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posted: 8/5/2021 2:48 PM

Allstate revenues grow 21% in quarter

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NORTHBROOK -- Allstate Corp. reported financial results for its 2021 fiscal year second quarter on Thursday, saying total revenues of $12.6 billion increased 21.6% compared to the prior year quarter.

The increase primarily reflects higher earned premiums from the acquisition of National General and increased net investment income, the insurer said. Higher revenues from Protection Services, driven by the continued expansion of Allstate Protection Plans, also contributed to revenue growth in the quarter.

"Allstate has performed exceptionally as the economy rebounds from the pandemic by focusing on execution, innovation and long-term value creation," said Tom Wilson, Allstate chair, president and CEO.

Adjusted net income of $1.1 billion, or $3.79 per diluted share, increased $333 million compared to the prior year quarter, Allstate said.

The company returned $807 million to shareholders through dividends and share repurchases in the quarter. A new $5 billion share repurchase program, which is expected to be completed by March 31, 2023, will be initiated in the third quarter upon completion of the prior $3 billion program, the company said.