Allstate Corp.

The stable outlook on Allstate reflects our expectation that the company will balance its capital management initiatives with prudent risk-reward optimization to sustain very strong capitalization and effectively navigate the current severity challenges for personal auto. We expect Allstate to maintain its excellent competitive position demonstrated by retaining its top-five market share in the U.S. personal lines market. The company is implementing its transformative growth strategy, leveraging new independent agents from National General and SafeAuto acquisition, and continuing strong revenue and EBITDA growth for the Allstate Protection Plan business. We expect this will allow the company to achieve better underwriting results than most personal line peers in the 98%-100% range, assuming a normalized level of catastrophe losses. We could lower

...Allstate is a market leader in personal lines with recent share increases from completed acquisitions. As of year-end 2021, Allstate Corp. and its subsidiaries were the fifth-largest P&C insurer in the U.S. by direct premiums written (DPW). We expect Allstate to maintain this position as it will benefit from favorable pricing across most business lines and expand relationships with independent agents as the company looks to add policies in-force in a challenged market because of inflation affecting most lines of business. Allstate is the fourth-largest personal lines and auto underwriter in the U.S. and second-largest homeowner underwriter, with a continued focus on regaining market share lost to competitors in recent years. With its sophistication in pricing and risk segmentation, it managed to stay ahead of underwriting challenges in 2018-2019, and we expect that will help them navigate current market challenges in both the personal auto and homeowner lines of business. This is supported...

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