Research Update: Allstate Corp. And Core Subsidiaries Ratings Affirmed Following Revised Capital Model Criteria; Outlook Remains Stable

On Nov. 15, 2023, we published our revised criteria for analyzing insurers' risk-based capital (see "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions"). Implementing the revised capital model has not affected our view of the financial strength of Allstate. However, Allstate's competitive position has eased, in our view, because of reduced diversification benefit and performance lagging highly rated peers. We affirmed our 'BBB+' long-term issuer credit rating on the holding company and our 'A+' issuer credit and financial strength ratings on the core operating subsidiaries. The stable outlook indicates our expectation that Allstate will continue to improve its underwriting performance and capitalization in the next 12-24 months. On May 29, 2024, S&P Global Ratings affirmed its 'BBB+' long-term issuer credit rating on

...- On Nov. 15, 2023, we published our revised criteria for analyzing insurers' risk-based capital (see "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions"). - Implementing the revised capital model has not affected our view of the financial strength of Allstate. However, Allstate's competitive position has eased, in our view, because of reduced diversification benefit and performance lagging highly rated peers. - We affirmed our '###+' long-term issuer credit rating on the holding company and our 'A+' issuer credit and financial strength ratings on the core operating subsidiaries. - The stable outlook indicates our expectation that Allstate will continue to improve its underwriting performance and capitalization in the next 12-24 months....

Research Update