Allstate reveals full-year loss | Insurance Business America

The Allstate Corporation, which suffered a $1.4 billion net loss in 2022, remained in the red in 2023.

According to Allstate’s latest earnings report, here’s how the company fared in the quarter and year ended December 31:

 Focusing on the quarterly result, Allstate chair, president, and chief executive Tom Wilson said in a release: “Allstate had strong profitability in the quarter with net income of $1.5 billion due to improved auto profitability and mild weather.

“Improved underwriting performance and higher investment income generated adjusted net income of $1.5 billion in the fourth quarter, or $5.82 per diluted common share. Property-liability written premiums increased to $12.6 billion, 10.1% over the prior year quarter driven by rate increases in auto and home insurance and growth in policies at National General.

Property-liability underwriting income totaled $1.3 billion in the quarter with a combined ratio of 89.5. The investment portfolio return was 4.6% as proactive actions, including fixed income duration extension, resulted in excellent investment returns.”

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