Looking Forward - Mini-Previews for PGR and ALL, ALL Focus Idea

Research evidence excerpt

Looking Forward - Mini-Previews for PGR and ALL, ALL Focus Idea

I N D U S T R Y N O T E

M a y 1 8 , 2 0 2 6

Insurance

CONCLUSION Paul Newsome, CFA, CPCU

Last week marked the last week of our coverage's earnings, but with PGR and ALL we Managing Director, Piper Sandler & Co.

move onto next quarter's results. PGR will report April earnings and ALL will report April 312 281-3445, paul.newsome@psc.com

catastrophe losses and policy-in-force (PIF) data. We will be highlighting ALL as our focus Cam Bianchi

idea for the week. Research Analyst, Piper Sandler & Co.

612 456-9841, cam.bianchi@psc.com

• Focus idea: Allstate (ALL, Overweight, $56.8 billion cap) We are highlighting Allstate Related Companies: Share Price:

ahead of the company reporting April 2026 catastrophe losses and PIF. Allstate was ALL 217.37

one of the companies with a substantial beat, specifically being driven by better than PGR 199.73

expected favorable development. We believe that there is room for ALL to grow, while

INDUSTRY RISKS being in a unique position to take advantage of its opportunities. See here for the full

note. The P/C insurance industry is subject to risk

including catastrophe events, changes in interest

• Earnings Previews: During the week of May 18, 2026, PGR will report April earnings, rates and fixed income credit losses, declines in equity valuations in their investment portfolios

ALL will report April catastrophe losses and PIF data. and higher claim costs related to inflation and

20 – Progressive (PGR, Overweight, $117.2 billion cap) will report April ◦May changes in the legal and regulatory environment.

earnings. April earnings press release will be released on the 20th before market

open. We are looking for April EPS of $1.58 as compared to $1.68 in the prior year

period.