Allstate Corp
ALL: XNYS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$455.00 | Sxflp | Pyzmxfz |
Allstate Earnings: Catastrophe Losses and Auto Headwinds Take a Heavy Toll
As expected, Allstate endured a very difficult second quarter, as catastrophe losses and headwinds in personal auto pushed the company to a $1.4 billion loss. Catastrophe losses in the second quarter were $2.7 billion, or 140% higher than last year's level. While we think the company faces a difficult near term, we are comfortable with our $122 per share fair value estimate for the no-moat company, which we will maintain.