Allstate Corporation reported significant financial improvements in its third quarter and the first nine months of 2024, compared to the same periods in 2023. Total revenues for Q3 2024 reached $16,627 million, a 14.7% increase from $14,497 million in Q3 2023. For the nine months ended September 30, 2024, revenues rose to $47,600 million, up 12.6% from $42,262 million in the prior year.
The company achieved a net income of $1,164 million for Q3 2024, a substantial recovery from a loss of $4 million in Q3 2023. For the nine months, net income was $2,709 million, compared to a loss of $1,700 million in the same period of 2023. This turnaround was driven by improved underwriting income, which was $555 million in Q3 2024, compared to a loss of $331 million in Q3 2023. The first nine months of 2024 saw underwriting income of $1.32 billion, a significant recovery from a loss of $3.42 billion in the same period last year.
The property and casualty insurance premiums also saw a notable increase, with Q3 2024 premiums totaling $14,333 million, up from $12,839 million in Q3 2023. For the first nine months, premiums written increased by 11.8% to $42.17 billion. The company reported a decrease in non-catastrophe losses and a favorable outcome in catastrophe losses, which were $1.70 billion in Q3 2024 compared to $1.18 billion in Q3 2023.
Allstate's strategic developments included a share purchase agreement to sell American Heritage Life Insurance Company and American Heritage Service Company for approximately $2.0 billion, expected to close in the first half of 2025. This sale is part of a broader strategy to enhance its focus on personal property-liability market share and expand protection offerings.
The company’s total investments increased to $73,602 million as of September 30, 2024, up from $66,677 million at the end of 2023. Shareholders’ equity also rose to $20,877 million, compared to $17,770 million at the end of 2023, driven by net income and unrealized net capital gains.
In terms of operational efficiency, Allstate reported restructuring expenses of $28 million for Q3 2024, down from $87 million in the same period last year. The company continues to manage its liquidity effectively, with no borrowings under its $750 million unsecured revolving credit facility as of September 30, 2024.
Overall, Allstate's performance in 2024 reflects a strong recovery and strategic repositioning within the insurance market, supported by improved underwriting results and revenue growth across its segments.
About ALLSTATE CORP
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.