Allstate Q3 profit rises YOY despite cat losses
Personal lines insurer The Allstate Corporation reported net income applicable to common shareholders of $637 million for the third quarter of 2017, up 29.7 percent compared to the same period of 2016.
The results included catastrophe losses of $861 million, up 79 percent year on year.
“Improved profitability in auto insurance reflects the profit improvement actions begun in 2015 and a significant broad-based decrease in the frequency of auto accidents,” said CEO Tom Wilson.
“Allstate brand homeowners insurance also generated strong profitability, with a recorded combined ratio of 90.7 for the first nine months of 2017, despite $1.6 billion of catastrophe losses,” he added.
Overall, the recorded combined ratio improved to 94.7 percent in the third quarter from 95.5 in the same period a year ago.
Total revenues grew 4.8 percent year on year to $9.66 billion in the third quarter of 2017.
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