NYSE Shariah screener · October 2026
Is The Allstate Corporation (ALL) Halal?
The Allstate Corporation · NYSE: ALL · Financials
The short answer
No - The Allstate Corporation (ALL) fails this Shariah stock screen at the business-activity gate and the non-compliant income gate. Per its own Q2 2026 earnings release, Allstate's core business is underwriting conventional property and casualty insurance (earned premiums $14.9B, underwriting income $2.0B in Q2 2026) - conventional insurance is a non-compliant business activity under the AAOIFI-style business screen (the same basis as the Progressive and Chubb fails). Its disclosed net investment income of $1,947M for the six months ended June 30, 2026 is about 5.48% of its $35,537M in total revenue, above the 5% non-compliant income ceiling. Its debt screen passes: $7,492M of interest-bearing debt is about 13.17% of its ~$56.9B market cap ($224.41, October 2, 2026), below the ~33% ceiling. Zoya flags ALL as not Shariah-compliant, Musaffa rates it not halal, and ShariaPortfolio states it is not Shariah Compliant (all October 2026).
Gate 1 — Business activity: FAIL
The Allstate Corporation (NYSE: ALL), headquartered in Northbrook, Illinois, is one of the largest U.S. property and casualty insurers. Per its Q2 2026 earnings release (August 5, 2026), its core business is Property-Liability: earned premiums of $14.9 billion in the quarter, underwriting income of $2.0 billion and a recorded combined ratio of 86.6, driven by private passenger auto and homeowners insurance - i.e., underwriting conventional insurance. Its Protection Services segment (Protection Plans, Roadside, Dealer Services, Identity Protection, Arity) reported $935 million of quarterly revenue, and Allstate Investments manages an $87.8 billion portfolio. The company reports 216 million policies in force. Business screen (factual, from the filing): Allstate's core business is underwriting conventional insurance - per the AAOIFI-style business screen applied on this site, conventional insurance is a non-compliant business activity, the same basis on which Progressive (NYSE: PGR) and Chubb (NYSE: CB) failed Gate 1. Gate 1 fails. Facts only.
Gate 2 — Debt and cash: PASS
Per Allstate's Q2 2026 earnings release (balance sheet at June 30, 2026), interest-bearing debt was $7,492M - the single Debt line on the balance sheet. Reserve for property and casualty insurance claims and claims expense ($40,979M), unearned premiums ($29,388M) and claim payments outstanding ($1,552M) are insurance operating liabilities and are not counted as debt. Against a market cap of about $56.9B ($224.41 on October 2, 2026; 253.5 million common shares outstanding), debt divided by market cap is about 13.17%, comfortably below the ~33% ceiling. Cash of $840M is about 1.48% of market cap, or about 10.04% including $4,872M of short-term investments. Gate 2 passes. Facts only.
Gate 3 — Non-compliant income: FAIL
Allstate's Q2 2026 earnings release income statement reports net investment income of $1,947M for the six months ended June 30, 2026 against total revenues of $35,537M - about 5.48% of revenue, above the 5% non-compliant income ceiling. For an insurer, net investment income (interest and dividends on the investment portfolio backing its policies) is the separately disclosed interest-type income line; net gains on investments and derivatives ($650M for the six months) are reported separately and are not included in the ratio. Gate 3 fails. Facts only.
Key figures used
- Business: one of the largest U.S. P&C insurers (Northbrook, Illinois); core Property-Liability - earned premiums $14.9B, underwriting income $2.0B, combined ratio 86.6 (Q2 2026); Protection Services revenue $935M; Allstate Investments $87.8B portfolio; 216M policies in force
- Gate 1: underwriting conventional insurance is a non-compliant business activity under the AAOIFI-style business screen - same basis as the Progressive (PGR) and Chubb (CB) Gate 1 fails
- Debt: $7,492M (single Debt line at Jun 30, 2026) - loss reserves, unearned premiums and claim payments outstanding excluded - debt / market cap = 13.17% of ~$56.9B, under the ~33% ceiling
- Cash: $840M = 1.48% of market cap; $4,872M short-term investments -> combined = 10.04%
- Net investment income: $1,947M (6mo ended Jun 30, 2026) vs total revenue $35,537M - = 5.48% of revenue, over the 5% ceiling; net gains on investments and derivatives ($650M) reported separately, not included
- Market cap: $224.41 (Oct 2, 2026) x 253.5M common shares outstanding (Q2 2026 release) = ~$56.9B
- Zoya: not Shariah-compliant (Oct 2026, date blank); Musaffa: not halal (Oct 2026, AAOIFI); ShariaPortfolio: not Shariah Compliant (P&C insurance involvement)
- Result: FAIL at Gate 1 (business activity) and Gate 3 (non-compliant income) - debt ratio passes
Frequently asked questions
What does Allstate do?
The Allstate Corporation (NYSE: ALL), headquartered in Northbrook, Illinois, is one of the largest U.S. property and casualty insurers. Per its Q2 2026 earnings release (August 5, 2026), its core is Property-Liability: earned premiums of $14.9 billion in the quarter, underwriting income of $2.0 billion and a recorded combined ratio of 86.6, driven by auto and homeowners insurance sold through Allstate agents, independent agents, contact centers, retailers and online. Its Protection Services segment (Protection Plans, Roadside, Dealer Services, Identity Protection, Arity) reported $935 million of revenue in the quarter, and Allstate Investments manages an $87.8 billion portfolio. The company reports 216 million policies in force.
Why does Allstate fail this Shariah stock screen?
Allstate fails this screen at the first gate - the business-activity gate - and again at the non-compliant income gate. Its core business is underwriting conventional property and casualty insurance (auto, homeowners); under the AAOIFI-style business screen applied on this site, conventional insurance is a non-compliant business activity - the same basis on which Progressive (NYSE: PGR) and Chubb (NYSE: CB) failed Gate 1. Its financial picture also trips Gate 3: net investment income of $1,947M against total revenues of $35,537M for the six months ended June 30, 2026 is about 5.48% of revenue, above the 5% non-compliant income ceiling. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.
What is Allstate's interest-bearing debt ratio?
Per Allstate's Q2 2026 earnings release (filed with the 10-Q; balance sheet at June 30, 2026), interest-bearing debt was $7,492M - the single Debt line on the balance sheet. Loss reserves ($40,979M), unearned premiums ($29,388M) and claim payments outstanding are insurance operating liabilities and are not counted as debt. Against a market cap of about $56.9B ($224.41 on October 2, 2026; 253.5 million common shares outstanding), debt divided by market cap is about 13.17% - comfortably below the ~33% ceiling. Cash of $840M is about 1.48% of market cap, or about 10.04% including $4,872M of short-term investments.
What is Allstate's non-compliant income ratio?
Allstate's Q2 2026 earnings release income statement reports net investment income of $1,947M for the six months ended June 30, 2026, against total revenues of $35,537M - about 5.48% of revenue, above the 5% non-compliant income ceiling. For an insurer, net investment income (interest and dividends earned on the investment portfolio that backs its policies) is the disclosed interest-type income line, and it is separately stated in the filing; net gains on investments and derivatives ($650M for the six months) are reported separately and are not included. Gate 3 fails.
Do Zoya, Musaffa, or ShariaPortfolio cover Allstate?
Zoya covers ALL and flags it as not Shariah-compliant (zoya.finance/stocks/all, accessed October 2026; the page's displayed assessment date was blank) - it does not rate Allstate halal. Musaffa covers ALL and classifies it as not halal as of October 2026 under its AAOIFI methodology (musaffa.com/stock/ALL/). A ShariaPortfolio screener page for ALL exists and states Allstate Corp is not Shariah Compliant because of its involvement in Property & Casualty Insurance and related activities. All three coverage statements are consistent with this page's own FAIL outcome. This page applies the screen directly from Allstate's own filings and reports these positions honestly.
Sources
- Allstate - Q2 2026 earnings press release (2026-08-05; reproduces the 10-Q condensed consolidated statements: balance sheet at Jun 30, 2026 - Debt $7,492M; cash $840M; short-term investments $4,872M; 253.5M shares outstanding; income statement six months ended Jun 30, 2026 - net investment income $1,947M; total revenues $35,537M)
- Finnhub - ALL live market data (NYSE:ALL, $224.41, ~$56.95B market cap, October 2, 2026)
- Zoya - Allstate (ALL) stock page (status: not Shariah-compliant, accessed October 2026; displayed assessment date blank)
- Musaffa - Allstate Corp (ALL) stock page (status: not halal, October 2026, AAOIFI methodology)
- ShariaPortfolio Screener - ALL / Allstate Corp (status: not Shariah Compliant - Property & Casualty Insurance involvement)
Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.
Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).