Allstate Corp. Files Q3 2024 10-Q

TL;DR

Allstate's Q3 2024 10-Q is in. Check financials for insurance giant.

AI Summary

Allstate Corp. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and operations during the third quarter. Key financial metrics and operational highlights are presented, reflecting the company's position in the fire, marine, and casualty insurance sector.

Why It Matters

This filing provides investors and analysts with the latest financial data for Allstate Corp., crucial for understanding the company's performance and outlook in the insurance industry.

Risk Assessment

Risk Level: medium — As a publicly traded insurance company, Allstate is subject to market volatility, regulatory changes, and catastrophic events, all of which can impact its financial health.

Key Numbers

• N/A — Net Investment Income (Key financial metric for insurance companies.)
• N/A — Other Cost and Expense Operating (Indicates operational expenses impacting profitability.)

Key Players & Entities

• ALLSTATE CORP (company) — Filer
• 0000899051-24-000083 (filing_id) — Accession Number
• 20240930 (date) — Period of Report
• 20241030 (date) — Filing Date
• Northbrook, IL (location) — Business Address

FAQ

Filing Documents

• all-20240930.htm (10-Q) — 4988KB
• exhibit15allcorp93024.htm (EX-15) — 7KB
• exhibit31iallcorp93024.htm (EX-31.I) — 16KB
• exhibit32allcorp93024.htm (EX-32) — 4KB
• all-20240930_g1.jpg (GRAPHIC) — 145KB
• all-20240930_g2.jpg (GRAPHIC) — 33KB
• all-20240930_g3.jpg (GRAPHIC) — 35KB
• all-20240930_g4.jpg (GRAPHIC) — 29KB
• all-20240930_g5.jpg (GRAPHIC) — 56KB
• all-20240930_g6.jpg (GRAPHIC) — 76KB
• all-20240930_g7.jpg (GRAPHIC) — 76KB
• all-20240930_g8.jpg (GRAPHIC) — 37KB
• 0000899051-24-000083.txt ( ) — 24540KB
• all-20240930.xsd (EX-101.SCH) — 128KB
• all-20240930_cal.xml (EX-101.CAL) — 199KB
• all-20240930_def.xml (EX-101.DEF) — 606KB
• all-20240930_lab.xml (EX-101.LAB) — 1199KB
• all-20240930_pre.xml (EX-101.PRE) — 919KB
• all-20240930_htm.xml (XML) — 5686KB

Financial Information

Part I Financial Information Page Item 1. Financial Statements (unaudited) as of September 30, 2024 and December 31, 2023 and for the Three Month and Nine Month Periods Ended September 30, 2024 and 2023 Condensed Consolidated Statements of Operations 1 Condensed Consolidated Statements of Comprehensive Income (Loss) 2 Condensed Consolidated Statements of Financial Position 3 Condensed Consolidated Statements of Shareholders' Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements (unaudited) 6 Report of Independent Registered Public Accounting Firm 45

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Highlights 46 Property-Liability Operations 50 Segment results Allstate Protection 52 Run-off Property-Liability 59 Protection Services 62 Allstate Health and Benefits 64 Investment s 66 Capital Resources and Liquidity 73

Forward-Looking Statements

Forward-Looking Statements 75

Controls and Procedures

Item 4. Controls and Procedures 75

Other Information

Part II Other Information

Legal Proceedings

Item 1. Legal Proceedings 76

. Risk Factors

Item 1A . Risk Factors 76

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 76

Other Information

Item 5. Other Information 76

Exhibits

Item 6. Exhibits 77 Condensed Consolidated Financial Statements

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements The Allstate Corporation and Subsidiaries Condensed Consolidated Statements of Operations (unaudited) (In millions, except per share data) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Revenues Property and casualty insurance premiums $ 14,333 $ 12,839 $ 41,797 $ 37,482 Accident and health insurance premiums and contract charges 487 463 1,439 1,379 Other revenue 781 592 2,129 1,750 Net investment income 783 689 2,259 1,874 Net gains (losses) on investments and derivatives 243 ( 86 ) ( 24 ) ( 223 ) Total revenues 16,627 14,497 47,600 42,262 Costs and expenses Property and casualty insurance claims and claims expense 10,409 10,237 30,711 32,290 Accident, health and other policy benefits (including remeasurement (gains) losses of $ 1 , $ 0 , $ 1 and $ 0 ) 317 262 904 785 Amortization of deferred policy acquisition costs 2,037 1,841 5,977 5,374 Operating costs and expenses 2,217 1,771 6,121 5,273 Pension and other postretirement remeasurement (gains) losses 26 149 15 56 Restructuring and related charges 28 87 51 141 Amortization of purchased intangibles 71 83 210 246 Interest expense 104 88 299 272 Total costs and expenses 15,209 14,518 44,288 44,437 Income (loss) from operations before income tax expense 1,418 ( 21 ) 3,312 ( 2,175 ) Income tax expense (benefit) 254 ( 17 ) 603 ( 475 ) Net income (loss) 1,164 ( 4 ) 2,709 ( 1,700 ) Less: Net (loss) income attributable to noncontrolling interest ( 26 ) 1 ( 30 ) ( 23 ) Net income (loss) attributable to Allstate 1,190 ( 5 ) 2,739 ( 1,677 ) Less: Preferred stock dividends 29 36 88 99 Net income (loss) applicable to common shareholders $ 1,161 $ ( 41 ) $ 2,651 $ ( 1,776 ) Earnings per common share: Net income (loss) applicable to common shareholders per common share - Basic $ 4.39 $ ( 0.16 ) $ 10.04 $ ( 6.76 ) Weighted average common shares - Basic 264.6 261.8 264.1 262.6 Net income (loss) applicable to common shar

View Full Filing

View this 10-Q filing on SEC EDGAR