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Allstate

Allstate income drops 60% amid virus challenges

6th May 2020

US insurer The Allstate Corporation (Allstate) has reported a 59.3% decrease in its net income for the first quarter of 2020, as the COVID-19 pandemic hit investments and premiums were returned to customer. Income totalled $513 million in Q1 2020, compared to $1.26 billion for the same period last year, as ... Read the full article

Q1 results to see lighter catastrophe load, auto frequency benefits: MS

20th April 2020

Analysts at Morgan Stanley have lowered catastrophe loss estimates for both U.S. primary insurers and reinsurers ahead of Q1 2020 results season, driven in part by lower-than-expected U.S. spring storm activity. Unsurprisingly, the focus of first-quarter 2020 results is expected to be the ongoing COVID-19 coronavirus pandemic, but a reduction in ... Read the full article

Allstate announces $600mn payback scheme for customers amid COVID-19

6th April 2020

U.S. insurer The Allstate Corporation (Allstate) has announced the establishment of a Shelter-in-Place Payback scheme designed to assist its personal auto insurance customers during the ongoing COVID-19 pandemic. Customers that insure their vehicle with Allstate, Esurance, and Encompass will receive 15% of their monthly premium in April and May, which amounts ... Read the full article

Fitch revises Allstate’s rating outlook to stable from positive on coronavirus

18th March 2020

Fitch Ratings has downgraded the rating outlook for The Allstate Corporation and its core insurance subsidiaries to stable from positive, due to the significant uncertainty being caused by the global coronavirus pandemic. The ongoing COVID-19 outbreak has led to high levels of volatility in capital markets, which, has in turn driven ... Read the full article

Allstate records $58mn cat losses for January, reverts back to threshold

21st February 2020

US primary insurer Allstate Corporation has announced an estimated $58 million in pre-tax catastrophe losses for January 2020. Allstate has also reverted back to a cat loss reporting threshold of $150 million in a calendar month. The company had previously dropped this threshold last October. This practice, Allstate says, is consistent with its ... Read the full article

Allstate results benefit from decreased cat losses

5th February 2020

The Allstate Corporation has released its full-year results for 2019, reporting consolidated revenues of $44.7 billion, up 12% on the previous year. Net income also more than doubled compared with the previous year, at $4.7 billion in 2019 versus $2.0 billion in 2018. Results were helped by a decrease in catastrophe losses, ... Read the full article

Allstate’s 2019 cat losses down after quiet end to year

16th January 2020

The Allstate Corporation has announced that catastrophe losses in the month of December reached $25 million (pre-tax), taking its fourth-quarter 2019 estimated cat loss total to $295 million (pre-tax). Combined with the firm's loss experience throughout the rest of 2019, Allstate's 2019 catastrophe loss bill stands at approximately $2.6 billion, which ... Read the full article

Allstate’s catastrophe losses fall to $33mn in November

19th December 2019

The Allstate Corporation has announced that its estimated catastrophe losses for the month of November 2019 were $33 million, pre-tax ($26 million, after-tax). The US primary insurer reported that its catastrophe losses in November comprised just four events. Together, these events are estimated to have cost Allstate $19 million ($15 million, after-tax). The ... Read the full article

Allstate estimates $237mn of catastrophe losses for October

21st November 2019

The Allstate Corporation has announced pre-tax catastrophe losses of $237 million ($187 million after-tax) for the month of October. The U.S. primary insurer states that catastrophe losses in the month of October comprised of 12 individual events. 60%, or $142.2 million of the pre-tax ($112.2 million after-tax) loss total for the month ... Read the full article

Allstate’s underwriting income up by over 45% in Q3

30th October 2019

The Allstate Corporation has announced that its total revenue increased by 5.8% in the third-quarter of 2019 to $11.1 billion, while the firm's underwriting income jumped by more than 45% and its combined ratio strengthened to 91.6, compared with 93.9 in the third-quarter of 2018. Underwriting income totalled $737 million for ... Read the full article

State Farm & Berkshire maintain status as top US P&C insurers

24th October 2019

State Farm and Berkshire Hathaway Specialty Insurance maintained their spots as the largest and second-largest U.S. Property and Casualty (P&C) writers in 2018, respectively, while Chubb INA Group entered the top ten. This is according to the Reinsurance News directory of the Top 100 U.S. P&C ... Read the full article

Allstate expecting $235m pre-tax catastrophe loss for July

15th August 2019

US primary insurer Allstate Corporation has reported an estimated $235 million pre-tax catastrophe loss for the month of July ($186 million, after-tax). The figure represents a drop from the $311 million pre-tax figure reported for June, when the company was hit by losses from 16 events, including four severe wind ... Read the full article

Allstate’s Q2 income growth offset by heavy cat losses

31st July 2019

US primary insurer Allstate Corporation has released its results for the second quarter of 2019, showing net income growth of 18.7% when compared to the same period in 2018. This was despite the impact of heavy catastrophe losses on the company’s performance, which totalled $1.07 billion in Q2 2019, up ... Read the full article

Allstate estimates Q2 catastrophe loss at $1.07bn, pre-tax

18th July 2019

The Allstate Corporation has estimated that its catastrophe losses for the month of June were $309 million, pre-tax ($244 million, after-tax), putting the insurer’s total Q2 catastrophe losses at $1.07 billion, pre-tax ($847 million, after-tax). Catastrophe losses in June comprised 16 events at an estimated cost of $311 million, pre-tax ($246 ... Read the full article

Allstate reports catastrophe losses of $473mn for May

21st June 2019

The Allstate Corporation has announced that its estimated catastrophe losses for the month of May 2019 were $473 million, pre-tax ($374 million, after-tax). Catastrophe losses occurring in the month comprised 14 events at an estimated cost of $504 million, pre-tax ($398 million, after-tax). This was offset by favourable reserve re-estimates of prior ... Read the full article

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