Allstate vs The Hartford Insurance Group: Revenue, Profit and Business Model
Allstate had $67.7B of annual revenue in FY2025 and $10.3B of net income. The Hartford Insurance Group had $28.4B of annual revenue in FY2025 and $3.8B of net income.
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
The Hartford Insurance Group
- Latest annual revenue
- $28.4B (FY2025)
- Net income
- $3.8B
- Net margin
- 13.5%
- Revenue growth
- +6.4% 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.
The Hartford Insurance Group
The Hartford spent the decade after the 2008 crisis shrinking risk. It took $3.4 billion in TARP capital in 2009, repaid it, then exited variable annuities and individual life, and sold its remaining life and annuity run-off (Talcott Resolution) in 2018. What remains is a P&C and benefits insurer with steadier earnings. Revenue grew from $20.5 billion in 2020 to $28.4 billion in 2025, and FY2025 core earnings ROE was 19.4%. In Q2 2026 core earnings were $945 million ($3.42 per diluted share) and trailing 12-month core earnings ROE was 18.7%. The Hartford Financial Services Group, Inc. is a major American investment and insurance company, sustaining a market valuation typically over $25 billion.
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 |
The Hartford Insurance Group
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $28.4B | $3.8B | 13.5% | +6.9% | Source |
| FY2024 | $26.5B | $3.1B | 11.7% | +8.2% | Source |
| FY2023 | $24.5B | $2.5B | 10.2% | +9.7% | Source |
| FY2022 | $22.4B | $1.8B | 8.1% | -0.1% | Source |
| FY2021 | $22.4B | $2.4B | 10.6% | +9.1% | Source |
| FY2020 | $20.5B | $1.7B | 8.5% | -1.0% | Source |
| FY2019 | $20.7B | $2.1B | 10.1% | +9.4% | Source |
| FY2018 | $19B | $1.8B | 9.5% | +10.4% | Source |
| FY2017 | $17.2B | -$3.1B | -18.2% | +5.3% | Source |
| FY2016 | $16.3B | $896M | 5.5% | — | 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.
The Hartford Insurance Group
- Earned Premiums84.7%
Insurance premiums earned across business insurance, personal insurance and employee benefits; $24.03 billion in FY2025.
- Net Investment Income10.3%
Income generated from investing insurance float and capital.
- Fee Income5.0%
Fees from employee benefits services, funds, and other insurance-related services.
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.
The Hartford Insurance Group
How it makes money
The Hartford makes money in three ways. First, it collects insurance premiums ($24.03 billion earned in FY2025) from small and mid-sized businesses, large commercial accounts, AARP members buying auto and home cover, and employers buying group life and disability plans. Second, it invests that premium float and its capital in a mostly fixed-income portfolio, producing roughly 10% of revenue as net investment income.
Growth strategy
The Hartford is growing by deepening its position in small commercial, expanding middle-market and Global Specialty lines built on the 2019 Navigators deal, pricing ahead of loss-cost inflation, and investing in data, digital quoting and claims automation. In personal lines it has been rebuilding auto and home margins through rate increases while moving customers onto its Prevail platform.
Competitive advantage
The Hartford's edge rests on decades of small-business loss data, deep relationships with independent agents and brokers, and digital quoting tools that let agents price and bind small commercial policies quickly. Its long-running AARP endorsement in personal lines and its scale in group disability and leave management add distribution that newer competitors find hard to copy.
Questions about Allstate vs The Hartford Insurance Group
Which company has higher revenue — The Allstate Corporation or The Hartford Insurance Group, Inc.?
The Allstate Corporation had $67.7B (FY2025), while The Hartford Insurance Group, Inc. had $28.4B (FY2025). By latest annual revenue, The Allstate Corporation is the larger business, with The Hartford Insurance Group, Inc. showing a smaller revenue base.
What is the market cap of The Allstate Corporation vs The Hartford Insurance Group, Inc.?
The Allstate Corporation's market capitalisation stands at $56.5B, while The Hartford Insurance Group, Inc.'s is $37.5B. The Allstate Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to The Hartford Insurance Group, Inc..
How does revenue per employee compare for The Allstate Corporation and The Hartford Insurance Group, Inc.?
The Allstate Corporation has $1.27M / employee in revenue per employee, while The Hartford Insurance Group, Inc. has $1.48M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do The Allstate Corporation and The Hartford Insurance Group, Inc. make money?
The Allstate Corporation and The Hartford Insurance Group, Inc. 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. The Hartford Insurance Group, Inc.: The Hartford makes money in three ways.
Which company is valued higher relative to revenue — The Allstate Corporation or The Hartford Insurance Group, Inc.?
On a price-to-sales (P/S) basis, The Allstate Corporation trades at 0.8x P/S and The Hartford Insurance Group, Inc. at 1.3x P/S. The Hartford Insurance Group, Inc. 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 The Hartford Insurance Group, Inc.?
By last reported revenue, The Allstate Corporation ($67.7B (FY2025)) is the larger company compared to The Hartford Insurance Group, Inc. ($28.4B (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 The Hartford Insurance Group overview