The financial results for the second quarter of 2024 have been announced by The Allstate Corporation, showcasing various key performance indicators. With total revenues reaching $15.7 billion for the quarter, there was a $1.7 billion increase from the previous year, primarily boosted by higher property-liability earned premiums. The company reported a net income of $301 million for common shareholders, a significant improvement from a net loss of $1.4 billion in the same quarter of the prior year.
Adjusted net income stood at $429 million, equivalent to $1.61 per diluted share, contrasting with an adjusted net loss of $1.2 billion in the preceding year.
Property-liability earned premiums increased by 11.9% to $13.3 billion, mainly due to higher average premiums resulting from rate increases.The underwriting loss for the quarter decreased to $145 million, showing an improvement of $1.9 billion from the previous year's $2.1 billion loss.
Premiums written saw a 13.1% increase, with the Allstate brand experiencing a 10.0% rise and National General recording a 29.1% increase. The property-liability combined ratio was 101.1 for the quarter and 97.1 for the first half of 2024. The underlying combined ratio improved to 85.3, marking a 7.6-point enhancement from the previous year. In the auto insurance segment, The Allstate protection reported a combined ratio of 95.9, a decrease of 12.4 points from the previous year. The Allstate brand auto insurance recorded a combined ratio of 96.9, down by 11.2 points, largely due to higher average earned premiums.
National General auto insurance reported a combined ratio of 91.9, a decrease of 17.9 points, reflecting improved results and favorable reserve re-estimates. For homeowners insurance, rate increases were implemented by both the Allstate brand and National General, resulting in an improvement in their combined ratio. Catastrophe losses for the quarter also reduced significantly. Tom Wilson, chair, president, and CEO of The Allstate Corporation, commended the company's performance, noting the successful execution of the profit improvement plan. He emphasized the strategy of providing affordable, simple, and connected protection as a key driver of policy growth.
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