(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||
Common Stock, par value $0.01 per share | ALL | New York Stock Exchange Chicago Stock Exchange | ||||||
Emerging growth company |
THE ALLSTATE CORPORATION | ||||||||
(Registrant) | ||||||||
By: | /s/ John C. Pintozzi | |||||||
Name: John C. Pintozzi | ||||||||
Title: Senior Vice President, Controller and Chief Accounting Officer |
The Allstate Corporation Consolidated Highlights | |||||||||||
Three months ended March 31, | |||||||||||
($ in millions, except per share data and ratios) | 2022 | 2021 | % / pts Change | ||||||||
Consolidated revenues | $12,337 | $12,451 | (0.9) | % | |||||||
Net income (loss) applicable to common shareholders | 630 | (1,408) | NM | ||||||||
per diluted common share | 2.24 | (4.60) | NM | ||||||||
Adjusted net income* | 726 | 1,871 | (61.2) | ||||||||
per diluted common share* | 2.58 | 6.11 | (57.8) | ||||||||
Return on Allstate common shareholders’ equity (trailing twelve months) | |||||||||||
Net income applicable to common shareholders | 15.4 | % | 15.1 | % | 0.3 | ||||||
Adjusted net income* | 12.8 | % | 23.2 | % | (10.4) | ||||||
Common shares outstanding (in millions) | 275.7 | 300.1 | (8.1) | ||||||||
Book value per common share | 75.95 | 81.08 | (6.3) | ||||||||
Property-Liability combined ratio | |||||||||||
Recorded | 97.3 | 83.3 | 14.0 | ||||||||
Underlying combined ratio* | 90.9 | 77.1 | 13.8 | ||||||||
Property and casualty insurance premiums earned | 10,981 | 10,307 | 6.5 | ||||||||
Catastrophe losses | 462 | 590 | (21.7) | ||||||||
Total policies in force (in thousands) | 190,309 | 182,912 | 4.0 |
Property-Liability Results | |||||||||||
Three months ended March 31, | |||||||||||
($ in millions, except ratios) | 2022 | 2021 | % / pts Change | ||||||||
Premiums earned | $ | 10,498 | $ | 9,896 | 6.1 | % | |||||
Allstate Brand | 9,011 | 8,681 | 3.8 | ||||||||
National General | 1,487 | 1,215 | 22.4 | ||||||||
Underwriting income | 280 | 1,657 | (83.1) | ||||||||
Allstate Brand | 251 | 1,515 | (83.4) | ||||||||
National General | 29 | 138 | (79.0) | ||||||||
Recorded combined ratio | 97.3 | 83.3 | 14.0 | ||||||||
Allstate Protection auto | 102.1 | 80.5 | 21.6 | ||||||||
Allstate Protection homeowners | 84.2 | 88.8 | (4.6) | ||||||||
Underlying combined ratio* | 90.9 | 77.1 | 13.8 | ||||||||
Allstate Protection auto | 98.8 | 80.1 | 18.7 | ||||||||
Allstate Protection homeowners | 69.0 | 67.7 | 1.3 | ||||||||
Protection Services Results | |||||||||||
Three months ended March 31, | |||||||||||
($ in millions) | 2022 | 2021 | % / $ Change | ||||||||
Total revenues (1) | $ | 627 | $ | 552 | 13.6 | % | |||||
Allstate Protection Plans | 329 | 275 | 19.6 | ||||||||
Allstate Dealer Services | 135 | 123 | 9.8 | ||||||||
Allstate Roadside | 65 | 59 | 10.2 | ||||||||
Arity | 62 | 64 | (3.1) | ||||||||
Allstate Identity Protection | 36 | 31 | 16.1 | ||||||||
Adjusted net income (loss) | $ | 53 | $ | 49 | $ | 4 | |||||
Allstate Protection Plans | 43 | 45 | (2) | ||||||||
Allstate Dealer Services | 9 | 8 | 1 | ||||||||
Allstate Roadside | 2 | 4 | (2) | ||||||||
Arity | (1) | 2 | (3) | ||||||||
Allstate Identity Protection | — | (10) | 10 |
Allstate Health and Benefits Results | |||||||||||
Three months ended March 31, | |||||||||||
($ in millions) | 2022 | 2021 | % Change | ||||||||
Premiums and contract charges | $ | 469 | $ | 455 | 3.1 | % | |||||
Employer voluntary benefits | 266 | 263 | 1.1 | ||||||||
Group health | 94 | 83 | 13.3 | ||||||||
Individual health | 109 | 109 | — | ||||||||
Adjusted net income | 53 | 65 | (18.5) |
Allstate Investment Results | |||||||||||
Three months ended March 31, | |||||||||||
($ in millions, except ratios) | 2022 | 2021 | $ / pts Change | ||||||||
Net investment income | $ | 594 | $ | 708 | $ | (114) | |||||
Market-based investment income (1) | 323 | 354 | (31) | ||||||||
Performance-based investment income (1) | 306 | 378 | (72) | ||||||||
Net gains (losses) on investments and derivatives | (267) | 426 | (693) | ||||||||
Change in unrealized net capital gains and losses, pre-tax | (2,038) | (1,374) | (664) | ||||||||
Total return on investment portfolio | (2.8) | % | (0.2) | % | (2.6) | ||||||
Total return on investment portfolio (trailing twelve months) | 1.8 | % | 8.8 | % | (7.0) |
THE ALLSTATE CORPORATION AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) | |||||||||||
($ in millions, except par value data) | March 31, 2022 | December 31, 2021 | |||||||||
Assets | |||||||||||
Investments | |||||||||||
Fixed income securities, at fair value (amortized cost, net $42,027 and $41,376) | $ | 40,745 | $ | 42,136 | |||||||
Equity securities, at fair value (cost $4,453 and $6,016) | 5,315 | 7,061 | |||||||||
Mortgage loans, net | 855 | 821 | |||||||||
Limited partnership interests | 7,977 | 8,018 | |||||||||
Short-term, at fair value (amortized cost $4,345 and $4,009) | 4,344 | 4,009 | |||||||||
Other investments, net | 2,532 | 2,656 | |||||||||
Total investments | 61,768 | 64,701 | |||||||||
Cash | 1,130 | 763 | |||||||||
Premium installment receivables, net | 8,874 | 8,364 | |||||||||
Deferred policy acquisition costs | 4,824 | 4,722 | |||||||||
Reinsurance and indemnification recoverables, net | 9,691 | 10,024 | |||||||||
Accrued investment income | 341 | 339 | |||||||||
Property and equipment, net | 966 | 939 | |||||||||
Goodwill | 3,497 | 3,502 | |||||||||
Other assets, net | 6,059 | 6,086 | |||||||||
Total assets | $ | 97,150 | $ | 99,440 | |||||||
Liabilities | |||||||||||
Reserve for property and casualty insurance claims and claims expense | $ | 32,991 | $ | 33,060 | |||||||
Reserve for future policy benefits | 1,274 | 1,273 | |||||||||
Contractholder funds | 907 | 908 | |||||||||
Unearned premiums | 20,248 | 19,844 | |||||||||
Claim payments outstanding | 1,140 | 1,123 | |||||||||
Deferred income taxes | 402 | 833 | |||||||||
Other liabilities and accrued expenses | 9,077 | 9,296 | |||||||||
Long-term debt | 7,973 | 7,976 | |||||||||
Total liabilities | 74,012 | 74,313 | |||||||||
Equity | |||||||||||
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 81.0 thousand shares issued and outstanding, $2,025 aggregate liquidation preference | 1,970 | 1,970 | |||||||||
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 276 million and 281 million shares outstanding | 9 | 9 | |||||||||
Additional capital paid-in | 3,706 | 3,722 | |||||||||
Retained income | 53,688 | 53,294 | |||||||||
Treasury stock, at cost (624 million and 619 million shares) | (35,208) | (34,471) | |||||||||
Accumulated other comprehensive income: | |||||||||||
Unrealized net capital gains and losses | (995) | 598 | |||||||||
Unrealized foreign currency translation adjustments | (15) | (15) | |||||||||
Unamortized pension and other postretirement prior service credit | 57 | 72 | |||||||||
Total accumulated other comprehensive income | (953) | 655 | |||||||||
Total Allstate shareholders’ equity | 23,212 | 25,179 | |||||||||
Noncontrolling interest | (74) | (52) | |||||||||
Total equity | 23,138 | 25,127 | |||||||||
Total liabilities and equity | $ | 97,150 | $ | 99,440 |
THE ALLSTATE CORPORATION AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||
($ in millions, except per share data) | Three months ended March 31, | ||||||||||
2022 | 2021 | ||||||||||
Revenues | |||||||||||
Property and casualty insurance premiums | $ | 10,981 | $ | 10,307 | |||||||
Accident and health insurance premiums and contract charges | 469 | 455 | |||||||||
Other revenue | 560 | 555 | |||||||||
Net investment income | 594 | 708 | |||||||||
Net gains (losses) on investments and derivatives | (267) | 426 | |||||||||
Total revenues | 12,337 | 12,451 | |||||||||
Costs and expenses | |||||||||||
Property and casualty insurance claims and claims expense | 7,822 | 6,043 | |||||||||
Accident, health and other policy benefits | 269 | 242 | |||||||||
Amortization of deferred policy acquisition costs | 1,612 | 1,523 | |||||||||
Operating costs and expenses | 1,902 | 1,731 | |||||||||
Pension and other postretirement remeasurement (gains) losses | (247) | (310) | |||||||||
Restructuring and related charges | 12 | 51 | |||||||||
Amortization of purchased intangibles | 87 | 53 | |||||||||
Interest expense | 83 | 86 | |||||||||
Total costs and expenses | 11,540 | 9,419 | |||||||||
Income from operations before income tax expense | 797 | 3,032 | |||||||||
Income tax expense | 151 | 626 | |||||||||
Net income from continuing operations | 646 | 2,406 | |||||||||
Income (loss) from discontinued operations, net of tax | — | (3,793) | |||||||||
Net income (loss) | 646 | (1,387) | |||||||||
Less: Net loss attributable to noncontrolling interest | (10) | (6) | |||||||||
Net income (loss) attributable to Allstate | 656 | (1,381) | |||||||||
Less: Preferred stock dividends | 26 | 27 | |||||||||
Net income (loss) applicable to common shareholders | $ | 630 | $ | (1,408) | |||||||
Earnings per common share applicable to common shareholders | |||||||||||
Basic | |||||||||||
Continuing operations | $ | 2.27 | $ | 7.88 | |||||||
Discontinued operations | — | (12.53) | |||||||||
Total | $ | 2.27 | $ | (4.65) | |||||||
Diluted | |||||||||||
Continuing operations | $ | 2.24 | $ | 7.78 | |||||||
Discontinued operations | — | (12.38) | |||||||||
Total | $ | 2.24 | $ | (4.60) | |||||||
Weighted average common shares – Basic | 278.1 | 302.5 | |||||||||
Weighted average common shares – Diluted | 281.8 | 306.4 |
($ in millions, except per share data) | Three months ended March 31, | ||||||||||||||||||||||
Consolidated | Per diluted common share | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income (loss) applicable to common shareholders | $ | 630 | $ | (1,408) | $ | 2.24 | $ | (4.60) | |||||||||||||||
Net (gains) losses on investments and derivatives | 267 | (426) | 0.95 | (1.39) | |||||||||||||||||||
Pension and other postretirement remeasurement (gains) losses | (247) | (310) | (0.88) | (1.01) | |||||||||||||||||||
Reclassification of periodic settlements and accruals on non-hedge derivative instruments | — | 1 | — | — | |||||||||||||||||||
Business combination expenses and the amortization of purchased intangibles | 87 | 75 | 0.31 | 0.25 | |||||||||||||||||||
Loss on disposition of operations | 16 | — | 0.06 | — | |||||||||||||||||||
(Income) loss from discontinued operations | — | 4,163 | — | 13.59 | |||||||||||||||||||
Income tax expense (benefit) | (27) | (224) | (0.10) | (0.73) | |||||||||||||||||||
Adjusted net income * | $ | 726 | $ | 1,871 | $ | 2.58 | $ | 6.11 | |||||||||||||||
($ in millions) | For the twelve months ended March 31, | ||||||||||
2022 | 2021 | ||||||||||
Return on Allstate common shareholders’ equity | |||||||||||
Numerator: | |||||||||||
Net income applicable to common shareholders | $ | 3,523 | $ | 3,540 | |||||||
Denominator: | |||||||||||
Beginning Allstate common shareholders’ equity | $ | 24,649 | $ | 22,203 | |||||||
Ending Allstate common shareholders’ equity (1) | 21,242 | 24,649 | |||||||||
Average Allstate common shareholders’ equity | $ | 22,946 | $ | 23,426 | |||||||
Return on Allstate common shareholders’ equity | 15.4 | % | 15.1 | % |
($ in millions) | For the twelve months ended March 31, | ||||||||||
2022 | 2021 | ||||||||||
Adjusted net income return on Allstate common shareholders’ equity | |||||||||||
Numerator: | |||||||||||
Adjusted net income * | $ | 2,888 | $ | 5,179 | |||||||
Denominator: | |||||||||||
Beginning Allstate common shareholders’ equity | $ | 24,649 | $ | 22,203 | |||||||
Less: Unrealized net capital gains and losses | 1,680 | 530 | |||||||||
Adjusted beginning Allstate common shareholders’ equity | 22,969 | 21,673 | |||||||||
Ending Allstate common shareholders’ equity (1) | 21,242 | 24,649 | |||||||||
Less: Unrealized net capital gains and losses | (995) | 1,680 | |||||||||
Adjusted ending Allstate common shareholders’ equity | 22,237 | 22,969 | |||||||||
Average adjusted Allstate common shareholders’ equity | $ | 22,603 | $ | 22,321 | |||||||
Adjusted net income return on Allstate common shareholders’ equity * | 12.8 | % | 23.2 | % |
Property-Liability | Three months ended March 31, | ||||||||||
2022 | 2021 | ||||||||||
Combined ratio | 97.3 | 83.3 | |||||||||
Effect of catastrophe losses | (4.4) | (6.0) | |||||||||
Effect of prior year non-catastrophe reserve reestimates | (1.5) | (0.1) | |||||||||
Effect of amortization of purchased intangibles | (0.5) | (0.1) | |||||||||
Underlying combined ratio* | 90.9 | 77.1 | |||||||||
Effect of prior year catastrophe reserve reestimates | (0.1) | (2.5) |
Allstate Protection - Auto Insurance | Three months ended March 31, | ||||||||||
2022 | 2021 | ||||||||||
Combined ratio | 102.1 | 80.5 | |||||||||
Effect of catastrophe losses | (0.6) | (0.4) | |||||||||
Effect of prior year non-catastrophe reserve reestimates | (2.1) | 0.2 | |||||||||
Effect of amortization of purchased intangibles | (0.6) | (0.2) | |||||||||
Underlying combined ratio* | 98.8 | 80.1 | |||||||||
Effect of prior year catastrophe reserve reestimates | (0.1) | (0.3) |
Allstate Protection - Homeowners Insurance | Three months ended March 31, | ||||||||||
2022 | 2021 | ||||||||||
Combined ratio | 84.2 | 88.8 | |||||||||
Effect of catastrophe losses | (14.8) | (20.7) | |||||||||
Effect of prior year non-catastrophe reserve reestimates | 0.1 | (0.2) | |||||||||
Effect of amortization of purchased intangibles | (0.5) | (0.2) | |||||||||
Underlying combined ratio* | 69.0 | 67.7 | |||||||||
Effect of prior year catastrophe reserve reestimates | (0.3) | (8.7) |
Property-Liability | Three months ended March 31, | ||||||||||
2022 | 2021 | ||||||||||
Expense ratio | 24.0 | 23.2 | |||||||||
Effect of amortization of purchased intangibles | (0.5) | (0.1) | |||||||||
Underlying expense ratio* | 23.5 | 23.1 |
Property-Liability | Three months ended March 31, | ||||||||||
2022 | 2021 | ||||||||||
Underlying expense ratio* | 23.5 | 23.1 | |||||||||
Effect of advertising expense | (3.3) | (3.2) | |||||||||
Effect of restructuring and related charges | (0.1) | (0.3) | |||||||||
Adjusted underwriting expense ratio* | 20.1 | 19.6 | |||||||||
Claims expense ratio excluding catastrophe expense | 5.9 | 5.6 | |||||||||
Adjusted expense ratio* | 26.0 | 25.2 |
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