What is Allstate's protection services — recoverables?

Allstate (ALL) reported protection services — recoverables of $12M in Q4 2025.

How has Allstate's protection services — recoverables changed year-over-year?

Allstate's protection services — recoverables decreased by 20.0% year-over-year, from $15M to $12M.

What does protection services — recoverables mean?

The amount of claims and related expenses that the Protection Services segment expects to recover from third parties, primarily reinsurers. This represents an asset that offsets the gross liability for unpaid claims.

Allstate (ALL) Protection Services — Recoverables

Screener

Other product segments

Auto insurance - liability coverage

$6.3B—

Homeowners

$679M+29.8%

Run-off Property-Liability

$419M—

Commercial lines

$231M-22.7%

Other personal lines

$204M-21.5%

Auto insurance - physical damage coverage

$18M—

Other business lines

$14M+600%

Similar metrics at other companies

METProtection Health — Reinsurance Recoverable for Unpaid Claims and Claims Adjustments

$23M+35.3%

METProtection Life — Reinsurance Recoverable for Unpaid Claims and Claims Adjustments

$18M+63.6%

TRVAutomobile — Reinsurance Recoverables on Unpaid Losses

$630M+1.9%

TRVGeneral Liability — Reinsurance Recoverables on Unpaid Losses

$1.86B+25.8%

HIGGroup Insurance Policy — Reinsurance and other recoverables

$295M+3.1%

CINFHomeowner — Reinsurance recoverable on unpaid losses

$124M+1,278%

Other financials

Income statement

See full

Revenue$18.6B+11.8%

Net income$3.3B+55.1%

EPS (diluted)$12.51+61.2%

Balance sheet

See full

Cash & equivalents$840.0M-15.6%

Total debt$7.5B-7.4%

Total equity$33.7B+40.3%

Total assets$124.76B+7.6%

Cash flow

See full

Operating cash flow$2.6B+40.6%

CapEx$43.0M—

Free cash flow$2.6B+38.3%

Valuation

See full

Market cap$67.51B+23.9%

Enterprise value$74.17B+20.4%

P/E5.1×-4.3×

P/S1×+0.1×

Profitability

See full

Net margin18.9%+10.2pp

FCF margin17.5%+4.6pp

Returns & leverage

See full

Return on equity46%+18.8pp

Debt / equity0.2×-0.1×

Where this comes from

Reported directly by Allstate in its filing.

Tagged under the XBRL concept us-gaap:ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments.

The source filing: Allstate’s 10-K, filed February 20, 2026.

Filed: Feb 19, 2026, 7:00 PM EST
Fiscal year: FY2025
Accession: 0000899051-26-000031

($ in millions)	As of December 31, 2025	As of December 31, 2025
Other personal lines	204
Commercial lines	231
Other business lines	14
Protection Services	12
Run-off Property-Liability	419
ULAE	134
Total recoverables	8,012
Gross reserve for property and casualty insurance claims and claims expense	$	$41,079

Item 8. Financial Statements and Supplementary Data

FAQ

What is Allstate's protection services — recoverables?: Allstate (ALL) reported protection services — recoverables of $12M in Q4 2025.
How has Allstate's protection services — recoverables changed year-over-year?: Allstate's protection services — recoverables decreased by 20.0% year-over-year, from $15M to $12M.
What does protection services — recoverables mean?: The amount of claims and related expenses that the Protection Services segment expects to recover from third parties, primarily reinsurers. This represents an asset that offsets the gross liability for unpaid claims.