The Allstate Corporation (NYSE:ALL) Q4 2025 Earnings call February 05, 2026 09:00 AM ET Company ParticipantsAlister Gobin - Head of Investor RelationsJesse Edward Merten - CFOJohn Dugenske - President, Investments and Financial ProductsMario Rizzo - President,Property-LiabilityThomas J. Wilson - CEOConference Call ParticipantsBob Huang - AnalystC. Gregory Peters - AnalystDavid Motemaden - AnalystElyse Greenspan - AnalystJoshua Shanker - AnalystMichael Zaremski - AnalystRobert Cox - AnalystYaron Kinar - Anal ...

The Allstate Corporation Investor Supplement Fourth Quarter 2025 The condensed consolidated financial statements and financial exhibits included herein are unaudited and should be read in conjunction with the consolidated financial statements and notes thereto included in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The results of operations for interim periods should not be considered indicative of results to be expected for the full year. Measures used in these financial ...

Financial Data and Key Metrics Changes - Horace Mann reported record full-year core earnings per share of $4.71, a 39% increase over the prior year, with a shareholder return on equity of 12.4% [4][16] - Total revenues increased by 7% year-over-year, with net premiums and contract deposits earned also up more than 7% [4][16] - Core earnings for 2025 were $196 million, reflecting strong underlying profitability across the business [16] Business Line Data and Key Metrics Changes - In Property and Casualty (P&C), core earnings were $112 million, more than double the prior year, with net written premiums increasing by 7% to $830 million [20] - The reported combined ratio for P&C improved to 89.7, an improvement of over 8 points year-over-year [20] - Life and retirement segment saw core earnings increase by 13% to $61 million, with net premiums written and contract deposits growing to $612 million, up 7% year-over-year [22] - Individual supplemental sales increased by nearly 40% year-over-year, while group benefits recorded a 33% increase [6][24] Market Data and Key Metrics Changes - Unaided brand awareness reached 35% in 2025, up from less than 10% a year ago, indicating significant growth in market recognition [8] - New business customer interactions increased by 37% in the fourth quarter, reflecting enhanced marketing and distribution efforts [9] Company Strategy and Development Direction - The company aims for a 10% average compound annual growth rate in core EPS and a sustainable 12%-13% shareholder return on equity over the next three years [12][28] - Investments in marketing, infrastructure improvements, and product expansion are prioritized to support long-term growth [12][13] - The introduction of the Horace Mann Club aims to provide educators with financial wellness tools and resources, enhancing community engagement [10] Management's Comments on Operating Environment and Future Outlook - Management noted that 2025 benefited from unusually light severe weather activity, with pre-tax catastrophe losses of $62 million contributing positively to core earnings [5] - The company expects a normalized core earnings per share guidance range of $4.20-$4.50 for 2026, reflecting a nearly 10% increase [12][18] - Management expressed confidence in achieving long-term financial targets while navigating a competitive environment [28] Other Important Information - The company repurchased $21 million of shares in 2025, the highest annual level since 2022, with an additional $50 million authorization in May [14][27] - The early retirement offering was taken up by about 8% of eligible employees, aimed at aligning the workforce with future needs [58][59] Q&A Session Summary Question: Distribution initiatives and policy count growth outlook - Management highlighted strong sales momentum driven by distribution efforts, with brand awareness and website traffic significantly increasing [31][32] Question: EPS outlook for 2026 and growth acceleration - Management confirmed expectations for a 10% annual earnings per share growth rate, with accelerating top-line growth anticipated as investments yield results [34][36] Question: Catastrophe loss assumptions and reinsurance program - Management clarified that the $90 million catastrophe loss assumption for 2026 is based on consistent year-over-year approaches and does not include prior year development in planning [39][40] Question: Increase in educator household access - Management noted a significant increase in accessible educator households due to strategic marketing and partnerships, contributing to overall growth [44][51] Question: Long-term target for net interest spread in retirement - Management reaffirmed a target of a 200 basis point spread for fixed annuities, although 2025 performance was impacted by underperformance in commercial mortgage loans [52] Question: Early retirement offering participation - Management reported a satisfactory participation rate in the early retirement offering, aimed at workforce planning and future skill alignment [58][61] Question: Investment in supplemental and group segment - Management expressed confidence in the growth and earnings diversification from individual supplemental and group benefits, with favorable benefit ratios expected to normalize [71][76]

Table of Contents | | Page | | --- | --- | | Consolidated Financial Highlights | 3 | | Consolidated Statements of Operations | 4 | | Consolidated Balance Sheets | 5 | | Capital Metrics | 6 | | Property & Casualty Segment | | | Statements of Operations | 7 | | Auto Products | 8 | | Property & Other Products | 9 | | Life & Retirement Segment | | | Statements of Operations | 10 | | Life Insurance Products | 10 | | Retirement Products | 11 | | Account Value Rollforward | 12 | | Supplemental & Group Benefits | | ...

Core Viewpoint - Cincinnati Financial Corporation (CINF) is recognized for its long-standing commitment to dividend growth, having raised its dividend for 65 consecutive years, which positions it among the top dividend growth stocks in the market [2]. Group 1: Company Overview - Cincinnati Financial Corporation has a strong emphasis on financial strength to fulfill its insurance obligations while creating shareholder value through regular dividend payments [2]. - The company primarily offers business, home, and auto insurance through its core subsidiary, The Cincinnati Insurance Company [3]. Group 2: Market Analysis - BofA has lowered its price target for Cincinnati Financial from $186 to $180 while maintaining a Buy rating, citing weak pricing trends in property and casualty insurance products [3]. - Despite the challenges in pricing, particularly in personal auto insurance, underwriting valuations for Cincinnati Financial do not appear to be stretched [3]. - Liability lines are experiencing better pricing, but loss costs are increasing at a faster rate than prices [3].

Core Insights - Progressive Corporation reported strong financial results for the December quarter, with net income reaching $2.95 billion and earnings per share at $5.02, leading to a more than 2% increase in share price intraday following the announcement [1] Group 1: Financial Performance - Net premiums written increased to $19.51 billion for the quarter, indicating ongoing growth in the auto insurance sector [2] - The combined ratio improved to 88%, reflecting underwriting profitability as premiums collected exceeded claims and expenses [2] Group 2: Leadership Transition - The company announced a planned leadership transition, with Chief Financial Officer John Sauerland set to retire on July 3, 2026, and Andrew Quigg named as his expected successor [2]

Core Insights - Analysts expect Progressive (PGR) to report quarterly earnings of $4.44 per share, reflecting an 8.8% year-over-year increase, with revenues projected at $21.94 billion, up 7.9% from the previous year [1] - There has been a downward revision of 0.4% in the consensus EPS estimate over the past 30 days, indicating a reappraisal of projections by analysts [1][2] Earnings Estimates - The consensus estimate for 'Net premiums earned' is $20.93 billion, indicating a 9.3% year-over-year increase [4] - The 'Companywide Total - Combined ratio' is expected to be 88.6%, compared to 87.9% in the same quarter last year [4] - Analysts estimate 'Policies in force - Companywide Total' to be 38.60 million, up from 34.95 million year-over-year [4] Policies in Force - 'Policies in force - Total special lines' is projected to reach 7.01 million, compared to 6.52 million last year [5] - 'Policies in force - Total personal auto' is expected to be 26.72 million, up from 23.77 million year-over-year [5] - 'Policies in force - Personal Lines - Direct auto' is estimated at 15.94 million, compared to 14.00 million last year [6] - 'Policies in force - Personal Lines - Agency auto' is projected to reach 10.78 million, up from 9.78 million [6] - 'Policies in force - Total Personal Lines' is expected to be 37.40 million, compared to 33.81 million last year [7] - 'Policies in force - Total Commercial Lines' is estimated at 1.20 million, up from 1.14 million year-over-year [7] - 'Policies in force - Total Property business' is projected to reach 3.68 million, compared to 3.52 million last year [8] Stock Performance - Over the past month, shares of Progressive have declined by 9.1%, while the Zacks S&P 500 composite has increased by 0.6% [8] - Currently, PGR holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the overall market in the near future [8]

Key Points Berkshire Hathaway is one of 11 companies currently valued at over $1 trillion. Nearly 26% of Berkshire Hathaway's total revenue in the third quarter came from three main subsidiaries. Berkshire Hathaway is sitting on the largest cash pile in corporate history. 10 stocks we like better than Berkshire Hathaway › There are only two non-tech companies that are currently valued at over $1 trillion (out of 11), and Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) is one of them. As of market ...

'Volume Two' of misconceptions drivers should know before making coverage decisions LOS ANGELES, Jan. 20, 2026 /PRNewswire/ -- Misinformation about auto insurance continues to circulate, leading many drivers to make decisions based on outdated or inaccurate assumptions. To help consumers stay informed, Mercury Insurance (NYSE: MCY) is releasing Volume Two of its auto insurance myth–busting series—focused entirely on new misconceptions that can affect coverage, cost and peace of mind. "Even savvy drivers can ...

Summary of LendingTree Conference Call Company Overview - **Company**: LendingTree - **CEO**: Scott Peyree - **Industry**: Fintech, specifically focusing on online performance marketing for financial products Key Points Leadership Transition - Scott Peyree transitioned to CEO following the unexpected passing of Doug, the founder of LendingTree, in October 2023. Peyree had been with the company since 2018 and was previously the Chief President and COO, which facilitated a smoother transition into the CEO role [5][6]. Business Portfolio - LendingTree aims to be the number one destination for shopping financial products, offering a diversified portfolio that includes: - **Insurance Products**: Auto, home, and health insurance, with auto insurance being the largest segment [8][9]. - **Lending Products**: Mortgage products (purchase, refinance, home equity), personal loans, small and medium-sized business lending, credit cards, deposits, and auto loans [9]. Insurance Market Insights - The insurance market has rebounded post-COVID, with record revenues and VMD (Value of Marketing Dollars) in 2025 across all insurance categories. The growth cycle is expected to continue into 2026 [10][11]. - California's insurance market is improving due to regulatory changes, allowing for more aggressive marketing and consumer acquisition [13][14]. - The top brands in the insurance market, such as Progressive and State Farm, dominate advertising spend, which influences market dynamics [16]. Home Business Dynamics - The home business is highly dependent on interest rates, with current levels being at a trough. The HELOC (Home Equity Line of Credit) segment has seen growth, but the refinance market is anticipated to rebound significantly if interest rates drop to around 5.5% [22][24][30]. - The refinance product is more valuable and profitable compared to purchase loans, which have a longer sales cycle [26][27]. Consumer Lending Segment - The consumer side includes small business lending, personal loans, credit cards, deposits, and auto loans, with small business lending being the fastest-growing segment [35]. - Personal loans are less sensitive to interest rates, primarily driven by debt consolidation needs. The growth potential hinges on lenders becoming more comfortable with credit risk [39][40]. Growth Projections - LendingTree expects to sustain double-digit growth across its business segments, driven by operational excellence and market opportunities [42][43]. - The company is investing in AI to enhance marketing efficiency and improve the consumer shopping experience, which is expected to drive engagement and revenue growth [44][48]. Financial Metrics and Capital Structure - The company has a current debt of $400 million, with a goal to reduce net debt to around $200 million to maintain a conservative capital structure [58][60]. - EBITDA is expected to grow faster than VMD, with a focus on improving operating leverage and free cash flow conversion [57][62]. Future Outlook - LendingTree is positioning itself for future growth through brand repositioning and expanding its market presence beyond just mortgages [63]. - The integration of AI tools is anticipated to fundamentally change the shopping experience for consumers, making it easier to compare financial products [47][48]. Additional Insights - The competitive landscape has shifted, with some competitors exiting the market, allowing LendingTree to strengthen its position as a leading provider in the mortgage sector [32][33]. - The company is exploring new consumer acquisition strategies, including leveraging AI and LLMs (Large Language Models) to enhance customer engagement [65][66].