NORTHBROOK, In poor health., January 18, 2024 – The Allstate Company (NYSE: ALL) as we speak introduced fourth quarter estimated disaster losses, prior yr reserve reestimates and carried out charges.
Allstate’s estimated disaster losses had been beneath the $150 million reporting threshold for December 2023. Whole disaster losses for the fourth quarter had been $68 million, pre-tax.
Unfavorable prior yr reserve reestimates, excluding catastrophes, totaled $199 million within the fourth quarter, with roughly $148 million associated to private auto, together with prices for claims in litigation.
Through the month of December, the Allstate model carried out auto price will increase of 16.5% throughout 15 areas, leading to whole model premium influence of 5.0%, which incorporates the speed will increase authorised in December by the Departments of Insurance coverage in California, New York and New Jersey.
“Allstate continued to make progress on our complete plan to enhance profitability. In 2023, price will increase for Allstate model auto insurance coverage resulted in a premium influence of 16.4%, that are anticipated to boost annualized written premiums by roughly $4.27 billion, and price will increase for Allstate model owners insurance coverage have resulted in a premium influence of 11.3%, that are anticipated to boost annualized written premiums by roughly $1.16 billion,” mentioned Jess Merten, Chief Monetary Officer of The Allstate Company. Our carried out price exhibit for auto and owners insurance coverage has been posted on www.allstateinvestors.com.
The corporate plans to file a present report on Type 8-Ok with the Securities and Change Fee saying quarterly outcomes after shut of market on Wednesday, February 7.
Monetary data, together with materials bulletins about The Allstate Company, is routinely posted on www.allstateinvestors.com.
Ahead-Trying Statements
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