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The Allstate Corporation (NYSE: ALL) is one of the largest property and casualty insurers in the United States. Renowned for its slogan “You’re in Good Hands with Allstate®”, the company offers a comprehensive range of insurance products and services, including personal auto insurance, homeowners insurance, life insurance, and identity protection. Allstate operates primarily in North America through a vast network of about 10,000 company agencies, ensuring extensive coverage and customer service.
In recent financial news, Allstate has shown robust performance. The company's board of directors approved a quarterly dividend increase to $0.92 per share, reflecting their commitment to rewarding shareholders and indicating financial strength. For the first quarter of 2024, Allstate reported consolidated revenues of $15.3 billion, a 10.7% increase from the previous year, and an adjusted net income of $1.4 billion. These figures highlight the company's solid profitability and effective management strategies.
Allstate’s product innovation remains at the forefront with offerings like Drivewise®, a usage-based insurance feature that promotes safe driving. Data reveals that Drivewise customers are 25% less likely to have severe collisions, making it a significant value proposition for policyholders.
On the strategic front, Allstate has been proactive in implementing rate increases to counter inflationary trends and ensure sustainable profitability. The company announced rate increases for auto and homeowners insurance, contributing to a substantial rise in gross written premiums.
Allstate continues to be a key player in the insurance industry, demonstrating resilience and adaptability amidst market fluctuations. With a strong focus on customer protection and innovative solutions, Allstate is well-positioned to maintain its leadership and drive future growth.
The Allstate Corporation (NYSE: ALL) has announced the approval of its quarterly dividends by the board of directors. A common stock dividend of 81 cents per share will be distributed to stockholders on July 1, 2021, with a record date of June 4, 2021. Additionally, approximately $26.3 million in dividends will be paid on three series of preferred stock, with payments scheduled for July 15, 2021, to stockholders of record on June 30, 2021. This reflects Allstate's financial strength and confidence in future earnings.
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.
The Allstate Corporation (NYSE: ALL) reported a Q1 2021 net loss of $1.4 billion, primarily due to $4 billion from divesting life and annuity businesses. However, adjusted net income rose 55.7% to $1.9 billion, reflecting strong operating performance and a 26.2% revenue increase to $12.5 billion. Property-liability premiums grew 13.7%, with 182,912 policies in force, up 20.6%. Despite a 179.6% rise in catastrophe losses to $590 million, the combined ratio improved to 83.3. Shareholder returns included $765 million through buybacks and dividends, with a 50% dividend increase announced.
The Allstate Corporation (NYSE: ALL) has filed a Form 8-K detailing its financial results for Q1 2021, concluding on March 31. The earnings release, investor supplement, and quarterly Form 10-Q can be accessed on the SEC website. Additionally, an update regarding reinsurance will be available on Allstate's investor site by 5 p.m. Eastern. A conference call to discuss Q1 results is scheduled for May 6 at 9:00 a.m. Eastern, with details available on Allstate’s investor website.
The Allstate Corporation (NYSE: ALL) reported estimated pre-tax catastrophe losses of $252 million for March, resulting in $54 million after-tax and expected reinsurance recoveries. These losses stemmed from six events, with a significant wind/hail event making up about 55% of the losses. Total first-quarter catastrophe losses reached $1.67 billion, mitigated by $1.08 billion in anticipated recoveries, leading to an estimated after-tax loss of $466 million.
The Allstate Corporation (NYSE: ALL) will host a conference call on May 6, 2021, at 9 a.m. Eastern to discuss Q1 2021 earnings. A current report on Form 8-K will be filed with the SEC after 4:15 p.m. Eastern on May 5, detailing quarterly results. Investors can access the earnings release and support materials at www.sec.gov and www.allstateinvestors.com. A recorded replay of the call will also be available shortly after it concludes.
The Allstate Corporation (NYSE: ALL) has finalized a $220 million agreement with Wilton Re to acquire Allstate Life Insurance Company of New York (ALNY). This move completes Allstate's exit from the life and annuity sectors, following a prior agreement to sell Allstate Life Insurance Company (ALIC) to Blackstone entities. The transaction is expected to close in the latter half of 2021, pending regulatory approval. Allstate will inject $660 million into ALNY, resulting in a projected GAAP net loss of approximately $4 billion, but will generate roughly $1.7 billion in deployable capital.
The Allstate Corporation (NYSE: ALL) reported estimated catastrophe losses of $577 million for February 2021, pre-tax. This includes costs from severe winter conditions, primarily in Texas, which had gross losses of $1.3 billion and net losses of $567 million. January 2021 saw favorable adjustments of $55 million, making Q1 catastrophe losses total $522 million pre-tax. Notably, Allstate surpassed the retention level of its nationwide aggregate reinsurance cover, concluding on March 31, 2021. For further details, visit www.allstateinvestors.com.
The Allstate Corporation (NYSE: ALL) has announced a total of approximately $26.3 million in dividends on three series of preferred stock for the period from January 15, 2021, to April 14, 2021. The dividends are payable on April 15, 2021, to shareholders on record as of March 31, 2021. The preferred stocks and their dividends include:
- Series G: 5.625% annual rate, $0.3515625 quarterly
- Series H: 5.100% annual rate, $0.3187500 quarterly
- Series I: 4.750% annual rate, $0.2968750 quarterly
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