Allstate Corporation (the) · NYSE:ALL
Allstate Corporation (the) — Q2 2024 Earnings Presentation
18 slides from Allstate Corporation (the)'s earnings presentation, Aug 1, 2024
Slide 1: The Allstate Corporation Second Quarter 2024 Earnings Presentation
The Allstate Corporation Second Quarter 2024 Earnings Presentation 08.01.2024
Slide 2: Forward-looking statements and non-GAAP financial information
Forward-looking statements and non-GAAP financial information This presentation contains forward-looking statements Additional information on factors that could cause results and information. This presentation also contains non- to differ materially from this presentation is available in the GAAP me
Slide 3: Allstate's Strategy To Create Shareholder Value
Allstate’s Strategy To Create Shareholder Value Increase Personal Property-Liability Market Share Second quarter 2024 highlights • Net income of $301 million in the second quarter o Successfully executing auto insurance profit improvement plan o National General profitably growing policies Leveragin
Slide 4: Strong Operational Execution Improved Underlying Results
Strong Operational Execution Improved Underlying Results Increased revenues reflects higher average Property-Liability earned premiums and net investment income Three months ended June 30, Six months ended June 30, ($ in millions, except per share data and ratios) 2024 2023 Change 2024 2023 Change T
Slide 5: Property-Liability Improved Underlying Margin Offset by Elevated Catastrophes
Property-Liability Improved Underlying Margin Offset by Elevated Catastrophes Earned premium increase driven by higher auto and homeowners insurance rates, partially offset by a decline in total policies in force Property-Liability statistics Property-Liability combined ratio components ($ in millio
Slide 6: Auto Insurance Margins Improved
Auto Insurance Margins Improved Higher average premium outpacing increasing underlying loss costs and expense per policy Allstate Protection auto premium and underlying profitability trends Q2 2024 Var PY Annualized Avg. Premium: $1,445 13.5% Avg. Underlying Loss and Expense (1)*: $1,352 5.5% $1,500
Slide 7: Homeowners Insurance Impacted by Elevated Catastrophe Losses
Homeowners Insurance Impacted by Elevated Catastrophe Losses Includes catastrophe losses of $1.6 billion in Net written premium growth of 13.7% in the second the second quarter which are $573 million quarter primarily driven by higher average lower than prior year premiums and policies in force Alls
Slide 8: Transformative Growth Plan Being Implemented For Property-Liability Businesses
Transformative Growth Plan Being Implemented For Property-Liability Businesses Multi-year initiative to build a low-cost digital insurer with broad distribution Transformative Growth: Key outcomes: • Lowering cost structure to improve competitive price position • Adjusted expense ratio decrease of 6
Slide 9: Broadening Distribution To Increase Property-Liability Market Share
Broadening Distribution To Increase Property-Liability Market Share Expand Customer Access • An industry-leading, multi-channel distribution system, including Allstate exclusive agents, independent agents and direct via web or call centers • Enhancements in direct channel operations and the acquisit
Slide 10: The National General Acquisition Significantly Enhanced Ability To Serve Customers
The National General Acquisition Significantly Enhanced Ability To Serve Customers Purchase Price: $4.0 Billion Product Expansion Footprint Optimization Strategic Integrations Expanded non-standard auto Optimize agency footprint by expanding Integrating Allstate Independent insurance; ongoing rollou
Slide 11: Auto Policies In Force Below Prior Year, Reflecting Impact of Price Increases
Auto Policies In Force Below Prior Year, Reflecting Impact of Price Increases on Allstate Brand Auto Insurance Retention Policies in force below prior year due to Allstate brand profit improvement actions, partially offset by National General growth Allstate Protection auto new issued applications A
Slide 12: Protection Services Generated Strong Results Led by Allstate Protection Plans
Protection Services Generated Strong Results Led by Allstate Protection Plans Protection Plans revenues increased 21.1% compared to prior year, reflecting international growth Protection Services revenues(1) Protection Services results ($ in millions) ($ in millions) 753 773 Three months ended Six m
Slide 13: Protection Plans Profitably Growing through Broadened Product Offerings and Distribution
Protection Plans Profitably Growing through Broadened Product Offerings and Distribution Purchase Price: $1.4 Billion Revenue ($ in millions) Protection % variance to prior year Consumer electronics, computers/tablets, TVs and +20.1 1,802 mobile phones, major appliances and furniture 1,500 2023-Q2 1
Slide 14: Portfolio Actions Have Increased Investment Income and Generated Strong Returns
Portfolio Actions Have Increased Investment Income and Generated Strong Returns Portfolio repositioning into higher market yields Protected capital by reducing recession sensitive sustainably increased Market-based income assets, including public equity Net investment income Portfolio returns ($ in
Slide 15: Health and Benefits Businesses Generating Profitable Growth
Health and Benefits Businesses Generating Profitable Growth Adjusted net income was slightly above prior year primarily Revenue was 7.8% higher than prior year driven by due to higher group health and employee benefits income, growth in group and individual health partially offset by lower individua
Slide 16: Allstate's Strategy To Create Shareholder Value
Allstate’s Strategy To Create Shareholder Value Increase Personal Property-Liability Market Share Shareholder value creation • Improved auto and homeowners profitability • National General profitably growing policies in force Leveraging Allstate brand, • Accelerating Transformative Growth to custome
Slide 17: Slide 17
Slide 18: Forward-looking Statements
Forward-looking Statements This presentation contains “forward-looking statements” that anticipate o Business, Strategy and Operations (11) operations in markets that are results based on our estimates, assumptions and plans that are subject to highly competitive; (12) changing consumer preferences;
Allstate Corporation (The) — Q2 2024 Earnings Presentation on 6ix