Allstate Outperforms Progressive in Q1, Trades at Half Rival’s Valuation Multiple
ALL•Allstate's Q1 2026 results topped Progressive's for the first time in four quarters, reversing the prior pattern. Allstate now trades at a deep-value multiple roughly half Progressive's premium valuation, suggesting greater upside potential.
1. Q1 Earnings Reversal
Allstate delivered stronger Q1 2026 underwriting results than Progressive for the first time in four quarters, driven by improved loss ratios and controlled expense growth. This flipped the recent trend of Progressive outperforming Allstate and demonstrated Allstate’s ability to manage claims costs amid higher reinsurance rates.
2. Valuation Gap Highlights Deep-Value Case
Allstate’s stock now trades at roughly half the valuation multiple of Progressive’s, creating a noticeable deep-value discount. Investors may view this gap as an entry opportunity if Allstate can sustain its underwriting improvements and aggressive share buyback program.
