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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