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Allstate Reports Strong Q2 Financial Results Amidst Legal Challenges

August 2, 2024August 1, 2024 John B.

The Allstate Corporation has reported robust financial results for the second quarter of 2024, showcasing significant improvements across various performance metrics. However, the positive financial news is clouded by recent legal issues involving its subsidiary, National General, and a substantial rate increase request in California. Impressive Q2 Financial Performance Allstate’s total revenues for Q2 2024 reached $15.7 billion, marking a $1.7 billion increase from the previous year. This growth was primarily driven by an uptick in property-liability earned premiums. The company posted a net income of $301 million attributable to…

Allstate insurance company announced $307 million in catastrophe losses in January

February 21, 2023February 17, 2023 H. Cutner

The US primary insurer said that most of the losses were associated with nine events. The Allstate Corporation insurance company recently announced that its January 2023 pre-tax catastrophe losses were $307 million ($243 million after tax). The nine events that caused the majority of the January 2023 losses were mainly in Texas and California. According to a news release issued by the insurance company, part of the losses it experienced in January 2023 were offset by favorable reserve estimates for prior events. “Allstate continued to implement significant auto insurance rate…