Summary
The Allstate Corporation's 2024 Form 10-K details a significant financial turnaround, with consolidated net income of $4.55 billion compared to a net loss of $316 million in 2023. This improvement was driven by strong performance in the Allstate Protection segment, which reported underwriting income of $3.15 billion, a substantial recovery from the prior year's underwriting loss of $2.09 billion. This was primarily attributed to higher earned premiums, favorable reserve reestimates, and lower losses, partially offset by increased advertising costs. Total revenue increased by 12.3% to $64.11 billion, fueled by premium rate increases and a 24.8% rise in net investment income to $3.09 billion. The company is actively managing its business mix, including strategic divestitures in the Health and Benefits segment (employer voluntary benefits and group health), aimed at focusing on core property-liability and protection services. Allstate's financial strength remains robust, with shareholders' equity growing to $21.44 billion and book value per diluted common share increasing by 21.8% to $72.35.
Financial Highlights
41 data points| Revenue | $64.11B |
| Net Income | $4.55B |
| EPS (Basic) | $17.22 |
| EPS (Diluted) | $16.99 |
| Shares Outstanding (Basic) | 264.30M |
| Shares Outstanding (Diluted) | 267.80M |
Key Highlights
- 1Allstate reported a significant net income of $4.55 billion for 2024, a substantial improvement from a net loss of $316 million in 2023.
- 2The Allstate Protection segment achieved an underwriting income of $3.15 billion, a strong recovery from a $2.09 billion underwriting loss in 2023, driven by higher premiums and improved loss trends.
- 3Total revenues increased by 12.3% to $64.11 billion, supported by premium rate adjustments and a 24.8% increase in net investment income to $3.09 billion.
- 4The company is strategically divesting its employer voluntary benefits and group health businesses within the Allstate Health and Benefits segment, expected to close in 2025.
- 5Shareholders' equity grew to $21.44 billion, and book value per diluted common share increased by 21.8% to $72.35.
- 6The Property-Liability combined ratio improved to 94.3% from 104.5% in the prior year, reflecting the success of the auto insurance profitability plan and lower catastrophe losses.
- 7Policies in force across the consolidated company reached 208 million, a 7.2% increase, although Allstate Protection policies saw a slight decrease due to auto insurance trends.