Allstate Announces July 2021 Catastrophe Losses

Rhea-AI Summary

The Allstate Corporation (NYSE: ALL) reported estimated catastrophe losses of $227 million for July, amounting to $179 million after tax. These losses originated from 18 events, costing an estimated $211 million, along with unfavorable prior period reserve estimates. This financial release highlights the potential impact of such events on the company's overall financial performance.

Positive

• None.

Negative

• Estimated catastrophe losses of $227 million for July could affect overall profitability.
• Losses due to 18 events could indicate increased risk or vulnerability in certain areas.

The Allstate Corporation (NYSE: ALL) today announced estimated catastrophe losses for the month of July of $227 million or $179 million, after-tax. Catastrophe losses in July comprised 18 events at an estimated cost of $211 million plus unfavorable prior period reserve estimates.

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/20210819005455/en/

FAQ

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

Allstate reported estimated catastrophe losses of $227 million for July 2023.

How much of the July losses were after-tax for Allstate?

The after-tax catastrophe losses for July 2023 were $179 million.

What caused the estimated catastrophe losses for Allstate in July?

The losses were due to 18 events with an estimated cost of $211 million, plus prior period reserve estimates.

How might the catastrophe losses impact Allstate's stock performance?

The significant catastrophe losses may negatively impact Allstate's profitability and stock performance.