Allstate reports revenue increase for third quarter

NORTHBROOK - The Allstate Corp. reported total revenues of $11.5 billion in the third quarter increased 3.9% compared to the prior year quarter.

The increase reflects net realized capital gains of $440 million and a 1.9% increase in property-liability insurance premiums earned. Partially offsetting this was a $48 million reduction in net investment income due to lower fixed income yields, the company said.

Net income applicable to common shareholders was $1.13 billion, or $3.58 per diluted share, in the third quarter compared to net income of $889 million, or $2.67 per diluted share, in the third quarter of 2019, primarily due to higher auto insurance underwriting income and net realized capital gains. These favorable impacts were partially offset by higher catastrophe losses and lower life and annuity income in connection with an annual review of actuarial assumptions, Allstate said.

"Allstate delivered excellent returns while adapting to the pandemic and executing our strategy," said Tom Wilson, chair, president and CEO of Allstate. "We continue to operate virtually, including settlement of most claims, to better serve customers."

Total policies in force increased 27% over the last 12 months, reflecting strong growth of Allstate Protection Plans and modest growth in Property-Liability policies, he said.