Allstate Corp
ALL: XNYS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$345.00 | Qrf | Cblwctxl |
Allstate Earnings: Catastrophes and Auto Woes Drive Allstate to a Loss
A difficult auto insurance backdrop and elevated catastrophe losses pushed Allstate to a $346 million loss in the first quarter. While the no-moat company continues to struggle, we see some signs of improvement in the quarter and believe it is just a matter of time for pricing increases to normalize auto insurance profitability for Allstate and its peers. We will maintain our $122 fair value estimate.