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Allstate Corp ALL

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Morningstar’s Analysis

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Allstate Reports Loss in Q1, but Underlying Profitability Stays Strong

Brett Horn, CFA Senior Equity Analyst

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.

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Company Profile

Business Description

On the basis of premium sales, Allstate is one of the largest U.S. property-casualty insurers. Personal auto represents the largest percentage of revenue, but the company offers homeowners insurance and other insurance products. Allstate products are sold in North America primarily by about 10,000 company agencies.

2775 Sanders Road
Northbrook, IL, 60062
T +1 847 402-5000
Sector Financial Services
Industry Insurance - Property & Casualty
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2020
Stock Type Classic Growth
Employees 42,160