Summary
The Allstate Corporation reported a decrease in net income available to common shareholders for the first quarter of 2014, amounting to $587 million, or $1.30 per diluted share, compared to $709 million, or $1.47 per diluted share, in the same period of 2013. This decline was primarily driven by higher property-liability insurance claims and claims expense, along with increased catastrophe losses, which more than offset growth in premiums earned and improved performance in the Allstate Financial segment. Despite the lower net income, the company demonstrated growth in its Property-Liability premiums written, up 5.2% year-over-year, and its Allstate Financial segment saw a 4.8% increase in total premiums and contract charges. The company also strengthened its capital position by issuing preferred stock and executing a significant share repurchase program. The sale of Lincoln Benefit Life Company was completed on April 1, 2014, impacting the financial results.
Financial Highlights
33 data points| Revenue | $8.68B |
| Interest Expense | $87.00M |
| Net Income | $600.00M |
| EPS (Basic) | $1.31 |
| EPS (Diluted) | $1.30 |
| Shares Outstanding (Basic) | 446.40M |
| Shares Outstanding (Diluted) | 452.80M |
Key Highlights
- 1Net income available to common shareholders decreased to $587 million ($1.30/diluted share) in Q1 2014 from $709 million ($1.47/diluted share) in Q1 2013.
- 2Property-Liability premiums written increased by 5.2% to $6.97 billion.
- 3Allstate Financial segment's net income available to common shareholders increased by 11.0% to $162 million.
- 4The Property-Liability combined ratio worsened to 94.7 from 93.2 in the prior year quarter, mainly due to increased catastrophe losses.
- 5Catastrophe losses increased significantly to $445 million in Q1 2014 from $359 million in Q1 2013.
- 6Shareholders' equity increased to $22.11 billion, supported by preferred stock issuance and retained earnings.
- 7The sale of Lincoln Benefit Life Company (LBL) was completed on April 1, 2014.