Allstate Corp

ALL: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$187.00	Ykry	Rlvzgvgz

Allstate Earnings: Catastrophe Losses and Auto Headwinds Take a Heavy Toll

Brett Horn

Aug 2, 2023

As expected, Allstate endured a very difficult second quarter, as catastrophe losses and headwinds in personal auto pushed the company to a $1.4 billion loss. Catastrophe losses in the second quarter were $2.7 billion, or 140% higher than last year's level. While we think the company faces a difficult near term, we are comfortable with our $122 per share fair value estimate for the no-moat company, which we will maintain.

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