The Allstate Corporation reported consolidated revenues of $16.627 billion for the third quarter of 2024, an increase of 14.7% from the prior year. Net income applicable to common shareholders was $1.161 billion, a significant improvement from a $41 million loss in the prior year quarter.
Adjusted net income reached $1.048 billion, or $3.91 per diluted common share. The Property-Liability segment generated an underwriting income of $495 million, reversing a $414 million loss from the previous year, with auto insurance contributing $486 million in underwriting income.
Despite $1.2 billion in catastrophe losses, which were 40% higher than the prior year quarter, the homeowners insurance business achieved an underwriting profit. Allstate Protection auto insurance new business sales increased by 26%, though retention losses led to a decline in auto policies in force. Homeowners policies in force grew by 2.5%.
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