Allstate shares closed up 2.0% after its Q1 print, as results were generally constructive with revenue, investment income, and core profitability showing improvement. No major surprises emerged from the release or management commentary, and margins tracked in line with stated targets.
- Total revenue grew 3% year-over-year to $16.9 billion, with investment income up nearly 10% to $938 million.
- Property-liability combined ratio was 82%, with underlying combined at 80.3%, a 2.8 point improvement from last year.
- Net income reached $2.4 billion, while adjusted net income was $2.8 billion ($10.65 per diluted share).
- Policies in force increased by 2.5% overall, including a 2.3% rise in property-liability.
- Rate changes in auto insurance were implemented across 39 states in the quarter, with a net neutral impact, and market share gains were highlighted in both auto and homeowners.
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