The Allstate Corporation concluded 2024 with strong financial and strategic performance, reporting fourth-quarter revenues of $16.506 billion, an 11.3% increase over the prior year. Net income for the quarter reached $1.899 billion, or $7.07 per diluted share, marking a 30.1% increase. Adjusted net income was $2.062 billion, or $7.67 per diluted share, exceeding analyst expectations and demonstrating solid profitability in auto and homeowners insurance, as well as Protection Services.
For the full year 2024, consolidated revenues grew by 12.3% to $64.106 billion. Net income for the year was $4.550 billion, or $16.99 per diluted share, a significant turnaround from a loss in the prior year. Adjusted net income for the full year stood at $4.906 billion, or $18.32 per diluted share, resulting in an adjusted net income return on equity of 26.8%. Investment income increased to $3.1 billion, up 24.8% from 2023, driven by repositioning into higher-yielding fixed income securities and portfolio growth.
The Property-Liability segment achieved a recorded combined ratio of 86.9 in Q4, an improvement of 2.6 points, and an underlying combined ratio of 83.0, down 3.9 points. For the full year, the Property-Liability combined ratio was 94.3, a 10.2-point improvement. Homeowners insurance generated $1.3 billion of underwriting income for the year, effectively managing $3.7 billion of catastrophe losses. Catastrophe losses for Q4 were $410 million, bringing the full-year total to $4.964 billion.
Allstate anticipates January California wildfires to result in approximately $1.1 billion pre-tax net losses, mitigated by reduced market share and a comprehensive reinsurance program. The Protection Plans segment saw revenues of nearly $2.0 billion for the year, increasing policies in force by 60% since 2019 to 160 million. The company also highlighted the successful divestiture of its Employer Voluntary Benefits and Group Health businesses for a combined $3.25 billion, strategically reallocating capital for growth.
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