NORTHBROOK, IL, January 18, 2024 – Allstate Corporation (NYSE: ALL) today releases fourth quarter catastrophe loss estimates, prior year reserve re-estimates, and performance ratios. Did.
Allstate’s estimated catastrophe losses were below the December 2023 reporting threshold of $150 million. Total catastrophe losses in the fourth quarter were $68 million before tax.
Reestimated prior year unfavorable provisions, excluding catastrophe, totaled $199 million in the fourth quarter, of which approximately $148 million related to personal motor vehicles and litigation claims costs. Also included.
During December, Allstate Brands implemented a 16.5% car rate increase in 15 locations. As a result, the total impact on brand premiums was 5.0%. That includes price increases approved by California, New York and New Jersey health departments in December. Jersey.
“Allstate continues to advance its comprehensive plan to improve profitability. In 2023, Allstate-branded auto insurance rate increases will impact premiums by 16.4%, an annualized Premiums are expected to increase by approximately $4.27 billion, with an 11.3% impact on premiums for Allstate-branded homeowners insurance. Jess Marten says: Our auto and homeowners insurance rates are available at www.allstateinvestors.com.
The company plans to file an updated report on Form 8-K with the Securities and Exchange Commission and release its quarterly results after market close on Wednesday, February 7th.
Financial information about Allstate Corporation, including important announcements, is posted periodically at www.allstateinvestors.com.
Forward-looking statements
This news release contains forward-looking statements that predict results based on the Company’s estimates, assumptions and plans that involve uncertainties. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by the use of terminology such as “plans,” “,” and similar words. “seek”, “expect”, “would”, “should”, “anticipate”, “estimate”, “intend”, “believe”, “likely”, “goal and ‘, and other words with similar meanings. The Company believes that these statements are based on reasonable estimates, assumptions and plans. However, if estimates, assumptions or plans underlying forward-looking statements prove inaccurate or are subject to other risks and uncertainties, actual results may differ from those forward-looking statements. They may differ materially from those conveyed in the forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include the “Risk Factors” section of our most recent annual report. This may be included in your submission to the committee. on Form 10-K. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statements.
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