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.
Total revenues increased to $16.63 billion, a 14.7% increase compared to $14.50 billion in the same quarter of the prior year, primarily driven by a 11.6% increase in property and casualty insurance premiums.
Net income attributable to Allstate was $1.19 billion, a substantial improvement compared to a net loss of $5 million in the same quarter of the prior year, driven by improved underwriting results and higher investment income.
Basic earnings per share reached $4.39, a significant turnaround from a loss of $0.16 per share in the same quarter of the prior year, reflecting the overall improvement in financial performance.