NORTHBROOK, Ill., April 20, 2023 – The Allstate Corporation (NYSE: ALL) today announced a catastrophic loss for the month of March of $1.17 billion or $927 million, after tax.
The catastrophic loss of the March event was estimated at $1.26 billion, related to 10 events, about 75% of the loss related to the three wind events, which was partially offset by the reasonable estimate of the storage of previous events. The net loss for the first quarter totaled $1.69 billion, before tax.
In March, the Allstate brand increased traffic by 7.6% at 10 locations, bringing the brand’s overall improvement to 0.5%.
“Allstate has continued to leverage its large auto insurance portfolio as part of our profitable growth plan. Year-to-date, Allstate-branded auto insurance sales have increased 1.7%, which is expected to increase annual written revenue by approximately $454 million,” said Jess Merten, Chief Financial Officer. Officer of The Allstate Corporation. “Additionally, the California Department of Insurance recently approved a recent 6.9% rate increase for Allstate brand insurance, which we expect to put in place in April and take effect in June 2023.” Our auto show results are posted on allstateinvestors.com.
Unauthorized estimates for prior years, including catastrophes, totaled $27 million in the first quarter and $23 million due to commercial insurance, primarily related to the business being liquidated. Starting next quarter, we will only disclose the average performance of the past few months, excluding disasters, if found.
Financial information, including announcements about The Allstate Corporation, is posted regularly at www.allstateinvestors.com.
This article contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are uncertain. These forward-looking statements are made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not necessarily historical or current and may be identified by the use of words such as “plans,” “intends,” “expects,” “will,” “should.” ,” “expects,” “estimates,” “intends,” “believes,” “may,” “intends” and other words with similar meanings. We believe these words are based on reasonable estimates, assumptions and plans. However, as estimates, assumptions or plans underlying forward-looking statements prove to be incorrect or if certain risks or uncertainties arise, actual results could differ materially from those expressed in these forward-looking statements. Factors that could cause actual results to differ from those expressed, or implied, expectations, can be found in our filings with the US Securities and Exchange Commission, including the “Risk Factors” section of our most recent annual report. on Form 10-K. Forward-looking statements are made as of the date they are made, and we assume no obligation to update or revise any forward-looking statements.
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