Allstate Announces May 2021 Catastrophe Losses

Rhea-AI Summary

The Allstate Corporation (NYSE: ALL) reported estimated catastrophe losses of $213 million pre-tax for May, equating to $168 million after-tax. Total catastrophe losses for April and May reached $598 million after-tax. May's losses involved seven events, primarily driven by two large hail occurrences in Texas, responsible for about 60% of the total losses. The release contains forward-looking statements that carry uncertainties and potential risks, which are detailed in the company's SEC filings.

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• Estimated catastrophe losses for May totaled $213 million pre-tax, impacting financial performance.
• Total losses for April and May reached $598 million after-tax, indicating higher-than-expected costs and potential pressure on profits.

The Allstate Corporation (NYSE: ALL) today announced estimated catastrophe losses for the month of May of $213 million pre-tax, or $168 million, after-tax. Catastrophe losses for April and May totaled $598 million, after-tax.

Catastrophe losses in May comprised seven events at an estimated cost of $193 million plus unfavorable prior period reserve estimates. Two large hail events, primarily impacting Texas, accounted for approximately 60% of May 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/20210617005512/en/

FAQ

What were the estimated catastrophe losses for Allstate in May?

Allstate reported estimated catastrophe losses of $213 million pre-tax for May.

How much did Allstate lose in total for April and May?

Total catastrophe losses for Allstate for April and May amounted to $598 million after-tax.

What caused the majority of the catastrophe losses for Allstate in May?

Two large hail events in Texas accounted for approximately 60% of Allstate's estimated catastrophe losses in May.