Allstate Corp Stock Price, News & Analysis

The Allstate Corporation (NYSE: ALL) reported estimated catastrophe losses of $213 million pre-tax for May, equating to $168 million after-tax. Total catastrophe losses for April and May reached $598 million after-tax. May's losses involved seven events, primarily driven by two large hail occurrences in Texas, responsible for about 60% of the total losses. The release contains forward-looking statements that carry uncertainties and potential risks, which are detailed in the company's SEC filings.

SafeAuto has agreed to be acquired by Allstate Corporation through its subsidiary, National General. The strategic acquisition aims to enhance capabilities and distribution channels, leveraging National General's expertise in direct-to-consumer non-standard auto insurance. Co-founders Ari Deshe and Jon Diamond expressed confidence that this partnership will drive growth in the non-standard market. The transaction is anticipated to close by Q3 2021, pending regulatory approvals.

The Allstate Corporation (NYSE: ALL) has reached an agreement to acquire SafeAuto for a total of $300 million, consisting of $270 million in cash and $30 million in pre-close dividends. SafeAuto, based in Columbus, Ohio, will enhance National General’s direct-to-consumer non-standard auto insurance offerings across 28 states. This acquisition is projected to be immediately accretive to earnings and is expected to close by the end of Q3, pending regulatory approval. Allstate's integration strategy aims to lower costs and increase growth in providing affordable insurance solutions.

The Allstate Corporation (NYSE: ALL) has announced the approval of its quarterly dividends by the board of directors. A common stock dividend of 81 cents per share will be distributed to stockholders on July 1, 2021, with a record date of June 4, 2021. Additionally, approximately $26.3 million in dividends will be paid on three series of preferred stock, with payments scheduled for July 15, 2021, to stockholders of record on June 30, 2021. This reflects Allstate's financial strength and confidence in future earnings.

The Allstate Corporation (NYSE: ALL) reported estimated catastrophe losses of $544 million for April, translating to $430 million after-tax. These losses stem from five significant events, with a large hail event in Texas and Oklahoma contributing approximately 60% of the total losses. The announcement highlights the financial impact of these events on the company’s bottom line, emphasizing the need for investors to monitor future forecasts closely due to inherent uncertainties in the estimates.

The Allstate Corporation (NYSE: ALL) reported a Q1 2021 net loss of $1.4 billion, primarily due to $4 billion from divesting life and annuity businesses. However, adjusted net income rose 55.7% to $1.9 billion, reflecting strong operating performance and a 26.2% revenue increase to $12.5 billion. Property-liability premiums grew 13.7%, with 182,912 policies in force, up 20.6%. Despite a 179.6% rise in catastrophe losses to $590 million, the combined ratio improved to 83.3. Shareholder returns included $765 million through buybacks and dividends, with a 50% dividend increase announced.

The Allstate Corporation (NYSE: ALL) has filed a Form 8-K detailing its financial results for Q1 2021, concluding on March 31. The earnings release, investor supplement, and quarterly Form 10-Q can be accessed on the SEC website. Additionally, an update regarding reinsurance will be available on Allstate's investor site by 5 p.m. Eastern. A conference call to discuss Q1 results is scheduled for May 6 at 9:00 a.m. Eastern, with details available on Allstate’s investor website.

The Allstate Corporation (NYSE: ALL) reported estimated pre-tax catastrophe losses of $252 million for March, resulting in $54 million after-tax and expected reinsurance recoveries. These losses stemmed from six events, with a significant wind/hail event making up about 55% of the losses. Total first-quarter catastrophe losses reached $1.67 billion, mitigated by $1.08 billion in anticipated recoveries, leading to an estimated after-tax loss of $466 million.