The Allstate Corporation reported consolidated revenues of $16.452 billion for the first quarter of 2025, an increase of 7.8% over the prior year. However, net income applicable to common shareholders decreased 52.4% to $566 million, primarily due to elevated catastrophe losses.
Adjusted net income for the quarter was $949 million, or $3.53 per diluted share, down 30.6% from the prior year. The Property-Liability segment's underwriting income decreased 59.9% to $360 million, largely impacted by these losses.
Catastrophe losses surged to a record $2.202 billion net of $1.1 billion in reinsurance recoveries, from gross losses of $3.3 billion. Despite this, auto insurance underwriting income increased 132.5% to $816 million, with premiums written up 5.2%. Homeowners insurance recorded an underwriting loss of $451 million due to catastrophe impact, while Protection Services revenues grew 14.2% to $860 million.
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