Allstate bounces back in Q1 financials
Allstate bounces back in Q1 financials | Insurance Business America
Insurance News
Allstate bounces back in Q1 financials
CEO reflects on “strong operating capabilities”
Insurance News
By
Terry Gangcuangco
The Allstate Corporation has made a huge turnaround, reporting $1.2 billion in net income applicable to common shareholders in the first quarter of 2024 following last year’s Q1 net loss of $346 million.
Here are some of the highlights from Allstate’s latest set of financial results:
Metric
Q1 2024
Q1 2023
Consolidated revenues
$15.3 billion
$13.8 billion
Underwriting income (loss) – property-liability
$898 million
$(1.0 billion)
Premiums earned – Allstate Protection auto
$8.8 billion
$7.9 billion
Premiums earned – Allstate Protection homeowners
$3.2 billion
$2.8 billion
Net income (loss) applicable to common shareholders
$1.2 billion
$(346 million)
Adjusted net income (loss)
$1.4 billion
$(342 million)
The bounceback in net income was mainly attributed to the improved property-liability underwriting numbers in the period.
Commenting on the insurer’s quarterly performance, chair, president, and chief executive Tom Wilson (pictured) said: “Allstate’s broad-based profitability reflects the benefits of strong operating capabilities, decisive actions to improve shareholder value, and lower catastrophe losses.
“Auto profitability was enhanced as a growing number of states achieved targeted margin levels in the quarter. Industry-leading home insurance capabilities, when combined with lower catastrophe losses, further improved profitability.
“Investment income increased primarily due to higher yields and extension of fixed-income maturities over the last 18 months. Revenues reached $15.3 billion for the quarter, increasing 10.7% compared to the prior year. Net income was $1.2 billion with adjusted net income of $5.13 per diluted common share.”
The CEO added: “Allstate’s strategy, operational expertise, people, and financial strength will enable us to continue creating value for customers and shareholders.”
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