Allstate Corp. 2025年4月有效保单/巨灾更新

Apr-24Mar-25Apr-25M/M Growth('000s)M/M Growth(bps)25,20225,10025,1757530 bps7,3867,5497,5712230 bps4,8574,8744,882820 bps269189184(5)(260) bps37,71437,71237,81210030 bpsRestricted - External Y/Y Growth('000s)Y/Y Growth(%)(27)(0.1)%1852.5%250.5%(85)(31.6)%980.3% ALLUNDERWEIGHTNorth America Insurance/Non-LifeNEUTRALPrice TargetUSD 172.00Price (14-May-25)USD 200.59Potential Upside/Downside-14.3%Source: Bloomberg, Barclays ResearchNorth America Insurance/Non-LifeAlex Scott, CFA+1 212 526 1561alex.scott@barclays.comBCI, USJustin Lee, CFA+1 212 526 0912justin.lee@barclays.comBCI, USJack Trevisan+1 212 526 9019jack.trevisan@barclays.comBCI, USAnling Chen+1 212 526 5995anling.chen@barclays.comBCI, US Source: Company Data, Barclays ResearchFIGURE 3. Feb-2025: PIF Comparison - ALL and PGRPolicies in Force('000s)Feb-24ProgressiveAgency – Auto8,462Direct – Auto11,541Total Personal Auto20,003Total Special Lines6,019Total Property Business3,164Total Personal Lines29,186Total Commercial Lines1,098Companywide Total30,283AllstateAuto25,115Homeowners7,354Other Personal Lines4,853Commercial Lines276Total37,598Source: Company Data, Barclays Research Source: Company Data, Barclays ResearchFIGURE 5. ALL - Monthly Cat Losses ($M, Pre-Tax)JanFebMarApr307211799276127328494o925942023-2024: ALL did not release monthly cat losses if it were below $150mSource: Company Data, Barclays Research Analyst(s) Certification(s):I, Alex Scott, CFA, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subjectsecurities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specificrecommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Primary Stocks (Ticker, Date, Price)Allstate Corp.(ALL, 14-May-2025, USD 200.59), Underweight/Neutral, CD/CE/E/J/K/L/MUnless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Disclosure Legend:A:Barclays Bank PLC and/or anaffiliatehas been lead manager or co-lead manager of a publicly disclosedofferof securities of the issuer in theprevious 12 months.B:An employee or non-executive director of Barclays PLC is a director of this issuer.CD:Barclays Bank PLC and/or anaffiliateis a market-maker in debt securities issued by this issuer.CE:Barclays Bank PLC and/or anaffiliateis a market-maker in equity securities issued by this issuer.CH:Barclays Bank PLC and/or its group companies makes, or will make, a market in the securities (as defined under paragraph 16.2 (k) of the HK SFCCode of Conduct) in respect of this issuer.D:Barclays Bank PLC and/or anaffiliatehas received compensation for investment banking services from this issuer in the past 12 months.E:Barclays Bank PLC and/or anaffiliateexpect