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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