Allstate reveals full-year loss
Allstate reveals full-year loss | Insurance Business America
Insurance News
Allstate reveals full-year loss
Find out how much the insurance giant lost…
Insurance News
By
Terry Gangcuangco
The Allstate Corporation, which suffered a $1.4 billion net loss in 2022, remained in the red in 2023.
According to Allstate’s latest earnings report, here’s how the company fared in the quarter and year ended December 31:
Metric
Q4 2023
Q4 2022
FY 2023
FY 2022
Consolidated revenues
$14.8 billion
$13.6 billion
$57.1 billion
$51.4 billion
Net income (loss) applicable to common shareholders
$1.5 billion
$(303 million)
$(316 million)
$(1.4 billion)
Adjusted net income (loss)
$1.5 billion
$(351 million)
$251 million
$(239 million)
Focusing on the quarterly result, Allstate chair, president, and chief executive Tom Wilson said in a release: “Allstate had strong profitability in the quarter with net income of $1.5 billion due to improved auto profitability and mild weather.
“Improved underwriting performance and higher investment income generated adjusted net income of $1.5 billion in the fourth quarter, or $5.82 per diluted common share. Property-liability written premiums increased to $12.6 billion, 10.1% over the prior year quarter driven by rate increases in auto and home insurance and growth in policies at National General.
Property-liability underwriting income totaled $1.3 billion in the quarter with a combined ratio of 89.5. The investment portfolio return was 4.6% as proactive actions, including fixed income duration extension, resulted in excellent investment returns.”
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