Allstate Corp. fourth quarter 2023 internet earnings attributable to widespread shareholders was about $1.5 billion, reversing a lack of $303 million throughout the identical time the prior 12 months.
Allstate CEO Tom Wilson mentioned “improved auto profitability and mild weather” drove the fourth quarter turnaround. Allstate’s Property-Liability recorded fourth quarter underwriting earnings of $1.3 billion versus a lack of about $1 billion a 12 months in the past.
An underwriting lack of about $2.2 billion was recorded for full 12 months 2023 versus a lack of $2.9 billion for all of 2022.
During the final three months of 2023, Allstate continued with its plan to extend auto insurance coverage charges. Increases of a mean of 13.5% had been carried out in 33 places through the fourth quarter, the Northbrook, Illinois-based insurer reported Wednesday after the market closed. Earned and written premiums for Allstate auto was up 10.7% and 10.2% in This fall in comparison with This fall 2022.
“Rate increases will continue to be implemented to keep pace with loss trends and improve margins in states where we have not yet achieved rate adequacy,” Allstate mentioned.
The mixed ratio for Allstate’s auto line fell beneath 100 (98.9) in This fall, in comparison with 112.6 for This fall 2022. For the 12 months, auto’s mixed ratio was 103.4—a 6.7 enchancment versus 2022’s consequence.
Consolidated disaster loss for the final quarter 2023 totaled $68 million, down considerably from the $779 million tag on the identical quarter the prior 12 months. In Allstate’s quarterly outcomes for its owners business included $21 million in disaster losses in comparison with $603 million in This fall 2022.
The mixed ratio for owners insurance coverage throughout This fall was down 30.8 factors to 62. For all of 2023, the mixed ratio was 106.8, up 13.2 factors from 2022.
Allstate recorded a internet earnings lack of $313 million for the 12 months. The loss was about $1.4 billion for 2022.
Topics
Trends
Auto
Profit Loss
Pricing Trends
Allstate
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