Allstate said net income applicable to common shareholders was $301 million in Q2 2024 and $1.49 billion for the first six months, compared with losses of $1.39 billion and $1.74 billion, respectively, in the same periods of 2023. The company cited improved underwriting results from increased earned premium and improved loss trends as the main factors.

10-QQuarterly reportFiled Jul 31, 2024Period of report Jun 30, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

Allstate said net income applicable to common shareholders was $301 million in Q2 2024 and $1.49 billion for the first six months, compared with losses of $1.39 billion and $1.74 billion, respectively, in the same periods of 2023. The company cited improved underwriting results from increased earned premium and improved loss trends as the main factors.
The company said the Allstate Protection underwriting loss was $142 million in Q2 2024, and underwriting income was $761 million for the first six months. In 2023, the underwriting losses for the same periods were $2.09 billion and $3.09 billion, respectively. Catastrophe losses were $2.12 billion in Q2 2024 and $2.85 billion for the first six months.
The company said total revenues rose 12.4% to $15.71 billion in Q2 2024 and 11.6% to $30.97 billion for the first six months. Net investment income increased $102 million to $712 million in Q2, and $291 million to $1.48 billion for the first six months.
Allstate said it repaid $350 million of its 6.75% Senior Notes at maturity on May 15, 2024, and issued $500 million of 5.05% Senior Notes due 2029 on June 24. The company also said its $5.00 billion common share repurchase authorization expired on March 31 with $472 million remaining.

Key figures

Quarter ended June 30, 2024

Revenue: $15.7B
Net income: $331M
EPS: $1.13

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q2 and First-Half Net Income Swing to Profit

Allstate said net income applicable to common shareholders was $301 million in Q2 2024 and $1.49 billion for the first six months, compared with losses of $1.39 billion and $1.74 billion, respectively, in the same periods of 2023. The company cited improved underwriting results from increased earned premium and improved loss trends as the main factors.

Source · Based on the MD&A text of the filing

Allstate Protection Results and Catastrophe Losses

The company said the Allstate Protection underwriting loss was $142 million in Q2 2024, and underwriting income was $761 million for the first six months. In 2023, the underwriting losses for the same periods were $2.09 billion and $3.09 billion, respectively. Catastrophe losses were $2.12 billion in Q2 2024 and $2.85 billion for the first six months.

Source · Based on the MD&A text of the filing

Higher Total Revenues and Net Investment Income

The company said total revenues rose 12.4% to $15.71 billion in Q2 2024 and 11.6% to $30.97 billion for the first six months. Net investment income increased $102 million to $712 million in Q2, and $291 million to $1.48 billion for the first six months.

Source · Based on the MD&A text of the filing

Senior Notes Repayment and Issuance; Share Repurchase Authorization Expires

Allstate said it repaid $350 million of its 6.75% Senior Notes at maturity on May 15, 2024, and issued $500 million of 5.05% Senior Notes due 2029 on June 24. The company also said its $5.00 billion common share repurchase authorization expired on March 31 with $472 million remaining.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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