The company said net income applicable to common shareholders was $1.16 billion in Q3 2024 and $2.65 billion in the first 9 months of 2023, compared with net losses of $41 million and $1.78 billion in the same periods of the prior year. It cited improved underwriting results from higher earned premiums and improved loss trends.

1. 01

   The company said net income applicable to common shareholders was $1.16 billion in Q3 2024 and $2.65 billion in the first 9 months of 2023, compared with net losses of $41 million and $1.78 billion in the same periods of the prior year. It cited improved underwriting results from higher earned premiums and improved loss trends.

2. 02

   The company said Allstate Protection's underwriting income was $555 million in Q3 2024, compared with an underwriting loss of $331 million in Q3 2023, and $1.32 billion in the first 9 months of 2023, compared with an underwriting loss of $3.42 billion in the first 9 months of the prior year. It cited increased earned premiums and lower losses as the drivers, partially offset by higher advertising costs.

3. 03

   The company said on August 13, 2024 it entered into a share purchase agreement with StanCorp Financial Group, Inc. to sell American Heritage Life Insurance Company and American Heritage Service Company, its employer voluntary benefits business, for about $2.0 billion in cash. The transaction is expected to close in the first half of 2025, subject to regulatory approvals and other customary closing conditions. As of September 30, 2024, the assets and liabilities of the business were classified as held for sale.

4. 04

   As of September 30, 2024, the company said Allstate shareholders’ equity was $20.88 billion, up from $17.77 billion as of December 31, 2023, and that parent company-level deployable assets were $2.95 billion. There were no borrowings outstanding under the $750 million unsecured revolving credit facility, and the covenant ratio of debt to capital was 22.0%.

Key figures

Quarter ended September 30, 2024

Revenue

$16.6B

Net income

$1.2B

EPS

$4.33

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.

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

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.