Allstate Q1 2021 Earnings Report

Allstate increased customer base and generated excellent returns due to strong operating results, the acquisition of National General, and divestitures of the life and annuity businesses.

Key Takeaways

Allstate reported a net loss of $1.4 billion for the quarter, primarily due to a $4.0 billion loss from the divestitures of the life and annuity businesses. However, adjusted net income was $1.9 billion, representing a 23.2% return on equity. Total revenues increased by 26.2% to $12.5 billion, driven by the acquisition of National General and growth in Protection Services.

Total revenues increased 26.2% to $12.5 billion, primarily reflecting the acquisition of National General and higher earned premiums from Protection Services.

Net loss applicable to common shareholders was $1.4 billion, driven by a $4 billion loss from the sale of Allstate Life Insurance Company and Allstate Life Insurance Company of New York.

Adjusted net income increased to $1.9 billion, or $6.11 per diluted share, reflecting increased underwriting income and higher net investment income.

Property-Liability written premium increased 13.7% to $9.8 billion, primarily driven by the acquisition of National General.

Total Revenue

$9.77B

Previous year: $8.79B