The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. It operates in five segments: Allstate Protection; Protection Services; Allstate Health and Benefits; Run-off Property-Liability; and Corporate and Other segments. The Allstate Protection segment offers private passenger auto and homeowners insurance; other personal lines products; and commercial lines products through agents, contact centers, and online. The Protection Services segment provides consumer product protection; protection and insurance products, including vehicle service contracts, guaranteed asset protection, road hazard tire and wheel, and paintless dent repair protection; and roadside assistance, device and mobile data collection services, and analytic solutions using automotive telematics information, as well as identity theft protection and remediation services. This segment also offers its products under various brands, including Allstate Protection Plans, Allstate Dealer Services, Allstate Roadside, Arity, Avail, and Allstate Identity Protection. The Allstate Health and Benefits segment provides life, accident, critical illness, short-term disability, and other health insurance products; stop-loss and fully insured group health products to employers; and short-term medical and medicare supplement insurance to individuals. The Run-off Property-Liability segment offers property and casualty insurance coverage that primarily relates to policies written during the 1960s through the mid-1980s. The Corporate and Other segment provides debt services, as well as non-insurance operations. It sells its products through agents, independent agents, call and contact centers, retailers, direct to consumer, wholesale partners, and affinity groups, as well as through online and mobile applications. The Allstate Corporation was founded in 1931 and is headquartered in Northbrook, Illinois.

Allstate выглядит как качественный страховой бизнес с очень сильной прибыльностью и умеренной долговой нагрузкой, но с неоднозначной оценкой по мультипликаторам. P/E 5.42, P/S 0.82 и P/FCF 6.56 заметно ниже медианы отрасли, что поддерживает тезис о недооценке по прибыли и денежному потоку. При этом P/B 2.02 выше отраслевой медианы, поэтому рынок уже закладывает высокое качество капитала и устойчивость баланса. Динамика мультипликаторов в целом благоприятная: P/E и P/FCF снижались по мере роста результатов, что обычно говорит о более привлекательной оценке при улучшении фундаментала. Рентабельность выглядит выдающейся: ROE 55.29, ROA 11.57, ROI 41.57 и return on tangible equity 40.14 существенно выше отрасли и растут по годам. Маржа тоже улучшилась: чистая маржа 15.02% и операционная маржа 17.75% находятся ниже отраслевых медиан по сопоставлению, но их траектория за 5 лет явно восходящая. Прибыльность подтверждается ростом net income до 3.80 млрд и EPS до 10.65, а прогноз EPS 7.43 также остается высоким относительно сектора. Выручка за период держится на уровне около 17.3 млрд и не демонстрирует резких провалов, что важно для страховой компании с цикличностью убытков и резервов. Баланс в целом выглядит устойчиво: debt/equity 0.29 ниже отрасли, а long-term debt почти не меняется, что снижает финансовые риски. Слабое место — ликвидность: quick ratio равен 0.00, current ratio 0.30, и это заметно хуже отраслевых ориентиров, хотя для страховщика такая структура баланса частично объяснима спецификой бизнеса. Дивидендная доходность 0.52% невысока, но она немного выросла, что добавляет стабильности, хотя не является главным драйвером инвестиционного кейса. В сумме фундаментал поддерживает умеренно позитивный пересмотр оценки: сильная прибыльность и низкие P/E, P/S и P/FCF перевешивают слабую ликвидность и повышенный P/B, поэтому потенциал роста есть, но без агрессивной переоценки.

Allstate Corporation (The)

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Сильный индекс, без изменений. Рынок на стороне быков.

Strong index, flat. The market is on the bulls' side.

Средний индекс, значительно вырос. Увеличился приток средств в лонги.

Medium index, significantly up. The inflow of funds into longs has increased.

Сильная прибыльность, низкие P/E и P/FCF поддерживают оценку Allstate, но слабая ликвидность и повышенный P/B сдерживают более заметный апсайд.

Shares of The Travelers Companies, Inc. TRV have gained 16.2% in the past year, outperforming its industry’s decline of 1.3% and the Finance sector’s growth of 12.4%.
The insurer has a market capitalization of $64.50 billion. The average volume of shares traded in the last three months was 1.4 million.
Image Source: Zacks Investment Research
TRV Trading Above 50-Day and 200-Day Moving Averages
Shares of Travelers closed at $303.36 on Wednesday and are trading above the 50-day and 200-day simple moving averages (SMA) of $299.56 and $288.54, respectively, indicating solid upward momentum. SMA is a widely used technical analysis tool to predict future price trends by analyzing historical price data.
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TRV Shares are Expensive
Its shares are trading at a premium to the Zacks Property and Casualty Insurance industry. Its price-to-book value of 2.02X is higher than the industry average of 1.38X.
The company has a Value Score of A. This style score helps find the most attractive value stocks.
Shares of other insurers like The Allstate Corporation ALL, W.R. Berkley Corporation WRB and The Progressive Corporation PGR are also trading at a multiple higher than the industry average.
TRV’s Growth Projection Encourages
The Zacks Consensus Estimate for Travelers’ 2026 earnings per share indicates a year-over-year increase of 1.5%. The consensus estimate for revenues is pegged at $48.93 billion, implying a year-over-year improvement of 0.1%.
The consensus estimate for 2027 earnings per share and revenues indicates an increase of 1.2% and 3.1%, respectively, from the corresponding 2026 estimates.
TRV has an impressive Growth Score of B. This style score helps analyze the growth prospects of a company. Travelers beat earnings estimates in each of the past four quarters, with an average surprise of 40.38%.
Optimist Analyst Sentiment on TRV
12 of the 16 analysts covering the stock have raised estimates for 2025, and seven of the 14 analysts have raised the same for 2026 over the past 60 days. Thus, the Zacks Consensus Estimate for 2026 and 2027 earnings has moved up 2.5% and 0.6%, respectively, in the past 60 days.
Average Target Price for TRV Suggests Upside
Based on short-term price targets offered by 22 analysts, the Zacks average price target is $318.95 per share. The average suggests a potential 6.2% upside from the last closing price.
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Travelers’ Favorable Return on Capital
Return on equity (ROE) for the trailing 12 months was 24%, which compared favorably with the industry’s 7.4%. This reflects its efficiency in utilizing shareholders’ funds. Sustained operational excellence helped generate double-digit core ROE in nine out of the last 10 years. Travelers aims to generate mid-teens core ROE over time.
Also, return on invested capital (ROIC) has been increasing over the last few quarters as the company raised its capital investment over the same time frame. This reflects TRV’s efficiency in utilizing funds to generate income. ROIC in the trailing 12 months was 14.6%, better than the industry average of 5.7%.
Factors Favoring Travelers
Travelers is benefiting from strong underwriting discipline and healthy performance in its Business Insurance segment, which remains a key long-term growth driver. Renewal premium change remained solid, while record new business and double-digit pricing in key commercial lines reflect strong execution and market share gains. Strong underwriting profitability, disciplined risk management and improving Personal Insurance margins continue to support earnings growth and margin stability for TRV.
Travelers’ investment results continue to be primarily driven by strong, reliable returns from its growing fixed-income portfolio and higher returns from its non-fixed-income portfolio. Management reaffirmed its fixed income net investment income outlook by quarter for 2026, expecting roughly $810 million after tax in the second quarter, growing to about $840 million in the third quarter, and around $870 million in the fourth quarter. Travelers has 94% of its investments in fixed maturities and short-term investments, with equity securities, real estate investments and other investments accounting for the remaining 6%.
Travelers continues to invest heavily in technology to improve underwriting, claims and distribution partner experience. Management indicated that it invests more than $1.5 billion annually in technology, including an AI strategy, while pursuing ongoing upgrades to pricing models and field tools. New product enhancements and digital platforms such as TRAVIS and TCAP are helping drive market share gains and stronger distribution relationships.
Risks for TRV
Exposure to catastrophe events, primarily from severe wind and hail storms and winter storms across multiple states, remains a recurring source of underwriting variability for property and casualty insurers. Management continues to describe weather-related severity as an ongoing feature of the loss environment, which can drive quarter-over-quarter earnings swings and complicate near-term margin expectations.
.
Rising reinsurance costs can reduce earnings and constrain underwriting flexibility, particularly after periods of elevated global catastrophe activity.
Higher repair costs and other inflation-linked inputs can lift claims severity in both auto and homeowners lines and challenge pricing and retention.
Conclusion
Strong underwriting, healthy premium growth, rising investment income and sustained pricing strength bode well for future earnings growth. However, catastrophe losses, rising reinsurance costs and inflation-driven claims severity remain the key concerns.
TRV has a track record of 22 consecutive years of dividend increases, with a compound annual growth rate of 8% over that period. Its current dividend yield of nearly 2% is much better than the industry average of 0.3%, making it an attractive pick for yield-seeking investors.
TRV also has a VGM Score of A. Stocks with a favorable VGM Score are those with the most attractive value, best growth and most promising momentum compared with peers.
Higher return on capital, favorable growth estimates and impressive dividend history should continue to benefit Travelers over the long term. Given the premium valuation, it is wise to adopt a wait-and-see approach on this Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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TRV Stock Outperforms Industry, Trades at Premium: Should You Hold?

In the latest close session, Allstate (ALL) was down 2.71% at $215.02. This change lagged the S&P 500's daily gain of 0.3%. Meanwhile, the Dow experienced a drop of 0.16%, and the technology-dominated Nasdaq saw an increase of 0.86%.
Coming into today, shares of the insurer had gained 3.69% in the past month. In that same time, the Finance sector gained 1.34%, while the S&P 500 gained 1.92%.
Market participants will be closely following the financial results of Allstate in its upcoming release. It is anticipated that the company will report an EPS of $4.66, marking a 21.55% fall compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $17.72 billion, reflecting a 5.65% rise from the equivalent quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $29.43 per share and a revenue of $71.4 billion, representing changes of -15.5% and +5.23%, respectively, from the prior year.
Any recent changes to analyst estimates for Allstate should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 2.98% upward. Allstate is currently a Zacks Rank #3 (Hold).
In terms of valuation, Allstate is presently being traded at a Forward P/E ratio of 7.51. This valuation marks a discount compared to its industry average Forward P/E of 10.8.
Meanwhile, ALL's PEG ratio is currently 0.4. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The average PEG ratio for the Insurance - Property and Casualty industry stood at 2.38 at the close of the market yesterday.
The Insurance - Property and Casualty industry is part of the Finance sector. This group has a Zacks Industry Rank of 90, putting it in the top 37% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Allstate (ALL) Stock Sinks As Market Gains: What You Should Know

Shares of Palomar Holdings, Inc. PLMR have lost 39.1% in the past year compared with the industry’s decline of 6.2%.
Weakening underwriting margins, rising claims and operating expenses, and concerns associated with acquisition and catastrophe exposure likely have weighed on the insurer. However, premium growth across lines, expanding fee income, rising investment yield and disciplined reinsurance will sustain earnings compounding.
Image Source: Zacks Investment Research
Shares of its peers, The Allstate Corporation ALL and The Travelers Companies, Inc. TRV, have rallied 1.7% and 7.3%, respectively, while Arch Capital Group Ltd ACGL has lost 7.6% in the same time frame.
Average Target Price for PLMR Suggests Upside
Based on short-term price targets offered by six analysts, the Zacks average price target is $154.83 per share. The average suggests a potential 44.4% upside from the last closing price.
Image Source: Zacks Investment Research
PLMR Shares Are Expensive
PLMR shares are trading at a premium to the industry. Its price-to-book value of 2.89X is higher than the industry average of 1.33X.
Image Source: Zacks Investment Research
PLMR’s Encouraging Growth Projection
The Zacks Consensus Estimate for Palomar’s 2026 earnings per share (EPS) indicates a year-over-year increase of 23.9%. The consensus estimate for revenues is pegged at $1.25 billion, implying a year-over-year improvement of 45.2%.
The consensus estimate for 2027 EPS and revenues indicates an increase of 12.9% and 20%, respectively, from the corresponding 2026 estimates.
Mixed Analyst Sentiment on PLMR
One of the three analysts covering the stock has raised estimates for 2026, while two analysts have revised their 2027 estimates upward over the past 60 days.
The Zacks Consensus Estimate for 2026 and 2027 earnings has moved up 1.1% and 0.7%, respectively, in the past 60 days.
PLMR’s Return on Capital
Return on equity is a measure of profitability reflecting how efficiently the company is utilizing its shareholders’ equity. Return on equity of 20.9% compares favorably with the industry’s average of 6%.
Also, the return on invested capital in the trailing-12 months was 20.3%, better than the industry average of 5.7%, reflecting the company’s efficiency in utilizing funds to generate income.
Factors Driving PLMR
Revenues have been increasing over the last several years on the back of higher premiums, net investment income, and commission and other income. Palomar’s fee-based platform, PLMR-FRONT, is positioned to drive medium-term growth. The addition of this revenue stream is expected to strengthen its earnings foundation.
The increasing volume of policies across multiple business lines, strong retention rates, and expansion into new geographic areas and distribution channels are expected to drive premiums. Premiums should also benefit from its specialty product portfolio, expanded producer appointments, strategic partnerships with other insurance carriers and rate increases. PLMR expects its net earned premium ratio to increase into the upper forties and anticipates slight improvements in the acquisition expense ratio for 2026.
PLMR identifies Surety as an attractive long-term growth opportunity. Like crop insurance, Surety is not correlated with the traditional property and casualty insurance cycle, offering diversification and stability.
Net investment income is expected to rise, supported by a high-quality fixed-income portfolio, higher average investment balances and improved yields. This solid investment base is poised to generate strong returns.
The company uses reinsurance to limit loss exposure and support policy limits through both excess of loss and quota share structures. For 2026, PLMR expects the loss ratio, including catastrophes, to be in the mid-to-upper thirties. PLMR expects the adjusted combined ratio for 2026 to be in the mid-70s. These expectations reflect growth, business mix, integration of Gray Surety and the use of capital as the company builds the specialty insurance platform.
The insurer maintains a strong capital position and a debt-free balance sheet. As part of its shareholder return initiatives, Palomar continues to execute share buybacks.
With these strengths in place, Palomar expects adjusted net income to be in the range of $260-$275 million in 2026, up from the earlier guidance of $$210-$215 million.
Risks for PLMR
Palomar has been experiencing higher expenses driven by increases in incurred losses and loss adjustment expenses, interest expense, acquisition expenses and other underwriting expenses.
Palomar remains exposed to catastrophe losses from earthquakes, hurricanes, windstorms, floods and other severe events. PLMR expects the adjusted combined ratio for 2026 to be in the mid-70s, including expected catastrophe losses in its outlook.
Conclusion
Palomar’s focus on new business, premium growth across lines, rising investment yield and renewal of existing policies positions it well for growth. PLMR should also benefit from its solid product portfolio as well as geographic expansion. However, exposure to catastrophe losses and rising expenses can strain margin expansion. Mixed analyst sentiment keeps us cautious.
Coupled with the solid growth projections, capital strength, as well as strong fundamentals and favorable return on capital, it is wise to retain this Zacks Rank #3 (Hold) insurer. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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PLMR Stock Declines 39.1% in a Year: What Should Investors Do Now?

A month has gone by since the last earnings report for Allstate (ALL). Shares have lost about 4.6% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Allstate due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for The Allstate Corporation before we dive into how investors and analysts have reacted as of late.
ALL Q1 Earnings Beat Estimates on Strong Underwriting, Lower Expenses
Allstate reported a first-quarter 2026 adjusted net income of $10.65 per share, which outpaced the Zacks Consensus Estimate by 43.3%. The bottom line surged 201.7% year over year.
Operating revenues of $17.3 billion grew 3.2% year over year. However, the top line missed the consensus mark by 2%.
Allstate’s quarterly results were driven by higher property and casualty insurance premiums, improved net investment income and lower catastrophe losses. Lower expenses and strong underwriting performance further aided results.
Key Takeaways From Allstate’s Q1 Results
Property and casualty insurance premiums improved 5.8% year over year to $15.6 billion. Net investment income of $938 million advanced 9.8% year over year on the back of a growing market-based portfolio. The metric beat the Zacks Consensus Estimate of $895 million and our estimate of $935 million. Market-based investment income rose 10% year over year to $791 million in the quarter under review.
Total costs and expenses were $13.8 billion, which decreased 12.1% year over year and was lower than our estimate of $15.5 billion. The year-over-year decline was due to decreased property and casualty insurance claims and claims expenses, accident, health and other policy benefits and Pension and other postretirement remeasurement (gains) losses. Catastrophe losses of $1.2 billion dropped 43.7% year over year.
Allstate’s pretax income increased significantly, up 332.3% year over year to $3.1 billion. As of Dec. 31, 2025, total policies in force were 212 million, up 2.5% year over year.
ALL’s Segmental Performances
The Property-Liability segment reported premiums earned of $14.8 billion in the first quarter, up 5.5% year over year, driven by higher average premiums in homeowners insurance and growth in policies in force. However, the metric missed both the Zacks Consensus Estimate and our estimate of $15.1 billion. Underwriting income in the segment surged 638.3% year over year to $2.7 billion. The underlying combined ratio improved 280 basis points to 80.3%.
The Protection Services segment’s revenues advanced 7.2% year over year to $922 million, aided by Allstate Protection Plans and Roadside businesses. The metric lagged our estimate of $958.9 million. Adjusted net income of $47 million declined 14.5% year over year.
Financial Update (As of March 31, 2026)
Allstate exited the first quarter with a cash balance of $697 million, up from $678 million at 2025-end. Total assets increased to $124 billion from $119.8 billion at the end of 2025.
Debt remained unchanged at $7.5 billion from the 2025-end level.
Total equity increased to $31.6 billion from $30.6 billion at 2025-end.
Book value per common share was $113.52 as of March 31, 2026, up 52.2% year over year.
How Have Estimates Been Moving Since Then?
Since the earnings release, investors have witnessed a upward trend in fresh estimates.
The consensus estimate has shifted 10.06% due to these changes.
VGM Scores
At this time, Allstate has a nice Growth Score of B, a score with the same score on the momentum front. Charting a somewhat similar path, the stock has a score of A on the value side, putting it in the top 20% for value investors.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Allstate has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Allstate belongs to the Zacks Insurance - Property and Casualty industry. Another stock from the same industry, Selective Insurance (SIGI), has gained 4% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.
Selective Insurance reported revenues of $1.37 billion in the last reported quarter, representing a year-over-year change of +6.4%. EPS of $1.69 for the same period compares with $1.76 a year ago.
For the current quarter, Selective Insurance is expected to post earnings of $1.69 per share, indicating a change of +29% from the year-ago quarter. The Zacks Consensus Estimate has changed +1.7% over the last 30 days.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Selective Insurance. Also, the stock has a VGM Score of B.
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Allstate (ALL) Down 4.6% Since Last Earnings Report: Can It Rebound?

The Hanover Insurance Group THG is expanding its motorcycle and off-road vehicle (ORV) insurance offerings across multiple U.S. states as part of its broader strategy to strengthen its total account insurance model. The expansion increases availability of motorcycle coverage into Maryland and Virginia, while ORV coverage has been extended into Maine, New Hampshire, Ohio and Pennsylvania.
Hanover is also enhancing its value proposition through features such as agreed value coverage for motorcycles, expanded protection of $1500 in custom equipment and $1000 in rider apparel, and deductible waivers under its Platinum offering. These differentiated coverage features could help the company attract higher-value customers while strengthening agent relationships in niche recreational insurance markets.
The move highlights Hanover’s focus on deepening customer relationships by offering a wider range of insurance products through a single carrier. By bundling motorcycle, ORV, auto, home and specialty coverages together, the company aims to improve customer retention, increase cross-selling opportunities and simplify policy management for both agents and customers.
The expansion builds on Hanover’s broader investment in specialty personal lines products, including its cyber collector car partnership with Hagerty, launched in 2025. Continued expansion into recreational lines and lifestyle-oriented insurance categories could support premium growth, improve policy retention and strengthen Hanover’s competitive positioning in the personal lines market over time.
How Are Other Auto Insurers Faring?
Other Auto Insurers like The Progressive Corporation PGR and The Allstate Corporation ALL are also expanding their motorcycle insurance presence and strengthening bundled recreational coverage offerings across the United States.
Progressive is expanding its presence in motorcycle, RV and recreational vehicle insurance as insurers increasingly target lifestyle-oriented personal lines markets. PGR continues broadening its motorcycle and RV coverage offerings across the United States with features such as accessory protection, safety apparel coverage and multi-policy bundling benefits aimed at improving customer retention and cross-selling opportunities
Allstate is also strengthening its motorcycle insurance offerings through broader coverage options, bundled policies and rider-focused protection features across multiple U.S. states. ALL continues expanding customizable motorcycle coverage with accessory protection, roadside assistance, rider safety packages and multi-policy bundling benefits to improve customer retention and deepen relationships across personal insurance lines.
THG’s Price Performance, Valuation & Estimates
Shares of THG have gained 17.1% against the industry’s decline of 5.5%.
Image Source: Zacks Investment Research
From a valuation standpoint, THG trades at a forward price-to-earnings ratio of 10.39X, down from the industry average of 26.13X. THG carries a Value Score A.
Image Source: Zacks Investment Research
The Zacks Consensus Estimates for 2026 and 2027 earnings moved 10.4% and 3.5% north, respectively, in the last 30 days.
The consensus estimates for THG’s 2026 and 2027 revenues indicate a year-over-year increase.
The consensus estimate for earnings per share is currently pegged at $18.45 for 2026, indicating a 3.3% year-over-year decline.
Hanover stock currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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Is THG Expanding Its Motorcycle & ORV Insurance Offerings?

Skyward Specialty Insurance Group, Inc. SKWD delivered a solid first quarter of 2026, with operating earnings per share of $1.25, increased 38.9% from a year ago and beat the Zacks Consensus Estimate of $1.05. Total revenues were $475.87 million, up 44.8% year over year, and came in 19.4% above the consensus mark.
First quarter performance reflected stronger premiums, underlying underwriting results alongside the accretive impact of Apollo, while profitability held firm with a lower combined ratio.
Skyward Specialty Insurance Group, Inc. Price, Consensus and EPS Surprise
Skyward Specialty Insurance Group, Inc. price-consensus-eps-surprise-chart | Skyward Specialty Insurance Group, Inc. Quote
SKWD’s Premium Base Expanded Across Both Platforms
Gross written premiums totaled $667.7 million, up 9.9% versus the prior-year period. Growth was broad-based, led by an 8.7% increase in the Skyward Specialty segment and an 18.7% rise in the Apollo segment, supported by higher volume in syndicate 1969.
Net earned premiums climbed to $434 million from $300.4 million a year ago, reflecting higher business volumes and the expanded footprint following the Apollo consolidation. Underwriting fee income of $10.1 million also contributed to the quarter’s top-line mix, tied to Apollo’s managing agency activities.
Net investment income increased to $27.1 million from $19.4 million a year ago, driven by the addition of the Apollo portfolio, a higher yield environment, and a larger invested asset base.
Skyward Group’s Underwriting Mix Drove Growth
Within Skyward Group’s U.S. specialty operations, several underwriting divisions posted notable momentum. Accident & Health gross written premiums increased 45.7% year over year, Credit & Surety rose 42.5%, Global Agriculture advanced 27.0%, and Specialty Programs jumped 51.2%, helping offset declines in Energy Solutions and Global Property.
The portfolio’s evolving composition also reflected a sharper emphasis on businesses positioned for steadier growth. Management highlighted continued diversification, including expansion in areas with lower exposure to property-and-casualty underwriting cycles, as it aims to sustain disciplined top-line and bottom-line progress.
SKWD’s Expenses
Losses and loss adjustment expenses were $265.22 million, up from $187.31 million in the prior-year quarter, in line with the larger premium base. Still, the total loss ratio improved to 61.1% from 62.4% a year ago, supporting underwriting profitability despite business-mix shifts within the Skyward Specialty segment. Total Cat loss and LAE of 1.8% declined from 2.2% a year ago.
Underwriting, acquisition and insurance expenses rose to $124.6 million from $86.6 million a year ago, reflecting higher activity levels and a larger operating platform. On the ratio side, net policy acquisition costs improved to 13.9% from 14.8% in the year-ago quarter, pointing to operating leverage as premium volume expanded.
The combined ratio of 89.5% decreased from 90.5% a year ago.
SKWD’s Financials (As of March 31, 2026)
On the balance sheet, cash and cash equivalentsrose to $255.9 million at first-quarter end, from $168.5 million at 2025-end. Total assets reached $6.55 billion as of March 31, 2026, up from $4.79 billion at 2025-end.
Notes payable jumped to $466.4 million from $100.4 million at 2025-end.
Book value per share of $27.50 in the first quarter increased from $24.92 a year ago.
Skyward Specialty currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
How Did Other Insurers Perform?
Companies like The Hartford Insurance Group, Inc. HIG, RenaissanceRe Holdings Ltd. RNR and The Allstate Corporation ALL have also reported earnings for the March quarter. Here’s how they have performed:
Hartford posted first-quarter 2026 core earnings per share of $3.09, up 40.5% from $2.20 in the prior-year quarter, but missed the Zacks Consensus Estimate of $3.29. Less favorable prior-year reserve development, higher expenses and pressure in Employee Benefits affected results. The negatives were partially offset by high demand for expensive risk events, stronger investment income and a massive turnaround in Hartford’s Personal Insurance.
RenaissanceRe reported first-quarter 2026 operating income of $13.75 per share, which surpassed the Zacks Consensus Estimate by 24.2% and improved from the year-ago quarter’s operating loss of $1.49. The quarterly earnings were aided by a decline in expenses and strong underwriting performance in both segments. RenaissanceRe’s improved combined ratio and fee income also contributed to the upside.
Allstate reported a first-quarter 2026 adjusted net income of $10.65 per share, which outpaced the consensus estimate by 43.3% and surged 201.7% year over year.Results were driven by higher property and casualty insurance premiums, improved net investment income and lower catastrophe losses. Lower expenses and strong underwriting performance further aided Allstate’s results.
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Skyward Specialty Q1 Earnings Beat on Apollo Lift, Premium Growth

Skyward Specialty Insurance Group, Inc. SKWD is set to report its first-quarter 2026 results on May 6, 2026, after the closing bell. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings is currently pegged at $1.05 per shareon revenues of $398.43 million.
The first-quarter earnings estimate witnessed one downward revision and one upward revision over the past 60 days. The bottom-line projection indicates a year-over-year increase of 16.7%. Also, the Zacks Consensus Estimate for quarterly revenues implies a year-over-year growth of 21.3%.
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For 2026, the Zacks Consensus Estimate for Skyward Specialty’s revenues is pegged at $1.77 billion, implying a jump of 25% year over year. The consensus mark for 2026 EPS is pegged at $4.69, indicating 17.3% year-over-year growth.
Skyward Specialty’searnings beat the consensus estimate in each of the trailing four quarters, with the average surprise being 16.1%. This is depicted in the figure below.
Skyward Specialty Insurance Group, Inc. Price and EPS Surprise
Q1 Earnings Whispers for SKWD
Our proven model does not conclusively predict an earnings beat for the company this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here.
SKWD currently has an Earnings ESP of +0.48%, but a Zacks Rank #4 (Sell). You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
You can see the complete list of today’s Zacks #1 Rank stocks here.
What’s Shaping SKWD’s Q1 Results?
The Zacks Consensus Estimate for net earned premiums indicates 18.2% growth from the year-ago period’s $300.4 million. Growth in accident & health and specialty programs is expected to have benefited the metric in the to-be-reported quarter.
The consensus estimate for commission and fee income indicates a 5.1% increase from the year-ago period. Moreover, the Zacks Consensus Estimate for net investment income indicates 24.6% growth from the year-ago period’s $19.3 million. These are likely to have positioned the company for a year-over-year growth in the first quarter.
However, the consensus estimate for the combined ratio is pegged at 90.8, higher than the year-ago level of 90.5. The same for loss ratio currently stands at 62.3, lower than the year-ago level of 62.4. But the estimate for expense ratio is pegged at 28.5, above 28.1 a year ago. Higher acquisition costs from business mix shift are expected to push the figure higher. These make an earnings beat uncertain.
How Did Peers Perform?
Companies like RenaissanceRe Holdings Ltd. RNR, The Allstate Corporation ALL and The Hartford Insurance Group, Inc. HIG have already reported earnings for the March quarter. Here’s how they have performed:
RenaissanceRe reported first-quarter 2026 operating income of $13.75 per share, which surpassed the Zacks Consensus Estimate by 24.2% and improved from the year-ago quarter’s operating loss of $1.49. The quarterly earnings were aided by a decline in expenses and strong underwriting performance in both segments. RenaissanceRe’s improved combined ratio and fee income also contributed to the upside.
Allstate reported a first-quarter 2026 adjusted net income of $10.65 per share, which outpaced the consensus estimate by 43.3% and surged 201.7% year over year.Results were driven by higher property and casualty insurance premiums, improved net investment income and lower catastrophe losses. Lower expenses and strong underwriting performance further aided Allstate’s results.
Hartford posted first-quarter 2026 core earnings per share of $3.09, up 40.5% from $2.20 in the prior-year quarter, but missed the Zacks Consensus Estimate of $3.29. Less favorable prior-year reserve development, higher expenses and pressure in Employee Benefits affected results. The negatives were partially offset by high demand for expensive risk events, stronger investment income and a massive turnaround in Hartford’s Personal Insurance.
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Will Higher Costs Hurt Skyward Specialty's Q1 Earnings?

Key Points
Lemonade is transforming the insurance industry by using artificial intelligence (AI) to price premiums, write quotes, and process claims.
The company's revenue soared by 71% during the first quarter, topping management's expectations.
Lemonade stock is inexpensive, especially in light of the company's plan to increase its in-force premiums by more than 600% within the next decade.
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Lemonade (NYSE: LMND) has used this revolutionary technology to disrupt the insurance industry since 2015. It only operates in five markets (homeowners, renters, life, pet, and car insurance), but it has attracted more than 3 million customers, and its in-force premium (IFP), which is the value of the premiums from all active policies, is growing at an accelerating pace.
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Lemonade stock soared by 94% last year, but it's off to a bumpy start to 2026 with a 20% decline so far. Here's why investors might want to buy the dip right now.
AI is transforming insurance
The journey of a prospective Lemonade customer starts with an AI chatbot named Maya, which can write a quote in less than 90 seconds via the company's website. When it's time for an existing policyholder to make a claim, another AI assistant named Jim can pay them out in as little as three seconds with no human intervention.
That is very different to the claims process with traditional insurers, which often involves lengthy phone calls and a long wait to get paid, so it's no surprise Lemonade's customer base grew by 23% during the first quarter of 2026, surpassing 3.1 million policyholders.
Lemonade also uses AI behind the scenes to calculate risk, price premiums, and even run its general operations. This high degree of automation breeds efficiency -- in fact, the company's IFP has doubled to $1.3 billion since the end of 2022, even though its workforce shrank by 6% over the same period.
Lemonade says it now has about $1 million in IFP per employee, placing it on par with competitors like Progressive, Allstate, and Berkshire Hathaway's GEICO Insurance. But Lemonade is a fraction of the size of those giants, so it could leapfrog them as its business scales. In fact, management believes the company will lead the entire industry in terms of IFP per employee in the future.
Lemonade's revenue soared in the first quarter
Lemonade ended the first quarter with a gross loss ratio of 62%, which represents the proportion of premiums paid out as claims. In the past, the company said 75% (or lower) is the key to running a thriving insurance business, so it's well ahead of that mark right now. When the gross loss ratio falls while IFP grows at the same time, the net result is more money for Lemonade at the top and bottom lines.
That helps explain why the company's first-quarter revenue soared by 71% year over year to $258 million. The result comfortably topped the company's forecasted range of $246 million to $251 million, prompting management to slightly increase its full-year forecast for 2026. Lemonade now expects to generate $1.2 billion in revenue for the year, compared to the previous forecast of $1.19 billion (at the midpoint of the respective ranges).
Lemonade's bottom line also significantly improved in the first quarter. The company still had a net lost of $35.8 million on a generally accepted accounting principles (GAAP) basis, but that was significantly less than its year-ago net loss of $62.4 million. Lemonade is investing aggressively in customer acquisition, which is why its IFP growth has accelerated for 10 straight quarters, and the net losses are a consequence of this strategy. But the company can rein in operating costs in the future when its business achieves scale, which should result in significant profit.
Lemonade stock looks attractive after the recent dip
Lemonade stock is trading at a price-to-sales (P/S) ratio of 5.8 as I write this, which is down by half from last year's peak of 11.6. It's now close to its three-year average of 5.2, so you could make the argument that the stock is near fair value right now.
However, based on management's 2026 revenue forecast of $1.2 billion, the stock is trading at a forward P/S ratio of 3.6. And if we look ahead even further, Wall Street thinks the company could deliver $1.6 billion in revenue during 2027 (according to Yahoo! Finance), giving its stock a forward P/S ratio of 2.7.
That suggests Lemonade stock would have to almost double by the end of 2027 just to trade in line with its three-year average P/S ratio of 5.2. But investors who are willing to hold the stock for the longer term could do even better, because management has outlined a plan to increase the company's IFP to $10 billion during the next decade or so. That would be a 670% gain from its first-quarter IFP of $1.3 billion, which might translate into a similar gain for the stock.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This Artificial Intelligence (AI) Stock Is Down 20% in 2026, but Here's Why It's a Screaming Buy Right Now

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Allstate (ALL) Q1 2026 Earnings Transcript

The Allstate Corporation ALL reported a first-quarter 2026 adjusted net income of $10.65 per share, which outpaced the Zacks Consensus Estimate by 43.3%. The bottom line surged 201.7% year over year.
Operating revenues of $17.3 billion grew 3.2% year over year. However, the top line missed the consensus mark by 2%.
Allstate’s quarterly results were driven by higher property and casualty insurance premiums, improved net investment income and lower catastrophe losses. Lower expenses and strong underwriting performance further aided results.
The Allstate Corporation Price, Consensus and EPS Surprise
Key Takeaways From Allstate’s Q1 Results
Property and casualty insurance premiums improved 5.8% year over year to $15.6 billion. Net investment income of $938 million advanced 9.8% year over year on the back of a growing market-based portfolio. The metric beat the Zacks Consensus Estimate of $895 million and our estimate of $935 million. Market-based investment income rose 10% year over year to $791 million in the quarter under review.
Total costs and expenses were $13.8 billion, which decreased 12.1% year over year and was lower than our estimate of $15.5 billion. The year-over-year decline was due to decreased property and casualty insurance claims and claims expenses, accident, health and other policy benefits and Pension and other postretirement remeasurement (gains) losses. Catastrophe losses of $1.2 billion dropped 43.7% year over year.
Allstate’s pretax income increased significantly, up 332.3% year over year to $3.1 billion. As of Dec. 31, 2025, total policies in force were 212 million, up 2.5% year over year.
ALL’s Segmental Performances
The Property-Liability segment reported premiums earned of $14.8 billion in the first quarter, up 5.5% year over year, driven by higher average premiums in homeowners insurance and growth in policies in force. However, the metric missed both the Zacks Consensus Estimate and our estimate of $15.1 billion. Underwriting income in the segment surged 638.3% year over year to $2.7 billion. The underlying combined ratio improved 280 basis points to 80.3%.
The Protection Services segment’s revenues advanced 7.2% year over year to $922 million, aided by Allstate Protection Plans and Roadside businesses. The metric lagged our estimate of $958.9 million. Adjusted net income of $47 million declined 14.5% year over year.
Financial Update (As of March 31, 2026)
Allstate exited the first quarter with a cash balance of $697 million, up from $678 million at 2025-end. Total assets increased to $124 billion from $119.8 billion at the end of 2025.
Debt remained unchanged at $7.5 billion from the 2025-end level.
Total equity increased to $31.6 billion from $30.6 billion at 2025-end.
Book value per common share was $113.52 as of March 31, 2026, up 52.2% year over year.
ALL’s Zacks Rank
Allstate currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
Of the insurance industry players that have reported first-quarter 2026 results so far, the bottom-line results of W.R. Berkley Corporation WRB, The Travelers Companies, Inc. TRV and AXIS Capital Holdings Limited (AXS beat the respective Zacks Consensus Estimate.
W.R. Berkley reported first-quarter 2026 operating income of $1.30 per share, which beat the Zacks Consensus Estimate by 15%. The bottom line increased 28.7% year over year. WRB’s total revenues were $3.7 billion, up 5% year over year, driven by higher net premiums earned, improved net investment income, higher revenues from non-insurance businesses and increased other income. Net premiums written were about $3.2 billion, up 1.3% year over year. The figure, however, beat our estimate as well as the Zacks Consensus Estimate of $3.2 billion.
The Travelers Companies reported first-quarter 2026 core income of $7.71 per share, which beat the Zacks Consensus Estimate by 10.5%. The bottom line surged fourfold year over year. Total revenues remained flat from the year-ago quarter at $11.9 billion. TRV’s net written premiums increased 2% year over year to a record $10.3 billion, driven by strong growth across Business Insurance and Bond & Specialty Insurance segments. Net investment income increased 8.4% year over year to $1 billion. The figure matched the Zacks Consensus Estimate.
AXIS Capital reported first-quarter 2026 operating income of $3.42 per share, which outpaced the Zacks Consensus Estimate of $3.23 and rose 7.9% year over year. Total operating revenues of $1.7 billion, which marginally beat the Zacks Consensus Estimate by 0.4%. The top line rose nearly 7.7% year over year on higher premiums earned. AXS’s net premiums written increased 9% to $1.9 billion, driven by a 24% rise in the Insurance segment, partially offset by a 13% decline in the Reinsurance segment. Net investment income decreased 11.1% year over year to $184.7 million, due to lower income from cash.
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Indicator	TTM Median
P/E	5.42 13.39
Price/Sales	0.82 2.12
P/B	2.02 1.20
P/FCF	6.56 10.76

Indicator	TTM Median
ROE	55.29 10.61
ROA	11.57 1.19
ROI	41.57 7.07
Net Worth	57.51 1.02
Quick Ratio	0.00 1.37
Current Ratio	0.30 0.97

Indicator	TTM Median
Net Profit Margin	15.02 17.41
Operating Margin	17.75 23.43
Gross Margin	43.70 70.31
Return on tangible equity	40.14 12.60

Indicator	TTM Median
EPS	10.65 0.64
EPS Forecast	7.43 0.66
Revenue	17.35B 80.00M
Gross Profit	9.54B —
EBITDA	4.33B —

Allstate Corporation (The)

Recent quarterly and TTM performance

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