01—Abstract
Summary
Summary of the 8-K filed July 18, 2024. Cited figures are marked; the original filing is the authoritative source.
Allstate Corporation (NYSE: ALL) issued a Regulation FD press release on July 18, 2024, furnished as Exhibit 99 under Item 7.01 and not filed, disclosing estimated catastrophe losses for June 2024 and the second quarter of 2024.
The company estimated June catastrophe losses at $230 milliona pre-tax ($182 million after-tax), stemming from 18 events estimated at $274 million, primarily geographically widespread wind and hail events. The difference between the $274 million event total and the $230 million net figure is not explained in the release and may reflect reinsurance recoveries or other offsets, which investors should confirm with the company. For the second quarter, total catastrophe losses were $2.12 billion pre-tax, or $1.67 billion after-tax.
Year-to-date through June, catastrophe losses totaled $2.85 billionb pre-tax, or $2.25 billion after-tax. Because catastrophe losses are a major and volatile driver of property-casualty insurer earnings, these figures are central to assessing Allstate's underwriting results and the near-term earnings outlook for the quarter.
The release is a preliminary, management-estimated disclosure rather than audited results, and it contains standard forward-looking statement cautions referring readers to the risk factors in the most recent Form 10-K. The filing is a brief, event-driven update; it does not include full quarterly financials, guidance changes, or capital allocation commentary, so investors should look to the company's formal second quarter earnings release for complete results.
02—Key points
Key Highlights
- June 2024 catastrophe losses estimated at $230 million pre-tax ($182 million after-tax), driven by 18 events totaling $274 million, primarily geographically widespread wind and hail.
- Second quarter 2024 catastrophe losses of $2.12 billion pre-tax, or $1.67 billion after-tax.
- Year-to-date catastrophe losses through June 2024 of $2.85 billion pre-tax, or $2.25 billion after-tax.
- The disclosure was made under Regulation FD (Item 7.01) and the press release is furnished, not filed, so it is not subject to Section 18 liability for the 8-K itself.
- Figures are preliminary management estimates; the release does not provide full financial statements or updated guidance.
- The $274 million event total versus the $230 million June net figure is unexplained in the release and warrants clarification.
- The filing directs investors to allstateinvestors.com for ongoing financial information and references risk factors in the latest Form 10-K.
03—Questions
Frequently Asked Questions
How large were Allstate's catastrophe losses in the second quarter of 2024?
Allstate reported total second quarter 2024 catastrophe losses of $2.12 billion pre-tax, or $1.67 billion after-tax, based on the July 18, 2024 press release.
What caused the June 2024 catastrophe losses?
The company attributed June's 18 catastrophe events, estimated at $274 million, primarily to geographically widespread wind and hail events.
Why is the June catastrophe loss figure different from the total of the individual events?
The release reports June catastrophe losses of $230 million pre-tax against an event total of $274 million but does not explain the difference. It may reflect reinsurance recoveries or other adjustments, so investors should seek clarification from the company.
Are these figures audited or final results?
No. The figures are management estimates announced ahead of the company's formal quarterly earnings release, and they are subject to change as loss development continues.
Where can investors find more complete financial information?
The release points investors to allstateinvestors.com for ongoing financial information and the company's formal filings, including its Form 10-K risk factors and quarterly reports.
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