P&C Insurance: UBS Evidence Lab inside: Mutuals/Reciprocals Leaning in on Digital Ad Spend in June

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P&C Insurance: UBS Evidence Lab inside: Mutuals/Reciprocals Leaning in on Digital Ad Spend in June

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P&C Insurance Equities

AmericasUBS Evidence Lab inside: Mutuals/Reciprocals

Leaning in on Digital Ad Spend in June Insurance

Brian Meredith

Analyst

brian.meredith@ubs.com

Mutuals/Reciprocals remain competitive on Digital Ad Spend in June-26 +1-212-713 2492

Our UBS Evidence Lab US Digital Advertising Spend Monitor (> Access Dataset) suggests Leandro Leite

that marketing spend across personal auto insurers moderated sequentially in June Associate Analyst

2026. State Farm and USAA were the only carriers to post month-over-month growth, leandro.leite@ubs.com

while spending declined month to month across the rest of the group. On a year-over- +1-212-882 5559

year basis, all personal auto carriers increased advertising spend, with the exception of Justin Tucker

Allstate, which declined 4% y/y in June. Mutual and Reciprocal carriers continued to Associate Analyst

outpace peers, posting the strongest growth rates in advertising spend, led by Liberty justin.tucker@ubs.com

Mutual (+105% y/y), State Farm (+91% y/y), and USAA (+62% y/y). Among our +1-212-713 2325

coverage universe, Allstate, Progressive, and GEICO reduced spending by high-single to

double-digit percentages on a month-over-month basis and remained relatively

disciplined. We continue to view elevated advertising spend as evidence of an

increasingly competitive market environment. Historically, marketing spend has been

positively correlated with policies-in-force (PIF) growth, particularly for direct-to-

consumer carriers, as it supports new business generation and customer acquisition.

What to expect from next Personal Auto results in 2Q26?