Allstate Reports Strong Q4 Earnings, Surpassing Expectations
NORTHBROOK, Ill. (AP) – Allstate Corp. (ALL) announced fourth-quarter net income of $1.93 billion, exceeding analysts' estimates. On a per-share basis, the company reported earnings of $7.07, while adjusted earnings were $7.67 per share.
Allstate's revenue reached $16.51 billion, with adjusted revenue of $16.71 billion. For the full year, the insurer recorded net income of $4.67 billion or $16.99 per share, a significant turnaround from the previous year's loss. Revenue for the year totaled $64.33 billion.
Allstate shares have seen a steady climb since the start of 2023, rising by over 1%. In the final minutes of trading on Wednesday, the stock hit $193.01, representing a gain of 23% over the past 12 months.
This financial performance is a testament to Allstate's strong operating fundamentals and disciplined underwriting strategy. The company continues to position itself for long-term growth and profitability.