Allstate Corp

ALL: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$632.00	Lyhlj	Xtwtlnfsy

Preliminary Fourth-Quarter Results Show Allstate Remains Under Pressure

Brett Horn

Jan 19, 2023

Allstate expects to take a loss of about $300 million in the fourth quarter, as catastrophe losses and difficult underwriting conditions in auto weigh on results. We recognize the near-term difficulties Allstate faces, but expect results to normalize within a reasonable time frame. We will maintain our $120 fair value estimate for the no-moat company, and see the shares as roughly fairly valued from a long-term perspective.

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