Sector: Financials|Industry: Insurance - Property & Casualty|Market Cap: $50.11B|Employees: 53.4K
The Allstate Corporation is a major player in the insurance industry, offering a wide range of protection products for autos, homes, and personal property, primarily in the United States and Canada. They are the second largest personal property and casualty insurer in the US and also have a strong presence in other protection solutions such as consumer electronics and identity theft. Allstate leverages its brand and distribution channels to increase market share and expand its offerings.
The company reported a net income of $1.19 billion for the quarter ended March 31, 2024, a substantial improvement from the net loss of $321 million in the same period last year. This turnaround is primarily attributed to improved underwriting results.
Total revenues reached $15.26 billion, reflecting a 10.7% increase compared to $13.79 billion in the first quarter of 2023. This growth was largely driven by an 11% increase in property and casualty insurance premiums.
Net investment income increased by $189 million year-over-year to $764 million, driven by higher fixed income portfolio yields and investment balances, as well as higher performance-based valuation increases.