HomeHome InsuranceAllstate reveals full-year loss | Insurance Business America

Allstate reveals full-year loss | Insurance Business America




Allstate reveals full-year loss | Insurance Business America















Find out how much the insurance giant lost…

Allstate reveals full-year loss

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.”

What do you think about this story? Share your thoughts in the comments below.

Related Stories




Source link

latest articles

explore more