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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.
Allstate (NYSE: ALL) reported estimated catastrophe losses of $889 million ($702 million after-tax) for September 2024, including $630 million pre-tax related to Hurricane Helene. The third quarter saw total catastrophe losses of $1.70 billion ($1.35 billion after-tax), while year-to-date losses through September reached $4.55 billion ($3.60 billion after-tax).
The company's annual run-off property-liability reserve review resulted in unfavorable reserve reestimates of $58 million ($46 million after-tax). Allstate brand auto insurance rate increases led to a premium impact of 2.9% in Q3 and 6.3% year-to-date, including rate hikes approved in New York, New Jersey, and Texas. Updated rate information for auto and homeowners insurance is available on the Allstate investor website.
Allstate Protection Plans, a division of Allstate (NYSE: ALL), has acquired Kingfisher, a privately held company specializing in smart device lifecycle optimization. This strategic move enhances Allstate's offerings for the mobile industry and its customers. Kingfisher, founded in 2016, has been a pioneer in the mobile circular economy, providing solutions that cater to the growing consumer demand for flexible ownership and environmentally conscious protection options.
The acquisition brings Kingfisher's team of mobile experts to Allstate, strengthening its position in the device protection industry. Allstate Protection Plans currently serves over 150 million customers worldwide and partners with major mobile carriers such as Telenor Group, Softbank, Three, and T-Mobile. This acquisition is expected to provide Allstate with a significant competitive advantage in meeting the evolving needs of carriers and consumers in the wireless industry.
Allstate (NYSE: ALL) has announced its upcoming third quarter 2024 earnings conference call and webcast, scheduled for Thursday, Oct. 31, 2024, at 9 a.m. ET. The company plans to file its financial results via Form 8-K with the SEC on Wednesday, Oct. 30, after 4:15 p.m. ET. Investors can access the earnings release and investor supplement shortly after filing on the SEC's website and Allstate's Investor Relations website.
The press release provides information on how to access financial news, join the live conference call, and view the webcast replay. Interested parties can also subscribe to email alerts and RSS feeds for updates on financial news and material announcements through the Allstate Investor Relations website.
Allstate (NYSE: ALL) has reported estimated catastrophe losses for August 2024 of $272 million ($215 million after-tax), including favorable reserve reestimates for prior events. The losses encompass 15 events totaling $306 million, with approximately $75 million attributed to a hail event in Calgary, Canada. The Calgary event estimate includes reinsurance reinstatement premiums and is net of anticipated reinsurance recoveries of $225 million.
Catastrophe losses for July and August combined reached $814 million ($643 million after-tax), while the year-to-date total through August stood at $3.67 billion ($2.90 billion after-tax). This information is part of Allstate's routine financial disclosures, which are regularly posted on their investor relations website.
The 2024 Allstate AFCA Good Works Team has been announced, recognizing 22 student-athletes and one head coach for their outstanding community service. This team, selected from a record 178 nominees, highlights players who have made significant contributions off the field. Notable members include Chase Griffin from UCLA, who founded a foundation to tackle food insecurity, and Malaki Starks from Georgia, who hosted a football camp for at-risk youth.
The Allstate Wuerffel Trophy, presented to one of the 11 NCAA Football Bowl Subdivision players on the Good Works Team, will be announced later this year. Fans can participate in the selection process by voting until November 15 at ESPN.com/Allstate. The winner will be revealed on December 12 during The Home Depot College Football Awards show on ESPN.
Allstate (ALL) has announced preferred dividends totaling approximately $29.3 million for the dividend period from July 15, 2024, through October 14, 2024. These dividends will be payable in cash on October 15, 2024, to stockholders of record as of September 30, 2024. The dividends are distributed across three series of preferred stock:
- Series H: 5.100% annual rate, $0.3187500 quarterly per depositary share
- Series I: 4.750% annual rate, $0.2968750 quarterly per depositary share
- Series J: 7.375% annual rate, $0.4609375 quarterly per depositary share
Investors can find additional financial information and material announcements about Allstate on the company's investor relations website.
Allstate emphasizes the importance of disaster preparedness during National Preparedness Month, highlighting that a billion-dollar disaster occurs every 18 days. The company offers key tips for disaster readiness, including creating an emergency communication plan, assembling an emergency kit, staying informed about local threats, organizing important documents, and practicing household drills.
Mike Fiato, Executive VP and Chief Claims Officer at Allstate, notes that the company has assisted 7 million customers with catastrophe claims over the past 20 years. A recent study by Allstate, the U.S. Chamber of Commerce, and its Foundation reveals that every $1 spent on climate resilience and preparedness saves communities $13 in damages and economic impact. The report also provides recommendations for improving resilience, such as awareness and education, home security measures, and structural improvements.
AM Best has affirmed and adjusted credit ratings for The Allstate and its subsidiaries. Key points include:
- Affirmed A+ (Superior) Financial Strength Rating for Allstate Insurance Group
- Downgraded Allstate New Jersey Insurance Group to A- (Excellent) with negative outlook
- Downgraded Direct General Life and National Health Insurance to A (Excellent)
- Ratings reflect Allstate's very strong balance sheet, strong performance, and favorable market position
- Recent challenges in auto and property insurance markets noted
- Allstate implementing profit improvement plans, including rate increases and underwriting actions
The ratings consider Allstate's strong financial flexibility, capital generation capabilities, and ongoing efforts to improve operational results amid challenging macro-economic trends.
AM Best has placed the credit ratings of American Heritage Life Insurance Company under review with negative implications following the announcement of its acquisition by StanCorp Financial Group from The Allstate [NYSE: ALL]. The Financial Strength Rating (A+ Superior) and Long-Term Issuer Credit Rating (aa- Superior) may face a potential one-notch downgrade upon completion of the sale, expected in the first half of 2025. This review is not due to a change in American Heritage's creditworthiness but reflects its departure from the Allstate organization and StanCorp's lower current ratings. The transaction, which involves Allstate's employer voluntary benefits business, requires regulatory approval.
Allstate (NYSE: ALL) has reported estimated catastrophe losses of $542 million ($428 million after-tax) for July 2024. The losses encompass 20 events, with a total estimated cost of $587 million. Notably, Hurricane Beryl contributed significantly to these losses, with an initial loss estimate of $226 million. This announcement highlights the substantial financial impact of natural disasters on the insurance giant during a single month, potentially affecting its quarterly financial performance and shareholder value.
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