Allstate Corp

ALL: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$825.00	Lbfp	Kvxmhxsy

Allstate Earnings: Catastrophes and Auto Woes Drive Allstate to a Loss

Brett Horn

May 4, 2023

A difficult auto insurance backdrop and elevated catastrophe losses pushed Allstate to a $346 million loss in the first quarter. While the no-moat company continues to struggle, we see some signs of improvement in the quarter and believe it is just a matter of time for pricing increases to normalize auto insurance profitability for Allstate and its peers. We will maintain our $122 fair value estimate.

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