2023-05-03 18:03:50 ET
Allstate's ( NYSE: ALL ) first-quarter adjusted loss per share improved slightly from the prior quarter but still fell short of the average analyst estimate as the insurer's combined ratio stayed at high levels.
Q1 adjusted EPS of -$1.31, vs. -$1.01 consensus, compared with -$1.36 in the previous quarter and $2.25 a year before. Revenue of $13.79B, though, exceeded the $13.68B consensus and rose from $13.65B in Q4 2022 and from $12.34B in the quarter ended March 31, 2022.
ALL drifted down 0.7% in after-hours trading.
The company's combined ratio inched down to 108.6 from 109.1 in Q4 2022 but jumped from 97.3 a year ago.
Total catastrophe losses increased to $1.69B from $779M in Q4 2022 and from $462M in Q1 2022.
Net investment income was $575M compared with $557M in the prior quarter and $594M a year earlier.
Conference call on May 4 at 9:00 a.m. ET.
More on Allstate
-
Allstate Non-GAAP EPS of -$1.30 misses by $0.29, revenue of $13.79B beats by $110M.
-
Allstate announces March catastrophe losses, implements auto rates
-
Allstate 8% Yielding Debentures: Higher For Longer Vs. A Fed Pivot
For further details see:
Allstate Q1 loss per share improves but wider than consensus