Analyst Note| Brett Horn, CFA |
Allstate reported a loss in the first quarter, but this was due to a $4 billion charge related to the divestiture of its life insurance operations, a move we support from a strategic perspective. Excluding the charge, Allstate, like its peers, continues to benefit from the impact of the pandemic. We think the no-moat company is in a nice spot at the moment, but pandemic tailwinds will abate at some point. We will maintain our $110 fair value estimate.