NORTHBROOK, Unwell.–(BUSINESS WIRE)–The Allstate Company (NYSE: ALL) immediately reported monetary outcomes for the fourth quarter of 2022.
The Allstate Company Consolidated Highlights |
||||||||||||||||
|
Three months ended |
|
Twelve months ended |
|||||||||||||
($ in thousands and thousands, besides per share information and ratios) |
2022 |
2021 |
% / pts Change |
|
2022 |
2021 |
% / pts Change |
|||||||||
Consolidated revenues |
$ |
13,647 |
|
$ |
13,011 |
4.9 |
% |
|
$ |
51,412 |
|
$ |
50,588 |
|
1.6 |
% |
Web revenue (loss) relevant to frequent shareholders |
|
(310 |
) |
|
790 |
NM |
|
|
|
(1,416 |
) |
|
1,485 |
|
NM |
|
per diluted frequent share (1) |
|
(1.17 |
) |
|
2.73 |
NM |
|
|
|
(5.22 |
) |
|
4.96 |
|
NM |
|
Adjusted web revenue (loss)* |
|
(359 |
) |
|
796 |
NM |
|
|
|
(262 |
) |
|
4,033 |
|
NM |
|
per diluted frequent share* (1) |
|
(1.36 |
) |
|
2.75 |
NM |
|
|
|
(0.97 |
) |
|
13.48 |
|
NM |
|
Return on Allstate frequent shareholders’ fairness (trailing twelve months) |
|
|
|
|
|
|||||||||||
Web revenue relevant to frequent shareholders |
|
|
|
|
|
(7.3 |
)% |
|
5.8 |
% |
(13.1 |
) |
||||
Adjusted web revenue* |
|
|
|
|
|
(1.3 |
)% |
|
16.9 |
% |
(18.2 |
) |
||||
Frequent shares excellent (in thousands and thousands) |
|
|
|
|
|
263.5 |
|
|
280.6 |
|
(6.1 |
) |
||||
Ebook worth per frequent share |
|
|
|
|
|
58.07 |
|
|
81.52 |
|
(28.8 |
) |
||||
|
|
|
|
|
|
|
|
|||||||||
Consolidated premiums written (2) |
|
12,657 |
|
|
11,476 |
10.3 |
|
|
|
50,319 |
|
|
45,821 |
|
9.8 |
|
Property-Legal responsibility insurance coverage premiums earned |
|
11,380 |
|
|
10,390 |
9.5 |
|
|
|
43,909 |
|
|
40,454 |
|
8.5 |
|
Property-Legal responsibility mixed ratio |
|
|
|
|
|
|
|
|||||||||
Recorded |
|
109.1 |
|
|
98.9 |
10.2 |
|
|
|
106.6 |
|
|
95.9 |
|
10.7 |
|
Underlying mixed ratio* |
|
99.2 |
|
|
91.3 |
7.9 |
|
|
|
95.1 |
|
|
86.2 |
|
8.9 |
|
Disaster losses |
|
779 |
|
|
528 |
47.5 |
|
|
|
3,112 |
|
|
3,339 |
|
(6.8 |
) |
Complete insurance policies in pressure (in 1000’s) |
|
|
|
|
|
189,071 |
|
|
190,945 |
|
(1.0 |
) |
(1) |
In durations the place a web loss or adjusted web loss is reported, weighted common shares for primary earnings per share is used for calculating diluted earnings per share as a result of all dilutive potential frequent shares are anti-dilutive and are due to this fact excluded from the calculation. |
|
(2) |
Consists of premiums and contract costs for Allstate Well being and Advantages phase. |
|
* Measures used on this launch that aren’t based mostly on accounting rules usually accepted in america of America (“non-GAAP”) are denoted with an asterisk and outlined and reconciled to essentially the most immediately comparable GAAP measure within the “Definitions of Non-GAAP Measures” part of this doc. | ||
NM = not significant |
“Allstate had a web lack of $310 million within the fourth quarter as auto insurance coverage underwriting losses continued to negatively impression outcomes,” stated Tom Wilson, Chair, President and CEO of The Allstate Company. “Whereas revenues elevated to $13.6 billion, as a consequence of 9.5% progress in Property-Legal responsibility premiums, greater auto insurance coverage costs weren’t enough to beat elevated loss prices and reserve will increase. The great plan to return auto insurance coverage margins to focus on ranges continues to be applied in 2023 and is predicted to additional improve common premiums, cut back bills and decrease coverage progress. Owners insurance coverage maintained engaging margins regardless of greater disaster losses from Winter Storm Elliott. The funding portfolio had a complete return of two.5% within the quarter. Allstate Safety Plans had wonderful progress from U.S. based mostly retailers and enlargement into furnishings and worldwide markets. Complete enterprise premiums written elevated 9.8% to $50.3 billion for the yr, largely as a consequence of applied fee will increase in auto and householders insurance coverage, and adjusted web revenue* was a lack of $262 million.”
“Along with actions to revive auto profitability, we proceed to execute the Transformative Development technique to additional improve shareholder worth,” continued Wilson. “The inexpensive, easy and related auto insurance coverage product launched in 2022 will likely be obtainable in additional states in 2023 utilizing a differentiated direct-to-consumer expertise that leverages our experience in information and analytics. Proactive threat and return administration of the funding portfolio resulted in a discount in length in late 2021, mitigating roughly $2 billion of losses in 2022. In late 2022, we started to increase length as the danger and return profile of fastened revenue improved. Capital administration actions additionally benefited shareholders who acquired $3.4 billion of money in 2022 by means of dividends and share repurchases,” concluded Wilson.
Fourth Quarter 2022 Outcomes
- Complete revenues of $13.6 billion within the fourth quarter of 2022 elevated 4.9% in comparison with the prior yr quarter as a 9.5% improve in Property-Legal responsibility earned premium was partially offset by decrease web funding revenue and decreased web positive aspects on investments and derivatives in comparison with the prior yr quarter.
- Web loss relevant to frequent shareholders was $310 million within the fourth quarter of 2022 in comparison with revenue of $790 million within the prior yr quarter, primarily as a consequence of an underwriting loss.
- Adjusted web loss* was $359 million, or $1.36 per diluted share, in comparison with adjusted web revenue* of $796 million generated within the prior yr quarter. The decline displays elevated claims severity, greater unfavorable prior yr reserve reestimates, elevated disaster losses and decrease performance-based funding revenue.
Property-Legal responsibility Outcomes |
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Three months ended |
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Twelve months ended |
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($ in thousands and thousands, besides ratios) |
2022 |
2021 |
% / pts Change |
|
2022 |
2021 |
% / pts Change |
||||||||||
Premiums written |
$ |
11,480 |
|
$ |
10,301 |
|
11.4 |
% |
|
$ |
45,787 |
|
$ |
41,358 |
|
10.7 |
% |
Allstate Model |
|
9,694 |
|
|
8,884 |
|
9.1 |
|
|
|
38,895 |
|
|
35,668 |
|
9.0 |
|
Nationwide Common |
|
1,786 |
|
|
1,417 |
|
26.0 |
|
|
|
6,892 |
|
|
5,690 |
|
21.1 |
|
|
|
|
|
|
|
|
|
||||||||||
Premiums earned |
|
11,380 |
|
|
10,390 |
|
9.5 |
|
|
|
43,909 |
|
|
40,454 |
|
8.5 |
|
Allstate Model |
|
9,654 |
|
|
8,911 |
|
8.3 |
|
|
|
37,470 |
|
|
35,112 |
|
6.7 |
|
Nationwide Common |
|
1,726 |
|
|
1,479 |
|
16.7 |
|
|
|
6,439 |
|
|
5,342 |
|
20.5 |
|
|
|
|
|
|
|
|
|
||||||||||
Underwriting revenue (loss) |
|
(1,035 |
) |
|
113 |
|
NM |
|
|
|
(2,911 |
) |
|
1,665 |
|
NM |
|
Allstate Model |
|
(990 |
) |
|
174 |
|
NM |
|
|
|
(2,613 |
) |
|
1,792 |
|
NM |
|
Nationwide Common |
|
(44 |
) |
|
(62 |
) |
NM |
|
|
|
(177 |
) |
|
(21 |
) |
NM |
|
|
|
|
|
|
|
|
|
||||||||||
Recorded mixed ratio |
|
109.1 |
|
|
98.9 |
|
10.2 |
|
|
|
106.6 |
|
|
95.9 |
|
10.7 |
|
Allstate Safety auto |
|
112.6 |
|
|
104.3 |
|
8.3 |
|
|
|
110.1 |
|
|
95.4 |
|
14.7 |
|
Allstate Safety householders |
|
92.6 |
|
|
87.1 |
|
5.5 |
|
|
|
93.8 |
|
|
96.8 |
|
(3.0 |
) |
|
|
|
|
|
|
|
|
||||||||||
Underlying mixed ratio* |
|
99.2 |
|
|
91.3 |
|
7.9 |
|
|
|
95.1 |
|
|
86.2 |
|
8.9 |
|
Allstate Safety auto |
|
109.2 |
|
|
100.2 |
|
9.0 |
|
|
|
103.6 |
|
|
92.5 |
|
11.1 |
|
Allstate Safety householders |
|
70.3 |
|
|
69.6 |
|
0.7 |
|
|
|
71.1 |
|
|
69.6 |
|
1.5 |
|
- Property-Legal responsibility earned premium of $11.4 billion elevated 9.5% within the fourth quarter of 2022 in comparison with the prior yr quarter, pushed primarily by greater common premiums. The recorded mixed ratio of 109.1 was 10.2 factors greater than the prior yr quarter and generated an underwriting lack of $1.0 billion.
-
Premiums written of $11.5 billion elevated 11.4% in comparison with the prior yr quarter, reflecting progress at Nationwide Common and the Allstate model. Auto insurance coverage written premiums elevated 13.3% pushed by important fee will increase within the Allstate model and progress at Nationwide Common. Owners insurance coverage written premiums elevated 9.3%, primarily reflecting inflation in insured house alternative prices, fee will increase and insurance policies in pressure progress.
-
The underwriting loss displays will increase to present report yr auto declare severities, greater disaster losses and opposed prior yr reserve reestimates. This was partially offset by greater earned premiums and decrease bills.
-
Prior yr reserves, excluding catastrophes, have been strengthened $282 million within the fourth quarter of 2022. This included roughly $180 million primarily associated to a rise in private auto insurance coverage late reported declare frequency attributable to prior accident years and roughly $100 million associated to elevated severity in business auto insurance coverage principally from shared financial system and states which can be being exited.
-
The underlying mixed ratio* of 99.2 within the fourth quarter of 2022 was 7.9 factors above the prior yr quarter, primarily reflecting the next auto insurance coverage loss ratio.
-
The expense ratio of twenty-two.4 within the fourth quarter of 2022 decreased 2.6 factors in comparison with the fourth quarter of 2021, primarily from decrease promoting bills, price reductions and elevated premiums earned.
-
Allstate Safety auto insurance coverage earned premium elevated 10.3%, pushed by greater common premiums from fee will increase and a modest improve in insurance policies in pressure. Allstate model auto web written premium progress of 10.5% in comparison with the prior yr quarter displays a 14.4% improve in common gross written premium pushed by fee will increase applied all year long, partially offset by a decline in insurance policies in pressure. Allstate model applied auto fee will increase in 38 areas within the fourth quarter at a mean of 11.2%, or 6.1% on complete premiums. Complete fee will increase in 2022 for Allstate model auto insurance coverage are anticipated to boost annualized written premiums by roughly 16.9% or $4.1 billion. We anticipate to proceed to pursue further fee will increase and underwriting actions in 2023 to enhance auto insurance coverage profitability. Insurance policies in pressure progress was pushed by Nationwide Common and was partially offset by a discount within the Allstate model.
The recorded auto insurance coverage mixed ratio of 112.6 within the fourth quarter of 2022 was 8.3 factors above the prior yr quarter, reflecting greater present report yr declare severity and accident frequency in comparison with the fourth quarter of 2021 and a rise in prior yr claims reserves. The underlying mixed ratio* of 109.2 was 9.0 factors above the prior yr quarter. Declare severity was elevated within the fourth quarter for bodily harm and bodily injury for the total yr 2022 to replicate continued will increase in loss prices. The will increase to 2022 report yr severity for claims reported within the first three quarters of the yr are estimated to symbolize 5.3 factors of the fourth quarter underlying mixed ratio. Excluding this impression, the fourth quarter underlying mixed ratio* would have been 103.9.
-
Allstate Safety householders insurance coverage earned premium grew 9.4%, and insurance policies in pressure elevated 1.4% in comparison with the fourth quarter of 2021. Allstate model web written premium elevated 10.0% in comparison with the prior yr quarter, primarily pushed by common premium will increase as a consequence of inflation in insured house alternative prices and applied fee will increase. Nationwide Common written premiums grew as we elevated charges to enhance underwriting margins to focused ranges.
The recorded householders insurance coverage mixed ratio of 92.6 elevated 5.5 factors in comparison with the fourth quarter of 2021 and generated underwriting revenue of $212 million within the quarter. The rise primarily displays greater disaster losses associated to Winter Storm Elliott. The underlying mixed ratio* of 70.3 elevated 0.7 factors in comparison with the fourth quarter of 2021, pushed by greater severity.
Safety Providers Outcomes |
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|
Three months ended |
|
Twelve months ended |
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($ in thousands and thousands) |
2022 |
2021 |
% / $ Change |
|
2022 |
2021 |
% / $ Change |
||||||||||||
Complete revenues (1) |
$ |
643 |
|
$ |
606 |
|
|
6.1 |
% |
|
$ |
2,539 |
|
$ |
2,336 |
|
|
8.7 |
% |
Allstate Safety Plans |
|
367 |
|
|
314 |
|
|
16.9 |
|
|
|
1,383 |
|
|
1,195 |
|
|
15.7 |
|
Allstate Supplier Providers |
|
145 |
|
|
135 |
|
|
7.4 |
|
|
|
562 |
|
|
517 |
|
|
8.7 |
|
Allstate Roadside |
|
64 |
|
|
61 |
|
|
4.9 |
|
|
|
258 |
|
|
244 |
|
|
5.7 |
|
Arity |
|
33 |
|
|
62 |
|
|
(46.8 |
) |
|
|
196 |
|
|
252 |
|
|
(22.2 |
) |
Allstate Identification Safety |
|
34 |
|
|
34 |
|
|
— |
|
|
|
140 |
|
|
128 |
|
|
9.4 |
|
Adjusted web revenue (loss) |
$ |
38 |
|
$ |
29 |
|
$ |
9 |
|
|
$ |
169 |
|
$ |
179 |
|
$ |
(10 |
) |
Allstate Safety Plans |
|
42 |
|
|
23 |
|
|
19 |
|
|
|
150 |
|
|
142 |
|
|
8 |
|
Allstate Supplier Providers |
|
8 |
|
|
9 |
|
|
(1 |
) |
|
|
35 |
|
|
34 |
|
|
1 |
|
Allstate Roadside |
|
3 |
|
|
— |
|
|
3 |
|
|
|
7 |
|
|
7 |
|
|
— |
|
Arity |
|
(7 |
) |
|
(1 |
) |
|
(6 |
) |
|
|
(11 |
) |
|
3 |
|
|
(14 |
) |
Allstate Identification Safety |
|
(8 |
) |
|
(2 |
) |
|
(6 |
) |
|
|
(12 |
) |
|
(7 |
) |
|
(5 |
) |
(1) |
Excludes web positive aspects and losses on investments and derivatives |
-
Safety Providers revenues elevated to $643 million within the fourth quarter of 2022, 6.1% greater than the prior yr quarter, primarily as a consequence of Allstate Safety Plans and Allstate Supplier Providers, partially offset by a decline at Arity. Adjusted web revenue of $38 million elevated by $9 million in comparison with the prior yr quarter, primarily as a consequence of Allstate Safety Plans partially offset by decreases at Arity and Allstate Identification Safety.
-
Allstate Safety Plans income of $367 million elevated $53 million, or 16.9%, in comparison with the prior yr quarter, reflecting progress at U.S. retailers and enlargement in furnishings protection and worldwide markets. Adjusted web revenue of $42 million within the fourth quarter of 2022 was $19 million greater than the prior yr quarter, primarily as a consequence of an $11 million one-time tax profit and timing of bills.
-
Allstate Supplier Providers income of $145 million was 7.4% greater than the fourth quarter of 2021. Adjusted web revenue of $8 million within the fourth quarter was $1 million decrease than the prior yr quarter pushed by elevated severity.
-
Allstate Roadside income of $64 million within the fourth quarter of 2022 grew 4.9% and adjusted web revenue was $3 million greater than the prior yr quarter, primarily pushed by elevated pricing.
-
Arity income of $33 million decreased $29 million in comparison with the prior yr quarter, primarily as a consequence of reductions in insurance coverage shopper promoting. Adjusted web lack of $7 million within the fourth quarter of 2022 was $6 million worse than the prior yr quarter reflecting decrease income.
- Allstate Identification Safety income of $34 million within the fourth quarter of 2022 was in step with the prior yr quarter. Adjusted web lack of $8 million was $6 million worse than the prior yr quarter, primarily pushed by one-time bills.
Allstate Well being and Advantages Outcomes |
|||||||||||||
|
Three months ended |
|
Twelve months ended |
||||||||||
($ in thousands and thousands) |
2022 |
2021 |
% Change |
|
2022 |
2021 |
% Change |
||||||
Premiums and contract costs |
$ |
435 |
$ |
459 |
(5.2 |
)% |
|
$ |
1,833 |
$ |
1,821 |
0.7 |
% |
Employer voluntary advantages |
|
256 |
|
262 |
(2.3 |
) |
|
|
1,036 |
|
1,031 |
0.5 |
|
Group well being |
|
100 |
|
90 |
11.1 |
|
|
|
385 |
|
350 |
10.0 |
|
Particular person well being |
|
79 |
|
107 |
(26.2 |
) |
|
|
412 |
|
440 |
(6.4 |
) |
Adjusted web revenue |
|
50 |
|
48 |
4.2 |
|
|
|
222 |
|
208 |
6.7 |
|
- Allstate Well being and Advantages premiums and contract costs decreased 5.2% in comparison with the prior yr quarter, primarily pushed by a discount in particular person well being, which was partially offset by progress in group well being. Adjusted web revenue of $50 million within the fourth quarter of 2022 elevated $2 million in comparison with the fourth quarter of 2021 reflecting an improved profit ratio, partially offset by decrease premiums and contract costs.
Allstate Funding Outcomes |
|||||||||||||||||||
|
Three months ended |
|
Twelve months ended |
||||||||||||||||
($ in thousands and thousands, besides ratios) |
2022 |
2021 |
$ / pts Change |
|
2022 |
2021 |
$ / pts Change |
||||||||||||
Web funding revenue |
$ |
557 |
|
$ |
847 |
|
$ |
(290 |
) |
|
$ |
2,403 |
|
$ |
3,293 |
|
$ |
(890 |
) |
Market-based funding revenue (1) |
|
464 |
|
|
363 |
|
|
101 |
|
|
|
1,557 |
|
|
1,424 |
|
|
133 |
|
Efficiency-based funding revenue (1) |
|
147 |
|
|
516 |
|
|
(369 |
) |
|
|
1,024 |
|
|
1,980 |
|
|
(956 |
) |
Web positive aspects (losses) on investments and derivatives |
|
95 |
|
|
266 |
|
|
(171 |
) |
|
|
(1,072 |
) |
|
1,084 |
|
|
(2,156 |
) |
Change in unrealized web capital positive aspects and losses, pre-tax |
|
863 |
|
|
(419 |
) |
|
1,282 |
|
|
|
(3,643 |
) |
|
(1,771 |
) |
|
(1,872 |
) |
Complete return on funding portfolio |
|
2.5 |
% |
|
1.1 |
% |
|
1.4 |
|
|
|
(4.0 |
)% |
|
4.4 |
% |
|
(8.4 |
) |
(1) |
Funding bills will not be allotted between market-based and performance-based portfolios excluding investee degree bills. |
-
Allstate Investments $61.8 billion portfolio generated web funding revenue of $557 million within the fourth quarter of 2022, a lower of $290 million from the prior yr quarter, pushed by decrease performance-based revenue.
-
Market-based funding revenue was $464 million within the fourth quarter of 2022, a rise of $101 million, or 27.8%, in comparison with the prior yr quarter, reflecting a rise within the fastened revenue portfolio yield, which has benefited from reinvesting at greater rates of interest.
-
Efficiency-based funding revenue totaled $147 million within the fourth quarter of 2022, a lower of $369 million in comparison with a robust prior yr quarter, reflecting decrease valuation will increase for personal fairness investments. Idiosyncratic contributions from direct investments and optimistic valuation adjustments for infrastructure and actual property funds offset decreased valuations for personal fairness funds.
-
Web positive aspects on investments and derivatives have been $95 million within the fourth quarter of 2022, in comparison with $266 million within the prior yr quarter. The fourth quarter of 2022 included greater valuation will increase for fairness investments and losses on the gross sales of fastened revenue securities in comparison with positive aspects on gross sales within the prior yr quarter.
-
Unrealized web losses improved $863 million within the fourth quarter of 2022 however have been $3.6 billion decrease for the total yr as greater rates of interest and wider credit score spreads decreased fastened revenue valuations.
- Complete return on the funding portfolio was 2.5% for the fourth quarter of 2022 and (4.0)% in 2022. Proactive portfolio actions to cut back inflation and financial threat by shortening fastened revenue length starting in 2021 mitigated portfolio losses by roughly $2 billion this yr. Throughout 2022 we decreased fairness publicity and within the fourth quarter we eliminated roughly half of our length shortening rate of interest derivatives leading to a modest improve to fastened revenue length.
Proactive Capital Administration
“Allstate’s monetary situation and capital place stay sturdy,” stated Jess Merten, Chief Monetary Officer. “Within the fourth quarter we returned $582 million to frequent shareholders by means of a mixture of $354 million in share repurchases and $228 million in frequent shareholder dividends. We decreased frequent shares excellent by 6.1% in 2022,” concluded Merten.
Go to www.allstateinvestors.com for extra details about Allstate’s outcomes, together with a webcast of its quarterly convention name and the decision presentation. The convention name will likely be at 9 a.m. ET on Thursday, February 2. Monetary info, together with materials bulletins about The Allstate Company, is routinely posted on www.allstateinvestors.com.
Ahead-Wanting Statements
This information launch accommodates “forward-looking statements” that anticipate outcomes based mostly on our estimates, assumptions and plans which can be topic to uncertainty. These statements are made topic to the safe-harbor provisions of the Non-public Securities Litigation Reform Act of 1995. These forward-looking statements don’t relate strictly to historic or present information and could also be recognized by their use of phrases like “plans,” “seeks,” “expects,” “will,” “ought to,” “anticipates,” “estimates,” “intends,” “believes,” “possible,” “targets” and different phrases with related meanings. We consider these statements are based mostly on affordable estimates, assumptions and plans. Nevertheless, if the estimates, assumptions or plans underlying the forward-looking statements show inaccurate or if different dangers or uncertainties come up, precise outcomes may differ materially from these communicated in these forward-looking statements. Elements that might trigger precise outcomes to vary materially from these expressed in, or implied by, the forward-looking statements could also be present in our filings with the U.S. Securities and Change Fee, together with the “Threat Elements” part in our most up-to-date annual report on Type 10-Okay. Ahead-looking statements are as of the date on which they’re made, and we assume no obligation to replace or revise any forward-looking assertion.
THE ALLSTATE CORPORATION AND SUBSIDIARIES |
|||||||
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
|||||||
|
|
|
|
||||
($ in thousands and thousands, besides par worth information)
|
December 31, |
|
December 31, |
||||
Property |
|
|
|
||||
Investments |
|
|
|
||||
Mounted revenue securities, at truthful worth (amortized price, web $45,370 and $41,376) |
$ |
42,485 |
|
|
$ |
42,136 |
|
Fairness securities, at truthful worth (price $4,253 and $6,016) |
|
4,567 |
|
|
|
7,061 |
|
Mortgage loans, web |
|
762 |
|
|
|
821 |
|
Restricted partnership pursuits |
|
8,114 |
|
|
|
8,018 |
|
Brief-term, at truthful worth (amortized price $4,174 and $4,009) |
|
4,173 |
|
|
|
4,009 |
|
Different investments, web |
|
1,728 |
|
|
|
2,656 |
|
Complete investments |
|
61,829 |
|
|
|
64,701 |
|
Money |
|
736 |
|
|
|
763 |
|
Premium installment receivables, web |
|
9,165 |
|
|
|
8,364 |
|
Deferred coverage acquisition prices |
|
5,418 |
|
|
|
4,722 |
|
Reinsurance and indemnification recoverables, web |
|
9,606 |
|
|
|
10,024 |
|
Accrued funding revenue |
|
423 |
|
|
|
339 |
|
Deferred revenue taxes |
|
386 |
|
|
|
— |
|
Property and tools, web |
|
987 |
|
|
|
939 |
|
Goodwill |
|
3,502 |
|
|
|
3,502 |
|
Different property, web |
|
5,905 |
|
|
|
6,086 |
|
Complete property |
$ |
97,957 |
|
|
$ |
99,440 |
|
Liabilities |
|
|
|
||||
Reserve for property and casualty insurance coverage claims and claims expense |
$ |
37,541 |
|
|
$ |
33,060 |
|
Reserve for future coverage advantages |
|
1,273 |
|
|
|
1,273 |
|
Contractholder funds |
|
897 |
|
|
|
908 |
|
Unearned premiums |
|
22,311 |
|
|
|
19,844 |
|
Declare funds excellent |
|
1,268 |
|
|
|
1,123 |
|
Deferred revenue taxes |
|
— |
|
|
|
833 |
|
Different liabilities and accrued bills |
|
9,353 |
|
|
|
9,296 |
|
Debt |
|
7,964 |
|
|
|
7,976 |
|
Complete liabilities |
|
80,607 |
|
|
|
74,313 |
|
Fairness |
|
|
|
||||
Most well-liked inventory and extra capital paid-in, $1 par worth, 25 million shares approved, 81.0 thousand shares issued and excellent, $2,025 combination liquidation choice |
|
1,970 |
|
|
|
1,970 |
|
Frequent inventory, $.01 par worth, 2.0 billion shares approved and 900 million issued, 263 million and 281 million shares excellent |
|
9 |
|
|
|
9 |
|
Extra capital paid-in |
|
3,788 |
|
|
|
3,722 |
|
Retained revenue |
|
50,954 |
|
|
|
53,294 |
|
Treasury inventory, at price (637 million and 619 million shares) |
|
(36,857 |
) |
|
|
(34,471 |
) |
Accrued different complete revenue: |
|
|
|
||||
Unrealized web capital positive aspects and losses |
|
(2,253 |
) |
|
|
598 |
|
Unrealized overseas forex translation changes |
|
(165 |
) |
|
|
(15 |
) |
Unamortized pension and different postretirement prior service credit score |
|
29 |
|
|
|
72 |
|
Complete collected different complete revenue |
|
(2,389 |
) |
|
|
655 |
|
Complete Allstate shareholders’ fairness |
|
17,475 |
|
|
|
25,179 |
|
Noncontrolling curiosity |
|
(125 |
) |
|
|
(52 |
) |
Complete fairness |
|
17,350 |
|
|
|
25,127 |
|
Complete liabilities and fairness |
$ |
97,957 |
|
|
$ |
99,440 |
|
THE ALLSTATE CORPORATION AND SUBSIDIARIES |
|||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
|
|
|
|
||||||||||||
($ in thousands and thousands, besides per share information) |
Three months ended |
|
Twelve months ended |
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenues |
|
|
|
|
|
|
|
||||||||
Property and casualty insurance coverage premiums |
$ |
11,900 |
|
|
$ |
10,852 |
|
|
$ |
45,904 |
|
|
$ |
42,218 |
|
Accident and medical health insurance premiums and contract costs |
|
435 |
|
|
|
459 |
|
|
|
1,833 |
|
|
|
1,821 |
|
Different income |
|
660 |
|
|
|
587 |
|
|
|
2,344 |
|
|
|
2,172 |
|
Web funding revenue |
|
557 |
|
|
|
847 |
|
|
|
2,403 |
|
|
|
3,293 |
|
Web positive aspects (losses) on investments and derivatives |
|
95 |
|
|
|
266 |
|
|
|
(1,072 |
) |
|
|
1,084 |
|
Complete revenues |
|
13,647 |
|
|
|
13,011 |
|
|
|
51,412 |
|
|
|
50,588 |
|
|
|
|
|
|
|
|
|
||||||||
Prices and bills |
|
|
|
|
|
|
|
||||||||
Property and casualty insurance coverage claims and claims expense |
|
10,002 |
|
|
|
7,804 |
|
|
|
37,264 |
|
|
|
29,318 |
|
Shelter-in-Place Payback expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29 |
|
Accident, well being and different coverage advantages |
|
260 |
|
|
|
278 |
|
|
|
1,061 |
|
|
|
1,049 |
|
Amortization of deferred coverage acquisition prices |
|
1,731 |
|
|
|
1,602 |
|
|
|
6,644 |
|
|
|
6,252 |
|
Working prices and bills |
|
1,852 |
|
|
|
1,956 |
|
|
|
7,446 |
|
|
|
7,260 |
|
Pension and different postretirement remeasurement (positive aspects) losses |
|
25 |
|
|
|
(240 |
) |
|
|
116 |
|
|
|
(644 |
) |
Restructuring and associated costs |
|
24 |
|
|
|
25 |
|
|
|
51 |
|
|
|
170 |
|
Amortization of bought intangibles |
|
89 |
|
|
|
109 |
|
|
|
353 |
|
|
|
376 |
|
Curiosity expense |
|
84 |
|
|
|
84 |
|
|
|
335 |
|
|
|
330 |
|
Complete prices and bills |
|
14,067 |
|
|
|
11,618 |
|
|
|
53,270 |
|
|
|
44,140 |
|
|
|
|
|
|
|
|
|
||||||||
(Loss) revenue from operations earlier than revenue tax expense |
|
(420 |
) |
|
|
1,393 |
|
|
|
(1,858 |
) |
|
|
6,448 |
|
|
|
|
|
|
|
|
|
||||||||
Revenue tax (profit) expense |
|
(117 |
) |
|
|
281 |
|
|
|
(494 |
) |
|
|
1,289 |
|
|
|
|
|
|
|
|
|
||||||||
Web (loss) revenue from persevering with operations |
|
(303 |
) |
|
|
1,112 |
|
|
|
(1,364 |
) |
|
|
5,159 |
|
|
|
|
|
|
|
|
|
||||||||
Revenue (loss) from discontinued operations, web of tax |
|
— |
|
|
|
(321 |
) |
|
|
— |
|
|
|
(3,593 |
) |
|
|
|
|
|
|
|
|
||||||||
Web (loss) revenue |
|
(303 |
) |
|
|
791 |
|
|
|
(1,364 |
) |
|
|
1,566 |
|
|
|
|
|
|
|
|
|
||||||||
Much less: Web loss attributable to noncontrolling curiosity |
|
(19 |
) |
|
|
(26 |
) |
|
|
(53 |
) |
|
|
(33 |
) |
|
|
|
|
|
|
|
|
||||||||
Web (loss) revenue attributable to Allstate |
|
(284 |
) |
|
|
817 |
|
|
|
(1,311 |
) |
|
|
1,599 |
|
|
|
|
|
|
|
|
|
||||||||
Much less: Most well-liked inventory dividends |
|
26 |
|
|
|
27 |
|
|
|
105 |
|
|
|
114 |
|
|
|
|
|
|
|
|
|
||||||||
Web (loss) revenue relevant to frequent shareholders |
$ |
(310 |
) |
|
$ |
790 |
|
|
$ |
(1,416 |
) |
|
$ |
1,485 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per frequent share relevant to frequent shareholders |
|
|
|
|
|
|
|
||||||||
Primary |
|
|
|
|
|
|
|
||||||||
Persevering with operations |
$ |
(1.17 |
) |
|
$ |
3.90 |
|
|
$ |
(5.22 |
) |
|
$ |
17.23 |
|
Discontinued operations |
|
— |
|
|
|
(1.13 |
) |
|
|
— |
|
|
|
(12.19 |
) |
Complete |
$ |
(1.17 |
) |
|
$ |
2.77 |
|
|
$ |
(5.22 |
) |
|
$ |
5.04 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted |
|
|
|
|
|
|
|
||||||||
Persevering with operations |
$ |
(1.17 |
) |
|
$ |
3.84 |
|
|
$ |
(5.22 |
) |
|
$ |
16.98 |
|
Discontinued operations |
|
— |
|
|
|
(1.11 |
) |
|
|
— |
|
|
|
(12.02 |
) |
Complete |
$ |
(1.17 |
) |
|
$ |
2.73 |
|
|
$ |
(5.22 |
) |
|
$ |
4.96 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted common frequent shares – Primary |
|
264.4 |
|
|
|
285.0 |
|
|
|
271.2 |
|
|
|
294.8 |
|
Weighted common frequent shares – Diluted |
|
264.4 |
|
|
|
289.0 |
|
|
|
271.2 |
|
|
|
299.1 |
|
Definitions of Non-GAAP Measures
We consider that buyers’ understanding of Allstate’s efficiency is enhanced by our disclosure of the next non-GAAP measures. Our strategies for calculating these measures could differ from these utilized by different firms and due to this fact comparability could also be restricted.
Adjusted web revenue is web revenue (loss) relevant to frequent shareholders, excluding:
- Web positive aspects and losses on investments and derivatives
- Pension and different postretirement remeasurement positive aspects and losses
- Enterprise mixture bills and the amortization or impairment of bought intangibles
- Revenue or loss from discontinued operations
- Acquire or loss on disposition
- Changes for different important non-recurring, rare or uncommon gadgets, when (a) the character of the cost or achieve is such that it’s moderately unlikely to recur inside two years, or (b) there was no related cost or achieve throughout the prior two years
- Associated revenue tax expense or advantage of this stuff
Web revenue (loss) relevant to frequent shareholders is the GAAP measure that’s most immediately akin to adjusted web revenue.
We use adjusted web revenue as an necessary measure to guage our outcomes of operations. We consider that the measure supplies buyers with a beneficial measure of the Firm’s ongoing efficiency as a result of it reveals developments in our insurance coverage and monetary companies enterprise that could be obscured by the web impact of web positive aspects and losses on investments and derivatives, pension and different postretirement remeasurement positive aspects and losses, enterprise mixture bills and the amortization or impairment of bought intangibles, revenue or loss from discontinued operations, achieve or loss on disposition and changes for different important non-recurring, rare or uncommon gadgets and the associated tax expense or advantage of this stuff. Web positive aspects and losses on investments and derivatives, and pension and different postretirement remeasurement positive aspects and losses could fluctuate considerably between durations and are usually pushed by enterprise choices and exterior financial developments akin to capital market circumstances, the timing of which is unrelated to the insurance coverage underwriting course of. Enterprise mixture bills, revenue or loss from discontinued operations and achieve or loss on disposition are excluded as a result of they’re non-recurring in nature and the amortization or impairment of bought intangibles is excluded as a result of it pertains to the acquisition buy worth and isn’t indicative of our underlying enterprise outcomes or developments. Non-recurring gadgets are excluded as a result of, by their nature, they don’t seem to be indicative of our enterprise or financial developments. Accordingly, adjusted web revenue excludes the impact of things that are usually extremely variable from interval to interval and highlights the outcomes from ongoing operations and the underlying profitability of our enterprise. A byproduct of excluding this stuff to find out adjusted web revenue is the transparency and understanding of their significance to web revenue variability and profitability whereas recognizing these or related gadgets could recur in subsequent durations. Adjusted web revenue is utilized by administration together with the opposite parts of web revenue (loss) relevant to frequent shareholders to evaluate our efficiency. We use adjusted measures of adjusted web revenue in incentive compensation. Subsequently, we consider it’s helpful for buyers to guage web revenue (loss) relevant to frequent shareholders, adjusted web revenue and their parts individually and within the combination when reviewing and evaluating our efficiency. We be aware that buyers, monetary analysts, monetary and enterprise media organizations and ranking companies make the most of adjusted web revenue ends in their analysis of our and our business’s monetary efficiency and of their funding choices, suggestions and communications because it represents a dependable, consultant and constant measurement of the business and the Firm and administration’s efficiency. We be aware that the value to earnings a number of generally utilized by insurance coverage buyers as a forward-looking valuation method makes use of adjusted web revenue because the denominator. Adjusted web revenue shouldn’t be thought-about an alternative to web revenue (loss) relevant to frequent shareholders and doesn’t replicate the general profitability of our enterprise.
The next tables reconcile web revenue (loss) relevant to frequent shareholders and adjusted web revenue. Taxes on changes to reconcile web revenue (loss) relevant to frequent shareholders and adjusted web revenue usually use a 21% efficient tax fee.
($ in thousands and thousands, besides per share information) |
Three months ended December 31, |
||||||||||||||
|
Consolidated |
|
Per diluted frequent |
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Web revenue (loss) relevant to frequent shareholders |
$ |
(310 |
) |
|
$ |
790 |
|
|
$ |
(1.17 |
) |
(2) |
$ |
2.73 |
|
Web (positive aspects) losses on investments and derivatives |
|
(95 |
) |
|
|
(266 |
) |
|
|
(0.36 |
) |
|
|
(0.92 |
) |
Pension and different postretirement remeasurement (positive aspects) losses |
|
25 |
|
|
|
(240 |
) |
|
|
0.09 |
|
|
|
(0.83 |
) |
Reclassification of periodic settlements and accruals on non-hedge spinoff devices |
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
Enterprise mixture bills and the amortization of bought intangibles |
|
89 |
|
|
|
109 |
|
|
|
0.34 |
|
|
|
0.38 |
|
Enterprise mixture truthful worth adjustment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
(Acquire) loss on disposition |
|
(83 |
) |
(1) |
|
— |
|
|
|
(0.32 |
) |
|
|
— |
|
(Revenue) loss from discontinued operations |
|
— |
|
|
|
177 |
|
|
|
— |
|
|
|
0.61 |
|
Revenue tax expense (profit) and different |
|
15 |
|
|
|
227 |
|
|
|
0.06 |
|
|
|
0.78 |
|
Adjusted web revenue (loss) * |
$ |
(359 |
) |
|
$ |
796 |
|
|
$ |
(1.36 |
) |
(2) |
$ |
2.75 |
|
|
|
|
|
|
|
|
|
||||||||
|
Twelve months ended December 31, |
||||||||||||||
|
Consolidated |
|
Per diluted frequent |
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Web revenue (loss) relevant to frequent shareholders |
$ |
(1,416 |
) |
|
$ |
1,485 |
|
|
$ |
(5.22 |
) |
(3) |
$ |
4.96 |
|
Web (positive aspects) losses on investments and derivatives |
|
1,072 |
|
|
|
(1,084 |
) |
|
|
3.95 |
|
|
|
(3.63 |
) |
Pension and different postretirement remeasurement (positive aspects) losses |
|
116 |
|
|
|
(644 |
) |
|
|
0.43 |
|
|
|
(2.15 |
) |
Reclassification of periodic settlements and accruals on non-hedge spinoff devices |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Enterprise mixture bills and the amortization of bought intangibles |
|
353 |
|
|
|
398 |
|
|
|
1.30 |
|
|
|
1.33 |
|
Enterprise mixture truthful worth adjustment |
|
— |
|
|
|
(6 |
) |
|
|
— |
|
|
|
(0.02 |
) |
(Acquire) loss on disposition |
|
(89 |
) |
(1) |
|
— |
|
|
|
(0.33 |
) |
|
|
— |
|
(Revenue) loss from discontinued operations |
|
— |
|
|
|
3,612 |
|
|
|
— |
|
|
|
12.08 |
|
Revenue tax expense (profit) and different |
|
(298 |
) |
|
|
272 |
|
|
|
(1.10 |
) |
|
|
0.91 |
|
Adjusted web revenue (loss) * |
$ |
(262 |
) |
|
$ |
4,033 |
|
|
$ |
(0.97 |
) |
(3) |
$ |
13.48 |
|
_____________ |
(1) |
Consists of $83 million associated to the achieve on sale of headquarters within the fourth quarter of 2022 reported as different income in Company and Different phase. |
|
(2) |
Attributable to a web loss reported for the three months ended December 31, 2022, calculation makes use of weighted common shares of 264.4 million, which excludes weighted common diluted shares of three.1 million. |
|
(3) |
Attributable to a web loss reported for the twelve months ended December 31, 2022, calculation makes use of weighted common shares of 271.2 million, which excludes weighted common diluted shares of three.1 million. |
Adjusted web revenue return on Allstate frequent shareholders’ fairness is a ratio that makes use of a non-GAAP measure. It’s calculated by dividing the rolling 12-month adjusted web revenue by the typical of Allstate frequent shareholders’ fairness at first and on the finish of the 12-months, after excluding the impact of unrealized web capital positive aspects and losses. Return on Allstate frequent shareholders’ fairness is essentially the most immediately comparable GAAP measure. We use adjusted web revenue because the numerator for a similar causes we use adjusted web revenue, as mentioned beforehand. We use common Allstate frequent shareholders’ fairness excluding the impact of unrealized web capital positive aspects and losses for the denominator as a illustration of frequent shareholders’ fairness primarily relevant to Allstate’s earned and realized enterprise operations as a result of it eliminates the impact of things which can be unrealized and fluctuate considerably between durations as a consequence of exterior financial developments akin to capital market circumstances like adjustments in fairness costs and rates of interest, the quantity and timing of that are unrelated to the insurance coverage underwriting course of. We use it to complement our analysis of web revenue (loss) relevant to frequent shareholders and return on Allstate frequent shareholders’ fairness as a result of it excludes the impact of things that are usually extremely variable from interval to interval. We consider that this measure is beneficial to buyers and that it supplies a beneficial device for buyers when thought-about together with return on Allstate frequent shareholders’ fairness as a result of it eliminates the after-tax results of realized and unrealized web capital positive aspects and losses that may fluctuate considerably from interval to interval and which can be pushed by financial developments, the magnitude and timing of that are usually not influenced by administration. As well as, it eliminates non-recurring gadgets that aren’t indicative of our ongoing enterprise or financial developments. A byproduct of excluding the gadgets famous above to find out adjusted web revenue return on Allstate frequent shareholders’ fairness from return on Allstate frequent shareholders’ fairness is the transparency and understanding of their significance to return on frequent shareholders’ fairness variability and profitability whereas recognizing these or related gadgets could recur in subsequent durations. We use adjusted measures of adjusted web revenue return on Allstate frequent shareholders’ fairness in incentive compensation. Subsequently, we consider it’s helpful for buyers to have adjusted web revenue return on Allstate frequent shareholders’ fairness and return on Allstate frequent shareholders’ fairness when evaluating our efficiency. We be aware that buyers, monetary analysts, monetary and enterprise media organizations and ranking companies make the most of adjusted web revenue return on frequent shareholders’ fairness ends in their analysis of our and our business’s monetary efficiency and of their funding choices, suggestions and communications because it represents a dependable, consultant and constant measurement of the business and the corporate and administration’s utilization of capital. We additionally present it to facilitate a comparability to our long-term adjusted web revenue return on Allstate frequent shareholders’ fairness objective. Adjusted web revenue return on Allstate frequent shareholders’ fairness shouldn’t be thought-about an alternative to return on Allstate frequent shareholders’ fairness and doesn’t replicate the general profitability of our enterprise.
The next tables reconcile return on Allstate frequent shareholders’ fairness and adjusted web revenue return on Allstate frequent shareholders’ fairness.
($ in thousands and thousands) |
For the twelve months ended |
||||||
|
2022 |
|
2021 |
||||
Return on Allstate frequent shareholders’ fairness |
|
|
|
||||
Numerator: |
|
|
|
||||
Web revenue relevant to frequent shareholders |
$ |
(1,416 |
) |
|
$ |
1,485 |
|
Denominator: |
|
|
|
||||
Starting Allstate frequent shareholders’ fairness |
$ |
23,209 |
|
|
$ |
28,247 |
|
Ending Allstate frequent shareholders’ fairness (1) |
|
15,505 |
|
|
|
23,209 |
|
Common Allstate frequent shareholders’ fairness |
$ |
19,357 |
|
|
$ |
25,728 |
|
Return on Allstate frequent shareholders’ fairness |
|
(7.3 |
)% |
|
|
5.8 |
% |
($ in thousands and thousands) |
For the twelve months ended |
||||||
|
2022 |
|
2021 |
||||
Adjusted web revenue return on Allstate frequent shareholders’ fairness |
|
|
|
||||
Numerator: |
|
|
|
||||
Adjusted web revenue * |
$ |
(262 |
) |
|
$ |
4,033 |
|
|
|
|
|
||||
Denominator: |
|
|
|
||||
Starting Allstate frequent shareholders’ fairness |
$ |
23,209 |
|
|
$ |
28,247 |
|
Much less: Unrealized web capital positive aspects and losses |
|
598 |
|
|
|
3,180 |
|
Adjusted starting Allstate frequent shareholders’ fairness |
|
22,611 |
|
|
|
25,067 |
|
|
|
|
|
||||
Ending Allstate frequent shareholders’ fairness (1) |
|
15,505 |
|
|
|
23,209 |
|
Much less: Unrealized web capital positive aspects and losses |
|
(2,253 |
) |
|
|
598 |
|
Adjusted ending Allstate frequent shareholders’ fairness |
|
17,758 |
|
|
|
22,611 |
|
Common adjusted Allstate frequent shareholders’ fairness |
$ |
20,185 |
|
|
$ |
23,839 |
|
Adjusted web revenue return on Allstate frequent shareholders’ fairness * |
|
(1.3 |
)% |
|
|
16.9 |
% |
_____________ |
(1) |
Excludes fairness associated to most popular inventory of $1,970 million as of December 31, 2022 and December 31, 2021. |
Mixed ratio excluding the impact of catastrophes, prior yr reserve reestimates and amortization or impairment of bought intangibles (“underlying mixed ratio”) is a non-GAAP ratio, which is computed because the distinction between 4 GAAP working ratios: the mixed ratio, the impact of catastrophes on the mixed ratio, the impact of prior yr non-catastrophe reserve reestimates on the mixed ratio, and the impact of amortization or impairment of bought intangibles on the mixed ratio. We consider that this ratio is beneficial to buyers and it’s utilized by administration to disclose the developments in our Property-Legal responsibility enterprise that could be obscured by disaster losses, prior yr reserve reestimates and amortization or impairment of bought intangibles. Disaster losses trigger our loss developments to fluctuate considerably between durations on account of their incidence of prevalence and magnitude, and may have a big impression on the mixed ratio. Prior yr reserve reestimates are attributable to sudden loss growth on historic reserves, which may improve or lower present yr web revenue. Amortization or impairment of bought intangibles pertains to the acquisition buy worth and isn’t indicative of our underlying insurance coverage enterprise outcomes or developments. We consider it’s helpful for buyers to guage these parts individually and within the combination when reviewing our underwriting efficiency. Essentially the most immediately comparable GAAP measure is the mixed ratio. The underlying mixed ratio shouldn’t be thought-about an alternative to the mixed ratio and doesn’t replicate the general underwriting profitability of our enterprise.
The next tables reconcile the respective mixed ratio to the underlying mixed ratio. Underwriting margin is calculated as 100% minus the mixed ratio.
Property-Legal responsibility |
Three months ended |
|
Twelve months ended |
||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
Mixed ratio |
109.1 |
|
|
98.9 |
|
|
106.6 |
|
|
95.9 |
|
Impact of disaster losses |
(6.8 |
) |
|
(5.1 |
) |
|
(7.1 |
) |
|
(8.3 |
) |
Impact of prior yr non-catastrophe reserve reestimates |
(2.5 |
) |
|
(1.8 |
) |
|
(3.9 |
) |
|
(0.8 |
) |
Impact of amortization of bought intangibles |
(0.6 |
) |
|
(0.7 |
) |
|
(0.5 |
) |
|
(0.6 |
) |
Underlying mixed ratio* |
99.2 |
|
|
91.3 |
|
|
95.1 |
|
|
86.2 |
|
|
|
|
|
|
|
|
|
||||
Impact of prior yr disaster reserve reestimates |
(0.1 |
) |
|
— |
|
|
— |
|
|
(0.5 |
) |
Allstate Safety – Auto Insurance coverage |
Three months ended |
|
Twelve months ended |
||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
Mixed ratio |
112.6 |
|
|
104.3 |
|
|
110.1 |
|
|
95.4 |
|
Impact of disaster losses |
(0.5 |
) |
|
(1.3 |
) |
|
(1.7 |
) |
|
(1.7 |
) |
Impact of prior yr non-catastrophe reserve reestimates |
(2.3 |
) |
|
(2.1 |
) |
|
(4.2 |
) |
|
(0.6 |
) |
Impact of amortization of bought intangibles |
(0.6 |
) |
|
(0.7 |
) |
|
(0.6 |
) |
|
(0.6 |
) |
Underlying mixed ratio* |
109.2 |
|
|
100.2 |
|
|
103.6 |
|
|
92.5 |
|
|
|
|
|
|
|
|
|
||||
Impact of prior yr disaster reserve reestimates |
(0.1 |
) |
|
— |
|
|
(0.2 |
) |
|
(0.1 |
) |
Allstate Safety – Owners Insurance coverage |
Three months ended |
|
Twelve months ended |
||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
Mixed ratio |
92.6 |
|
|
87.1 |
|
|
93.8 |
|
|
96.8 |
|
Impact of disaster losses |
(21.1 |
) |
|
(16.6 |
) |
|
(21.1 |
) |
|
(26.3 |
) |
Impact of prior yr non-catastrophe reserve reestimates |
(0.7 |
) |
|
— |
|
|
(1.0 |
) |
|
(0.2 |
) |
Impact of amortization of bought intangibles |
(0.5 |
) |
|
(0.9 |
) |
|
(0.6 |
) |
|
(0.7 |
) |
Underlying mixed ratio* |
70.3 |
|
|
69.6 |
|
|
71.1 |
|
|
69.6 |
|
|
|
|
|
|
|
|
|
||||
Impact of prior yr disaster reserve reestimates |
(0.1 |
) |
|
0.1 |
|
|
0.8 |
|
|
(1.7 |
) |