Q1 2025 Allstate Corp Earnings Call Transcript
Key Points
- Allstate Corp (ALL) reported a 7.8% increase in revenues for the first quarter, reaching $16.5 billion.
- The company achieved a net income of $566 million and an adjusted net income of $949 million, translating to $3.53 per diluted share.
- Allstate Corp (ALL) has implemented a $1.5 billion share repurchase program and increased its quarterly dividend to $1 per share.
- The company has made significant progress in its transformative growth strategy, with new Allstate branded auto insurance available in 36 states.
- Allstate Corp (ALL) has a well-diversified investment portfolio, which has been designed for resiliency in varying market conditions.
- The Property-Liability business experienced a combined ratio of 97.4%, which was 4.4 points higher than the prior year quarter due to $3.3 billion in gross catastrophe losses.
- Retention rates have been a challenge, with the company focusing on improving customer interactions and affordability to address this issue.
- The company faced significant catastrophe losses from California wildfires and severe weather events, impacting underwriting income.
- There is uncertainty regarding the impact of tariffs on auto insurance costs, which could lead to increased severity and potential price adjustments.
- The competitive environment in the personal auto market remains rational, but there is pressure from competitors who are also focusing on growth.
Good day, and thank you for standing by. Welcome to Allstate's first-quarter earnings investor call. (Operator Instructions) As a reminder, please be aware that this call is being recorded.
And now I'd like to introduce your host for today's program, Allister Gobin, Head of Investor Relations. Please go ahead, sir.
Good morning, everyone. Welcome to Allstate's first-quarter 2025 earnings call. Yesterday, following the close of the market, we issued our news release and investor supplement, filed our 10-Q and posted related materials on our website at allstateinvestors.com. Today, our management team will share perspective on our strategy and how Allstate is creating shareholder value. And we will have a question-and-answer session.
As noted on the first slide of the presentation, our discussion will contain non-GAAP measures for which there are reconciliations in the news release and investor supplement and forward-looking statements about Allstate's operations. Allstate's results may
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