Summary
The Allstate Corporation reported a net loss of $620 million ($1.19 per diluted share) for the second quarter of 2011, a significant downturn from a net income of $145 million ($0.27 per diluted share) in the same period of 2010. This loss was primarily driven by a substantial increase in catastrophe losses, particularly impacting the Property-Liability segment, which reported an underwriting loss of $1.50 billion. Despite the overall loss, Allstate Financial demonstrated resilience with net income of $166 million, an improvement from a net loss of $107 million in the prior year's second quarter. Total revenues for the quarter showed a modest increase, driven by higher premiums in certain lines and improved investment income, though net investment income for the six-month period declined year-over-year. Investors should monitor the ongoing recovery in the homeowners insurance line and the performance of the Allstate Financial segment as key indicators for future profitability.
Financial Highlights
35 data points| Revenue | $8.08B |
| Interest Expense | $91.00M |
| Net Income | -$624.00M |
| EPS (Basic) | $-1.19 |
| EPS (Diluted) | $-1.19 |
| Shares Outstanding (Basic) | 523.10M |
| Shares Outstanding (Diluted) | 523.10M |
Key Highlights
- 1Consolidated net loss of $620 million for Q2 2011, compared to net income of $145 million in Q2 2010.
- 2Property-Liability segment reported a significant underwriting loss of $1.50 billion in Q2 2011, largely due to a substantial increase in catastrophe losses.
- 3The Property-Liability combined ratio deteriorated to 123.3% in Q2 2011 from 96.8% in Q2 2010.
- 4Allstate Financial segment reported a net income of $166 million in Q2 2011, an improvement from a net loss of $107 million in Q2 2010.
- 5Total revenues increased to $8.08 billion in Q2 2011 from $7.66 billion in Q2 2010.
- 6Homeowners premiums written increased by 2.5% for the Allstate brand in Q2 2011, while standard auto premiums written saw a slight decrease.
- 7Shareholders' equity stood at $18.76 billion as of June 30, 2011, reflecting a slight decrease from December 31, 2010, impacted by share repurchases and dividends.