The following is a summary of the The Allstate Corporation (ALL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Allstate reported net income of $1.2 billion and revenues of $15.3 billion for Q1 2024.

• A 10.9% increase in Property-Liability earned premium was recorded, primarily due to rate increases in auto and homeowners insurance.

• The company's net investment income was up by 33%, resulting from repositioning into longer durations and higher fixed income yields.

• Underwriting income stood at $89 million with a combined ratio of 93%.

• Adjusted net income reached $1.4 billion, translating into $5.13 per diluted share.

Business Progress:

• Allstate focused on improving auto profitability and policies under the Allstate brand in Q1.

• They made substantial progress with National General, an acquired non-standard insurance company, and see potential for further growth.

• Plans for a shift towards auto insurance business growth and sale of the Health and Benefits business were announced with the aim of driving more shareholder value.

• Initiatives to expand protection services and the reorganization into local-market-focused go-to-market teams were implemented to drive local opportunities.

• They anticipate significant growth in the direct channel as strategies continue to adapt to meet the demands of direct-to-consumer customers.

More details: Allstate IR

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