Allstate

Underlying results are improving, but catastrophes and regulation drive volatility. Q1 2025 saw $2.20 billion of catastrophe losses, partially offset by $1.1 billion of reinsurance recoveries, before strong Q2 underwriting. Underlying combined ratio for H1 2025 was 81.3 vs 86.1 a year ago, but reported ratios swing with weather.

The business is not as predictable as toll‑like payment networks or software subscriptions.