couple of years. The adjusted annualized return on equity of 11% in the quarter suggests the no-moat company has brought returns back to an acceptable level. We will maintain our $130 fair value estimate.

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