Allstate Announces April 2021 Catastrophe Losses

Rhea-AI Summary

The Allstate Corporation (NYSE: ALL) reported estimated catastrophe losses of $544 million for April, translating to $430 million after-tax. These losses stem from five significant events, with a large hail event in Texas and Oklahoma contributing approximately 60% of the total losses. The announcement highlights the financial impact of these events on the company’s bottom line, emphasizing the need for investors to monitor future forecasts closely due to inherent uncertainties in the estimates.

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• Estimated catastrophe losses of $544 million for April.
• After-tax losses amount to $430 million.
• One hail event responsible for 60% of total losses, indicating potential vulnerability to similar future events.

The Allstate Corporation (NYSE: ALL) today announced estimated catastrophe losses for the month of April of $544 million, $430 million after-tax.

Catastrophe losses in April comprised five events at an estimated cost of $490 million plus unfavorable prior period reserve estimates. One large hail event, primarily impacting Texas and Oklahoma, accounted for approximately 60% of April estimated catastrophe losses.

Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.

Forward-Looking Statements

This news release contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like “plans,” “seeks,” “expects,” “will,” “should,” “anticipates,” “estimates,” “intends,” “believes,” “likely,” “targets” and other words with similar meanings. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section in our most recent annual report on Form 10-K. Forward-looking statements are as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210520005619/en/

FAQ

What were Allstate's estimated catastrophe losses for April 2023?

Allstate's estimated catastrophe losses for April 2023 were $544 million, or $430 million after-tax.

What caused the majority of Allstate's losses in April?

A large hail event in Texas and Oklahoma accounted for approximately 60% of Allstate's estimated catastrophe losses in April.

How many events contributed to Allstate's April losses?

Five significant events contributed to Allstate's estimated catastrophe losses in April.

How do Allstate's April losses impact investors?

The reported losses signal potential volatility and risk, highlighting the importance for investors to monitor future forecasts and risk factors.