Bernstein says that Allstate's stock has dropped due to the rising frequency of auto accidents this year. However, the firm says that the selloff has given investors the opportunity to buy "a high-quality, defensive franchise at a bargain price." Bernstein recommends aggressively buying the shares on weakness.

The Allstate Corporation announced estimated catastrophe losses for the month of March of $328M or $259M, after-tax. March month catastrophe losses include six events estimated at $343M or $271M, after-tax, with approximately 80% of the losses related to one hail event, partially offset by favorable reserve reestimates for prior events. Total catastrophe losses for the first quarter were $731M, pre-tax. Rate increases for Allstate brand auto insurance resulted in a premium impact of 0.9% for the month of March and 2.4% year-to-date. Rate increases for Allstate brand homeowners insurance have resulted in a premium impact of 0.7% for the month of March and 3.4% year-to-date. Implemented rate increases and inflation in insured home replacement costs resulted in a 11.9% increase in homeowners insurance average gross written premium in March 2024 compared to the prior year. Our implemented rate exhibit for auto and homeowners insurance has been posted on www.allstateinvestors.com.