Tag: Allstate

Allstate Q2 report shows a strong 49 percent increase in profit

Logan B.
Allstate Q2 - person holding money

Despite the impact of the pandemic, the insurance giant reported a $1.2 billion net income. The Allstate Q2 earnings report has revealed that the company brought in a net income of $1.2 billion and saw a 49 percent increase in profits over the second quarter of 2019. The insurer saw a $904 million underwriting income, which is a 146 percent year over year rise. The 146 percent increase in the Allstate Q2 underwriting income brought the company’s income from last year’s second quarter at $537 million to $904 million this…

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National General to be acquired by Allstate for $4 billion

Logan B.
National General - Business Deal

The insurance giant is making the purchase to expand its auto reach and independent agent business. Insurance giant Allstate Corp announced this week that it will purchase National General Holdings Corp for about $4 billion. This will be a cash purchase, boosting the insurer’s auto insurance business just as the pandemic crisis has made that sector highly profitable. Auto insurance claims are way down due to the smaller amount of traffic on the roads. National General shareholders will be compensated with $32 per share in cash. They will also receive…

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Allstate faces “thousands” of insurance job layoffs for its staff

Marc
Insurance job layoffs - layoffs from COVID-19 - newspaper article

The insurer intends to let thousands of people go in an effort to reduce its costs, say reports. Allstate Corporation plans to use thousands of insurance job layoffs to try to cut costs, say several reports. The news came directly from the insurer’s CEO who discussed it in a recent video conference call. Allstate CEO Tom Wilson held a video conference call with his senior team leaders. In that call, he talked about the fact that thousands of insurance job layoffs were on their way. These “thousands of jobs” would…

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Another Allstate auto insurance rebate is likely to be issued to policyholders

H. Cutner
Auto insurance rebate Truck parked in driveway

The insurer is moving to provide drivers with further relief as the pandemic continues to slash miles. The Allstate Corp insurer will likely issue another auto insurance rebate to its policyholders as a result of decreased driving habits throughout the pandemic, said the company’s CEO Tom Wilson. This additional reduction will be meant as a reflection of the ongoing driving reduction in certain areas. Allstate announced its first auto insurance rebate wave on April 6. At that time, it was returning over $600 million in premiums to its policyholders. The…

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Leo Burnett creative agency and Allstate part ways after sixty years

Marc
Leo Burnett and Allstate Part Ways

The insurance company is moving ahead with Droga5 from Accenture Interactive. Technically speaking, Allstate insurance moved away from Leo Burnett and toward Accenture Interactive’s Droga5 as its creative agency several months ago, but the businesses have now officially ceased working together. At first, the door was left open for the continued handling of projects, but that has now ended. When Allstate insurance first started looking elsewhere, it had left the door open to Leo Burnett to continue handling projects. However, the insurer has now chosen Droga5 and the door is…

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