Allstate : Q2 2024 Investor Supplement
ALL
The Allstate Corporation
Investor Supplement
Second Quarter 2024
The condensed consolidated financial statements and financial exhibits included herein are unaudited and should be read in conjunction with the consolidated financial statements and notes thereto included in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The results of operations for interim periods should not be considered indicative of results to be expected for the full year.
Measures used in these financial statements and exhibits that are not based on generally accepted accounting principles ("non-GAAP") are denoted with an asterisk (*). These measures are defined on the pages "Definitions of Non-GAAP Measures" and are reconciled to the most directly comparable generally accepted accounting principles ("GAAP") measure herein.
The Allstate Corporation
Investor Supplement - Second Quarter 2024
Table of Contents
Consolidated Operations
Protection Services
Condensed Consolidated Statements of Operations
1
Segment Results
11
Contribution to Income
2
Allstate Health and Benefits
Book Value per Common Share and Debt to Capital
3
Return on Allstate Common Shareholders' Equity
4
Segment Results and Other Statistics
12
Policies in Force
5
Corporate and Other
Property-Liability
Segment Results
13
Results
6
Investments
Allstate Protection
Profitability Measures
7
Investment Position and Results
14
Impact of Net Rate Changes Implemented on Premiums Written
8
Investment Position and Results by Strategy
15
Auto Profitability Measures and Statistics
9
Definitions of Non-GAAP Measures
Homeowners Profitability Measures and Statistics
10
16,17
Glossary
18
Items included in the glossary are denoted with a caret (^) the first time used.
The Allstate Corporation
Condensed Consolidated Statements of Operations
(In millions, except per share data)
Three months ended
Six months ended
Revenues
Property and casualty insurance premiums ^
Accident and health insurance premiums and contract charges ^ Other revenue ^
Net investment income
Net gains (losses) on investments and derivatives Total revenues
Costs and expenses
Property and casualty insurance claims and claims expense Accident, health and other policy benefits
Amortization of deferred policy acquisition costs Operating costs and expenses
Pension and other postretirement remeasurement (gains) losses Restructuring and related charges
Amortization of purchased intangibles Interest expense
Total costs and expenses
Income (loss) from operations before income tax expense
Income tax expense (benefit)
Net income (loss)
Less: Net income (loss) attributable to noncontrolling interest
Net income (loss) attributable to Allstate
Less: Preferred stock dividends
Net income (loss) applicable to common shareholders
Earnings per common share
Net income (loss) applicable to common shareholders per common share - Basic
Weighted average common shares - Basic
Net income (loss) applicable to common shareholders per common share - Diluted (1)
Weighted average common shares - Diluted (1)
Weighted average dilutive potential common shares excluded due to net loss applicable to common shareholders (1)
Cash dividends declared per common share
June 30,
2024
(103)
15,714
10,801
291
2,001
2,019
(9)
13
70
98
15,284
430
83
347
16
331
30
-
March 31,
Dec. 31,
Sept. 30,
2024
2023
2023
$
13,512
$
13,188
$
12,839
478
467
463
669
650
592
764
604
689
(164)
(77)
(86)
15,259
14,832
14,497
9,501
8,780
10,237
296
286
262
1,939
1,904
1,841
1,885
1,864
1,771
(2)
(47)
149
10
28
87
69
83
83
97
107
88
13,795
13,005
14,518
1,464
1,827
(21)
266
340
(17)
1,198
1,487
(4)
(20)
(2)
1
1,218
1,489
(5)
29
29
36
$
1,189
$
1,460
$
(41)
$
4.51
$
5.57
$
(0.16)
263.5
262.2
261.8
$
4.46
$
5.52
$
(0.16)
266.5
264.7
261.8
-
-
1.5
$
0.92
$
0.89
$
0.89
June 30,
2023
(151)
13,979
11,727
258
1,789
1,786
(40)
27
82
98
15,727
(1,748)
(373)
(1,375)
(23)
(1,352)
37
1.7
March 31,
June 30,
June 30,
2023
2024
2023
$
12,173
$
27,464
$
24,643
463
952
916
561
1,348
1,158
575
1,476
1,185
14
(267)
(137)
13,786
30,973
27,765
10,326
20,302
22,053
265
587
523
1,744
3,940
3,533
1,716
3,904
3,502
(53)
(11)
(93)
27
23
54
81
139
163
86
195
184
14,192
29,079
29,919
(406)
1,894
(2,154)
(85)
349
(458)
(321)
1,545
(1,696)
(1)
(4)
(24)
(320)
1,549
(1,672)
26
59
63
$
(346)
$
1,490
$
(1,735)
$
(1.31)
$
5.65
$
(6.59)
263.5
263.8
263.1
$
(1.31)
$
5.58
$
(6.59)
263.5
266.8
263.1
2.6
-
2.1
$
0.89
$
1.84
$
1.78
The Allstate Corporation 2Q24 Supplement
1
The Allstate Corporation Contribution to Income
(In millions, except per share data)
Three months ended
Six months ended
Contribution to income
Net income (loss) applicable to common shareholders
Net (gains) losses on investments and derivatives
Pension and other postretirement remeasurement (gains) losses Amortization of purchased intangibles
(Gain) loss on disposition Non-recurring costs Income tax benefit
Adjusted net income (loss) *
Income per common share - Diluted
Net income (loss) applicable to common shareholders (1)
Net (gains) losses on investments and derivatives
Pension and other postretirement remeasurement (gains) losses Amortization of purchased intangibles
(Gain) loss on disposition Non-recurring costs Income tax benefit
Adjusted net income (loss) * (1)
Weighted average common shares - Diluted (1)
Weighted average dilutive potential common shares excluded due to net loss applicable to common shareholders (1)
June 30,
2024
(0.03)
0.26
-
-
(0.13)
March 31,
Dec. 31,
Sept. 30,
2024
2023
2023
$
1,189
$
1,460
$
(41)
164
77
86
(2)
(47)
149
69
83
83
(4)
(8)
5
-
-
-
(49)
(24)
(68)
$
1,367
$
1,541
$
214
$
4.46
$
5.52
$
(0.16)
0.62
0.29
0.33
(0.01)
(0.18)
0.57
0.26
0.31
0.31
(0.02)
(0.03)
0.02
-
-
-
(0.18)
(0.09)
(0.26)
$
5.13
$
5.82
$
0.81
266.5
264.7
263.3
-
-
1.5
June 30,
2023
151
(40)
82
8
90 (2)
(64)
0.58
(0.15)
0.31
0.03
0.34 (2)
(0.24)
March 31,
June 30,
June 30,
2023
2024
2023
$
(346)
$
1,490
$
(1,735)
(14)
267
137
(53)
(11)
(93)
81
139
163
(9)
(5)
(1)
-
-
90
(2)
(1)
(84)
(65)
$
(342)
$
1,796
$
(1,504)
$
(1.31)
$
5.58
$
(6.59)
(0.05)
1.00
0.52
(0.20)
(0.04)
(0.35)
0.31
0.52
0.62
(0.04)
(0.02)
(0.01)
-
-
0.34
(2)
(0.01)
(0.31)
(0.25)
$
(1.30)
$
6.73
$
(5.72)
263.5
266.8
263.1
2.6
-
2.1
The Allstate Corporation 2Q24 Supplement
2
The Allstate Corporation
Book Value per Common Share and Debt to Capital
($ in millions, except per share data)
Book value per common share
Numerator:
Allstate common shareholders' equity (1)
Denominator:
Common shares outstanding and dilutive potential common shares outstanding (2)
Book value per common share
Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities
Numerator:
Allstate common shareholders' equity (1)
Less: Unrealized net capital gains and losses on fixed income securities
Adjusted Allstate common shareholders' equity
Denominator:
Common shares outstanding and dilutive potential common shares outstanding (2)
Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities *
Total debt
Total capital resources
Ratio of debt to Allstate shareholders' equity
Ratio of debt to capital resources
June 30,
2024
267.0
(939)
March 31,
Dec. 31,
Sept. 30,
2024
2023
2023
$
16,638
$
15,769
$
12,592
267.2
265.5
263.5
$
62.27
$
59.39
$
47.79
$
16,638
$
15,769
$
12,592
(813)
(597)
(2,509)
$
17,451
$
16,366
$
15,101
267.2
265.5
263.5
$
65.31
$
61.64
$
57.31
$
7,938
$
7,942
$
7,946
$
26,577
$
25,712
$
22,539
42.6 %
44.7 %
54.5 %
29.9 %
30.9 %
35.3 %
June 30,
2023
263.5
(1,843)
March 31,
2023
264.7
(1,575)
The Allstate Corporation 2Q24 Supplement
3
The Allstate Corporation
Return on Allstate Common Shareholders' Equity
($ in millions)
As of or for the twelve months ended
Return on Allstate common shareholders' equity
Numerator:
Net income (loss) applicable to common shareholders
Denominator:
Beginning Allstate common shareholders' equity
Ending Allstate common shareholders' equity (1)
Average Allstate common shareholders' equity ^
Return on Allstate common shareholders' equity
Adjusted net income (loss) return on Allstate common shareholders' equity
Numerator:
Adjusted net income (loss) *
Denominator:
Beginning Allstate common shareholders' equity Less: Unrealized net capital gains and losses Adjusted beginning Allstate common shareholders' equity
Ending Allstate common shareholders' equity (1) Less: Unrealized net capital gains and losses Adjusted ending Allstate common shareholders' equity
Average adjusted Allstate common shareholders' equity ^
June 30,
2024
March 31,
Dec. 31,
Sept. 30,
2024
2023
2023
$
1,219
$
(316)
$
(2,079)
$
15,524
$
15,518
$
15,713
16,638
15,769
12,592
$
16,081
$
15,644
$
14,153
7.6
%
(2.0) %
(14.7) %
$
1,960
$
251
$
(1,641)
$
15,524
$
15,518
$
15,713
(1,573)
(2,255)
(2,929)
17,097
17,773
18,642
16,638
15,769
12,592
(819)
(604)
(2,512)
17,457
16,373
15,104
$
17,277
$
17,073
$
16,873
June 30,
2023
13,516
(1,845)
15,361
March 31,
2023
(996)
22,101
15,524
(1,573)
17,097
Adjusted net income (loss) return on Allstate common shareholders' equity *
21.6 %
11.3 %
1.5 %
(9.7) %
(12.7) %
(6.7) %
The Allstate Corporation 2Q24 Supplement
4
The Allstate Corporation
Policies in Force
Policies in force statistics (in thousands) (1) Allstate Protection
Auto
Homeowners
Other personal lines
Commercial lines
Total
Allstate brand
Auto
Homeowners
National General
Auto
Homeowners
Protection Services
Allstate Protection Plans
Allstate Dealer Services
Allstate Roadside
Allstate Identity Protection
Total
Allstate Health and Benefits
Total policies in force
June 30,
2024
25,124
7,426
4,871
256
37,677
19,877
6,743
5,247
683
151,172
3,733
604
2,510
158,019
4,181
199,877
March 31,
Dec. 31,
Sept. 30,
2024
2023
2023
25,207
25,283
25,376
7,364
7,338
7,297
4,849
4,863
4,884
273
284
296
37,693
37,768
37,853
20,038
20,326
20,546
6,681
6,652
6,627
5,169
4,957
4,830
683
686
670
148,086
145,292
140,648
3,758
3,776
3,813
565
553
554
3,031
2,884
2,965
155,440
152,505
147,980
4,193
4,143
4,256
197,326
194,416
190,089
June 30,
2023
25,520
7,268
4,890
307
37,985
20,821
6,614
4,699
654
138,172
3,825
545
3,222
145,764
4,273
188,022
March 31,
2023
25,733
7,262
4,913
307
38,215
21,142
6,621
4,591
641
136,591
3,839
536
3,206
144,172
4,339
186,726
The Allstate Corporation 2Q24 Supplement
5
($ in millions, except ratios)
The Allstate Corporation
Property-Liability Results
Three months ended
Six months ended
Premiums written
(Increase) decrease in unearned premiums Other
Premiums earned
Other revenue
Claims and claims expense
Amortization of deferred policy acquisition costs
Operating costs and expenses
Restructuring and related charges
Amortization of purchased intangibles
Underwriting income (loss)
Catastrophe losses
Claims expense excluding catastrophe expense ^
Operating ratios and reconciliations to underlying ratios
Loss ratio
Effect of catastrophe losses
Effect of non-catastrophe prior year reserve reestimates Underlying loss ratio *
Expense ratio ^
Effect of amortization of purchased intangibles Underlying expense ratio *
Effect of advertising expense
Effect of restructuring and related charges Adjusted underwriting expense ratio *
Claims expense ratio excluding catastrophe expense ^ Adjusted expense ratio *
Combined ratio
Effect of catastrophe losses
Effect of non-catastrophe prior year reserve reestimates Effect of amortization of purchased intangibles Underlying combined ratio *
Effect of Run-offProperty-Liability on combined ratio
Run-offProperty-Liability
Total underwriting income (loss) for Property-Liability
Other financial information
Net investment income
Income tax (expense) benefit on operations
Net income (loss) attributable to noncontrolling interest, after-tax Amortization of purchased intangibles
June 30,
2024
13,339
441
(10,649)
(1,673)
(1,537)
(15)
(51)
79.8
(15.9)
0.5
64.4
21.3
(0.4)
20.9
(3.0)
(0.1)
17.8
5.3
23.1
101.1
(15.9)
0.5
(0.4)
85.3
-
(142)
(3)
March 31,
Dec. 31,
Sept. 30,
2024
2023
2023
$
13,183
$
12,640
$
13,304
(237)
(42)
(1,082)
(46)
3
48
12,900
12,601
12,270
430
410
393
(9,349)
(8,621)
(10,077)
(1,608)
(1,589)
(1,533)
(1,417)
(1,394)
(1,333)
(7)
(22)
(74)
(51)
(60)
(60)
$
898
$
1,325
$
(414)
$
(731)
$
(68)
$
(1,181)
(696)
(735)
(707)
72.4
68.4
82.2
(5.7)
(0.5)
(9.6)
(0.1)
(1.6)
(1.4)
66.6
66.3
71.2
20.6
21.1
21.2
(0.3)
(0.5)
(0.5)
20.3
20.6
20.7
(2.2)
(1.5)
(1.4)
(0.1)
(0.2)
(0.6)
18.0
18.9
18.7
5.4
5.8
5.8
23.4
24.7
24.5
93.0
89.5
103.4
(5.7)
(0.5)
(9.6)
(0.1)
(1.6)
(1.4)
(0.3)
(0.5)
(0.5)
86.9
86.9
91.9
-
0.1
0.7
$
790
$
1,326
$
(168)
110
3
(167)
3
2
4
903
1,331
(331)
(5)
(6)
(83)
$
898
$
1,325
$
(414)
$
702
$
538
$
627
(308)
(343)
(43)
(20)
(2)
2
(51)
(60)
(60)
June 30,
2023
11,921
389
(11,575)
(1,496)
(1,249)
(26)
(58)
97.1
(22.6)
(1.6)
72.9
20.5
(0.5)
20.0
(0.9)
(0.2)
18.9
5.8
24.7
117.6
(22.6)
(1.6)
(0.5)
92.9
0.1
(2,092)
(2)
March 31,
June 30,
June 30,
2023
2024
2023
$
11,783
$
27,462
$
24,403
(127)
(1,158)
(880)
(21)
(65)
33
11,635
26,239
23,556
353
871
742
(10,180)
(19,998)
(21,755)
(1,452)
(3,281)
(2,948)
(1,279)
(2,954)
(2,528)
(21)
(22)
(47)
(57)
(102)
(115)
$
(1,001)
$
753
$
(3,095)
$
(1,691)
$
(2,851)
$
(4,387)
(670)
(1,409)
(1,357)
87.5
76.2
92.3
(14.5)
(10.9)
(18.6)
(0.3)
0.3
(0.9)
72.7
65.6
72.8
21.1
20.9
20.8
(0.5)
(0.4)
(0.5)
20.6
20.5
20.3
(1.3)
(2.6)
(1.2)
(0.2)
(0.1)
(0.2)
19.1
17.8
18.9
5.8
5.4
5.8
24.9
23.2
24.7
108.6
97.1
113.1
(14.5)
(10.9)
(18.6)
(0.3)
0.3
(0.9)
(0.5)
(0.4)
(0.5)
93.3
86.1
93.1
-
-
-
$
(972)
$
601
$
(2,819)
(28)
153
(276)
2
7
5
(998)
761
(3,090)
(3)
(8)
(5)
$
(1,001)
$
753
$
(3,095)
$
509
$
1,345
$
1,053
91
(421)
411
(1)
(4)
(24)
(57)
(102)
(115)
The Allstate Corporation 2Q24 Supplement
6
($ in millions, except ratios)
Premiums written
Auto
Homeowners
Other personal lines
Commercial lines
Other business lines ^
Total
Net premiums earned
Auto
Homeowners
Other personal lines
Commercial lines
Other business lines
Total
Underwriting income (loss)
Auto
Homeowners
Other personal lines
Commercial lines
Other business lines
Answer Financial
Total
Claims expense excluding catastrophe expense
Operating ratios and reconciliations to underlying ratios
Loss ratio
Effect of catastrophe losses
Effect of non-catastrophe prior year reserve reestimates Underlying loss ratio *
Expense ratio
Effect of amortization of purchased intangibles Underlying expense ratio *
Effect of advertising expense
Effect of restructuring and related charges Adjusted underwriting expense ratio *
Combined ratio
Underlying combined ratio *
Claims expense ratio excluding catastrophe expense
The Allstate Corporation
Allstate Protection Profitability Measures
Three months ended
Six months ended
March 31,
Dec. 31,
Sept. 30,
March 31,
June 30,
June 30,
June 30,
June 30,
2024
2024
2023
2023
2023
2023
2024
2023
$
9,284
$
9,357
$
8,570
$
8,770
$
8,269
$
8,349
$
18,641
$
16,618
3,845
2,874
3,144
3,525
3,381
2,534
6,719
5,915
845
660
620
676
675
548
1,505
1,223
150
157
153
140
200
227
307
427
155
135
153
193
95
125
290
220
$
14,279
$
13,183
$
12,640
$
13,304
$
12,620
$
11,783
$
27,462
$
24,403
$
9,079
$
8,778
$
8,566
$
8,345
$
8,121
$
7,908
$
17,857
$
16,029
3,255
3,154
3,077
2,969
2,883
2,810
6,409
5,693
701
659
630
608
587
562
1,360
1,149
158
169
183
194
202
232
327
434
146
140
145
154
128
123
286
251
$
13,339
$
12,900
$
12,601
$
12,270
$
11,921
$
11,635
$
26,239
$
23,556
$
370
$
351
$
93
$
(178)
$
(678)
$
(346)
$
721
$
(1,024)
(375)
564
1,169
(131)
(1,307)
(534)
189
(1,841)
(55)
7
114
6
(70)
(89)
(48)
(159)
(138)
(70)
(84)
(60)
(61)
(60)
(208)
(121)
52
48
37
28
21
29
100
50
4
3
2
4
3
2
7
5
$
(142)
$
903
$
1,331
$
(331)
$
(2,092)
$
(998)
$
761
$
(3,090)
$
711
$
695
$
733
$
703
$
685
$
668
$
1,406
$
1,353
79.8
72.4
68.3
81.5
97.0
87.5
76.2
92.3
(15.9)
(5.7)
(0.5)
(9.6)
(22.6)
(14.5)
(10.9)
(18.6)
0.5
(0.1)
(1.5)
(0.7)
(1.5)
(0.3)
0.3
(0.9)
64.4
66.6
66.3
71.2
72.9
72.7
65.6
72.8
21.3
20.6
21.1
21.2
20.5
21.1
20.9
20.8
(0.4)
(0.3)
(0.5)
(0.5)
(0.5)
(0.5)
(0.4)
(0.5)
20.9
20.3
20.6
20.7
20.0
20.6
20.5
20.3
(3.0)
(2.2)
(1.5)
(1.4)
(0.9)
(1.3)
(2.6)
(1.2)
(0.1)
(0.1)
(0.2)
(0.6)
(0.2)
(0.2)
(0.1)
(0.2)
17.8
18.0
18.9
18.7
18.9
19.1
17.8
18.9
101.1
93.0
89.4
102.7
117.5
108.6
97.1
113.1
85.3
86.9
86.9
91.9
92.9
93.3
86.1
93.1
5.3
5.4
5.8
5.7
5.7
5.7
5.4
5.7
The Allstate Corporation 2Q24 Supplement
7
The Allstate Corporation
Allstate Protection Impact of Net Rate Changes Implemented on Premiums Written
Three months ended
Three months ended
June 30, 2024
March 31, 2024
Number of
Total brand (%) (2) (3)
Location
Number of
Total brand (%) (3)
Location
locations (1)
specific (%) (4)
locations
specific (%)
Allstate brand
Auto
21
1.0
5.7
27
2.4
8.4
Homeowners (5)
12
1.1
9.9
15
3.4
11.7
National General
Auto
27
2.0
11.2
27
4.1
9.6
Homeowners (5)
12
2.3
14.6
12
1.6
14.0
Three months ended
Three months ended
December 31, 2023
September 30, 2023
Number of
Total brand (%) (3)
Location
Number of
Total brand (%) (3)
Location
locations
specific (%)
locations
specific (%)
Allstate brand
Auto
33
6.9
13.5
25
2.0
5.9
Homeowners (5)
20
1.8
9.0
12
2.1
6.5
National General
Auto
39
4.0
10.2
33
3.3
6.2
Homeowners (5)
17
4.5
18.5
11
1.2
17.6
The Allstate Corporation 2Q24 Supplement
8
Disclaimer
The Allstate Corporation published this content on 31 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 August 2024 07:52:08 UTC.