Allstate vs Cincinnati Financial: Revenue, Profit and Business Model
Allstate had $67.7B of annual revenue in FY2025 and $10.3B of net income. Cincinnati Financial had $12.6B of annual revenue in FY2025.
Latest financial snapshot
Allstate
- Latest annual revenue
- $67.7B (FY2025)
- Net income
- $10.3B
- Net margin
- 15.2%
- Revenue growth
- +6.8% a year, FY2016–FY2025
Cincinnati Financial
- Latest annual revenue
- $12.6B (FY2025)
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- +9.8% a year, FY2016–FY2025
Financial summary
Allstate
Revenue rose from $57.094 billion in 2023 to $64.106 billion in 2024 and $67.685 billion in 2025. Net income attributable to Allstate moved from a $188 million loss in 2023 to income of $4.667 billion in 2024 and $10.282 billion in 2025. The 2025 result included a $1.603 billion gain on disposition of operations, while higher auto and homeowners policies in force and rate increases contributed to revenue growth. The Allstate Corporation is one of the largest publicly held personal lines property and casualty insurers in America, maintaining a market valuation generally above $40 billion.
Cincinnati Financial
Revenue climbed from $6.563 billion in 2022, a year depressed by equity losses, to $11.337 billion in 2024 and $12.631 billion in 2025. Full-year 2025 net income was $2.393 billion ($15.17 per share) and non-GAAP operating income was $1.254 billion ($7.95 per share). The property-casualty combined ratio was 94.9%, 1.5 points worse than 2024, and book value per share ended 2025 at a record $102.35 on $15.9 billion of shareholders' equity. In the first half of 2026, revenue was $7.137 billion and net income $1.529 billion; book value reached $108.64 per share at June 30, 2026. The board raised the quarterly dividend 8% to $0.94 in January 2026.
Revenue and profit by year
Allstate
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $67.7B | $10.3B | 15.2% | +5.6% | Source |
| FY2024 | $64.1B | $4.7B | 7.3% | +12.3% | Source |
| FY2023 | $57.1B | -$188M | -0.3% | +11.1% | Source |
| FY2022 | $51.4B | -$1.3B | -2.5% | +1.6% | Source |
| FY2021 | $50.6B | $1.6B | 3.2% | +20.7% | Source |
| FY2020 | $41.9B | $5.6B | 13.3% | +0.9% | Source |
| FY2019 | $41.5B | $4.8B | 11.7% | +4.3% | Source |
| FY2018 | $39.8B | $2.2B | 5.4% | +1.0% | Source |
| FY2017 | $39.4B | $3.6B | 9.0% | +5.4% | Source |
| FY2016 | $37.4B | $1.9B | 5.0% | — | Source |
Cincinnati Financial
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $12.6B | — | — | +11.4% | Source |
| FY2024 | $11.3B | — | — | +13.2% | Source |
| FY2023 | $10B | — | — | +52.6% | Source |
| FY2022 | $6.6B | — | — | -31.8% | Source |
| FY2021 | $9.6B | — | — | +27.7% | Source |
| FY2020 | $7.5B | — | — | -4.9% | Source |
| FY2019 | $7.9B | $2B | 25.2% | +46.6% | Source |
| FY2018 | $5.4B | $287M | 5.3% | -5.7% | Source |
| FY2017 | $5.7B | $1B | 18.2% | +5.2% | Source |
| FY2016 | $5.4B | $591M | 10.8% | — | Source |
Where the revenue comes from
Allstate
- Property and casualty insurance premiums
Not formally reported
Allstate reported $60.503 billion of property and casualty insurance premiums in 2025.
- Accident and health premiums and contract charges
Not formally reported
This category contributed $946 million of 2025 revenue.
- Other revenue
Not formally reported
Protection services and other activities contributed $2.955 billion of other revenue in 2025.
- Net investment income
Not formally reported
Allstate earned $3.449 billion of net investment income in 2025 from an $83.237 billion year-end investment portfolio.
Cincinnati Financial
- Earned premiums
largest stream
Property-casualty and life premiums; $5.239 billion in the first half of 2026, up 9%.
- Investment income
second stream
Interest and dividends from bonds and stocks; $637 million in the first half of 2026, up 13%.
- Investment gains and lossesvolatile
Changes in the fair value of equities and realized gains, which can add or subtract billions in a year.
Business model and strategy
Allstate
How it makes money
Allstate earns most of its revenue from insurance premiums, then invests funds held before claims are paid. In 2025, property and casualty premiums were $60.503 billion, accident and health premiums and contract charges were $946 million, other revenue was $2.955 billion, and net investment income was $3.449 billion.
Growth strategy
Allstate uses Transformative Growth to expand new business across exclusive-agent, independent-agent, and direct channels. National General provides the independent-agent platform, while Protection Services seeks wider distribution for protection plans, roadside assistance, dealer products, identity protection, and Arity analytics.
Competitive advantage
Allstate combines the Allstate exclusive-agency channel with National General independent agents and direct sales. Its 2025 Form 10-K identifies it as the third-largest U.S. personal property and casualty insurer based on 2024 statutory direct premiums written and reports 211 million policies in force, including protection products.
Cincinnati Financial
How it makes money
Cincinnati Financial makes money in two ways. First, its insurance subsidiaries collect premiums for commercial, personal, excess and surplus (E&S), reinsurance and Lloyd's policies and aim to pay less in claims and expenses than they collect; a combined ratio under 100% means an underwriting profit, and the 2025 ratio was 94.9%. Second, it invests the premiums it holds before claims are paid.
Growth strategy
Growth is mostly organic: appointing more independent agencies, expanding into new states, and adding specialty products. Recent emphasis includes high net worth personal lines, E&S casualty and property through CSU, Cincinnati Re, and Cincinnati Global at Lloyd's.
Competitive advantage
Cincinnati Financial's edge is the depth of its agency relationships. It appoints a limited number of agencies, gives local field underwriters and claims representatives real decision authority, and has never sold around agents directly to consumers. That loyalty helps it see better accounts, keep them longer, and grow premiums without heavy advertising.
Questions about Allstate vs Cincinnati Financial
Which company has higher revenue — The Allstate Corporation or Cincinnati Financial Corporation?
The Allstate Corporation had $67.7B (FY2025), while Cincinnati Financial Corporation had $12.6B (FY2025). By latest annual revenue, The Allstate Corporation is the larger business, with Cincinnati Financial Corporation showing a smaller revenue base.
What is the market cap of The Allstate Corporation vs Cincinnati Financial Corporation?
The Allstate Corporation's market capitalisation stands at $56.5B, while Cincinnati Financial Corporation's is $24.9B. The Allstate Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Cincinnati Financial Corporation.
How does revenue per employee compare for The Allstate Corporation and Cincinnati Financial Corporation?
The Allstate Corporation has $1.27M / employee in revenue per employee, while Cincinnati Financial Corporation has $2.33M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do The Allstate Corporation and Cincinnati Financial Corporation make money?
The Allstate Corporation and Cincinnati Financial Corporation generate revenue in fundamentally different ways. The Allstate Corporation: Allstate earns most of its revenue from insurance premiums, then invests funds held before claims are paid. Cincinnati Financial Corporation: Cincinnati Financial makes money in two ways.
Which company is valued higher relative to revenue — The Allstate Corporation or Cincinnati Financial Corporation?
On a price-to-sales (P/S) basis, The Allstate Corporation trades at 0.8x P/S and Cincinnati Financial Corporation at 2.0x P/S. Cincinnati Financial Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to The Allstate Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is The Allstate Corporation bigger than Cincinnati Financial Corporation?
By last reported revenue, The Allstate Corporation ($67.7B (FY2025)) is the larger company compared to Cincinnati Financial Corporation ($12.6B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Allstate vs Cincinnati Financial overview