Allstate reports $5 billion in profit for 2020

NORTHBROOK - Allstate Corp. reported profit of $5.58 billion in fiscal year 2020, or $17.31 per share. Revenue was reported as $43.44 billion.

The insurer also reported financial results for the fourth quarter, saying it made a profit of $2.62 billion. On a per-share basis, the Northbrook-based company said it had net income of $8.45. Earnings, adjusted for nonrecurring gains, came to $5.87 per share.

The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $3.82 per share.

The insurer posted revenue of $12.02 billion in the period. Its adjusted revenue was $11.34 billion.

"Amidst the 2020 pandemic, Allstate served customers well, made progress in building higher growth business models and generated excellent returns for shareholders," said Tom Wilson, chair, president and CEO of Allstate. "Customers received excellent service, reductions in premiums and greater access to a broad range of protection."

Policies in force increased 21% to 176 million and personal property-liability policies in force remained at 34 million, he said.