The Allstate Corporation released its financial results for the fourth quarter of 2024, reporting consolidated revenues of $16.51 billion, an 11.3% increase from $14.83 billion in the same period in 2023. For the full year, consolidated revenues reached $64.11 billion, up 12.3% from $57.09 billion in 2023.
Net income applicable to common shareholders for the fourth quarter was $1.9 billion, a 30.1% increase from $1.46 billion in the prior-year quarter. Earnings per diluted common share for the period rose 28.1% to $7.07, compared to $5.52 in the fourth quarter of 2023.
Adjusted net income for the quarter was $2.06 billion, up 33.8% from $1.54 billion a year earlier. On a per-share basis, adjusted net income increased 31.8% to $7.67 from $5.82.
For the full year, net income applicable to common shareholders was $4.55 billion, compared to a loss of $316 million in 2023. Earnings per diluted common share were $16.99, up from a loss of $1.20 in the prior year.
Adjusted net income for 2024 was $4.91 billion, a significant increase from $251 million in 2023. Adjusted net income per diluted common share for the year rose to $18.32 from $0.95.
Allstate also revealed that the return to the company’s common shareholders’ equity for the trailing 12 months was 25.8%, compared to negative 2% in 2023. Adjusted return on equity was 26.8%, up from 1.5% in the previous year. Book value per common share increased 21.8% year-over-year to $72.35 from $59.39.
Total consolidated premiums written for the fourth quarter were $15.06 billion, an 8.8% increase from $13.84 billion in the same period in 2023. For the full year, premiums written totaled $60.64 billion, up 10.6% from $54.86 billion in 2023.
Property-liability insurance premiums earned for the fourth quarter rose 10.6% to $13.93 billion from $12.60 billion a year earlier. For the full year, earned premiums reached $53.87 billion, an 11.2% increase from $48.43 billion in 2023.
The recorded property-liability combined ratio improved to 86.9 in the fourth quarter, down 2.6 points from 89.5 in the prior-year quarter. The full-year combined ratio was 94.3, a 10.2-point improvement from 104.5 in 2023.
The underlying combined ratio, which excludes catastrophe losses and prior-year reserve changes, was 83.0 for the fourth quarter, down 3.9 points from 86.9 in the same period in 2023. For the full year, the underlying combined ratio improved to 84.6 from 91.2 in 2023, a decrease of 6.6 points.
Catastrophe losses for the fourth quarter were $410 million, compared to $68 million in the prior-year period. Full-year catastrophe losses totaled $4.96 billion, an 11.9% decline from $5.64 billion in 2023.
Total policies in force increased 7.2% year-over-year, reaching approximately 208.35 million at the end of 2024, up from 194.42 million at the end of 2023.
CEO Tom Wilson (pictured above) said that despite the related losses and impacts from the California wildfires, the company managed to support its customers who were affected.
“Allstate finished 2024 with another excellent quarter both financially and strategically,” Wilson said. “Allstate has a stronger competitive position, broader distribution and significantly larger customer base since undertaking Transformative Growth five years ago.”
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