Summary
The Allstate Corporation reported a strong second quarter and first half of 2021, driven by significant increases in property and casualty insurance premiums and net investment income. Total revenues rose by 21.6% year-over-year in Q2 to $12.65 billion and by 23.8% in the first six months to $25.10 billion. This growth was largely attributed to the acquisition of National General, which bolstered market share in personal property-liability and enhanced the independent agent distribution platform. Net income applicable to common shareholders increased by 30.3% in Q2 to $1.60 billion, although it saw a substantial decrease of 89.2% in the first six months to $187 million, primarily due to a significant loss from discontinued operations. Despite increased non-catastrophe losses in the Allstate Protection segment, the company benefited from lower Shelter-in-Place Payback expenses and strong performance-based investment income from limited partnerships. Allstate also announced a new $5 billion common share repurchase program, signaling confidence in its financial position and commitment to returning capital to shareholders.
Financial Highlights
36 data points| Revenue | $12.65B |
| Operating Income | $3.84B |
| Interest Expense | $91.00M |
| Net Income | $1.63B |
| EPS (Basic) | $5.34 |
| EPS (Diluted) | $5.26 |
| Shares Outstanding (Basic) | 298.80M |
| Shares Outstanding (Diluted) | 303.30M |
Key Highlights
- 1Total revenues increased significantly in Q2 2021 to $12.65 billion and in the first six months to $25.10 billion, driven by higher property and casualty insurance premiums and net investment income.
- 2Net income applicable to common shareholders increased 30.3% in Q2 2021 to $1.60 billion, but decreased 89.2% in the first six months to $187 million due to losses from discontinued operations.
- 3The acquisition of National General, completed in January 2021, contributed to a 12.5% increase in Property-Liability premiums written in Q2 and a 13.1% increase in the first six months.
- 4Net investment income more than tripled in Q2 2021 to $974 million and more than doubled in the first six months to $1.68 billion, largely driven by strong performance from limited partnerships.
- 5Allstate Protection's underwriting income decreased in Q2 2021 due to higher non-catastrophe losses in auto and home, and increased amortization of deferred policy acquisition costs.
- 6The company announced a new $5 billion common share repurchase program, indicating confidence in future performance and commitment to shareholder returns.
- 7Allstate Health and Benefits saw a substantial increase in adjusted net income, primarily due to the integration of National General's group health and individual accident and health business.