ALLSTATE CORP
For the period ended Mar 31, 2024. Filed May 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 1, 2024
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Allstate Health and Benefits
Segment Results Allstate Health and Benefits
Allstate Health and Benefits Segment
| Summarized financial information | ||
|---|---|---|
| Three months ended March 31, | ||
| ($ in millions) | 2024 | 2023 |
| Revenues | ||
| Accident and health insurance premiums and contract charges | $478 | $463 |
| Other revenue | 134 | 101 |
| Net investment income | 23 | 19 |
| Costs and expenses | ||
| Accident, health and other policy benefits | (296) | (265) |
| Amortization of DAC | (42) | (41) |
| Operating costs and expenses | (225) | (203) |
| Restructuring and related charges | (1) | (4) |
| Income tax expense on operations | (15) | (14) |
| Adjusted net income | $56 | $56 |
| Benefit ratio (1) | 60.0 | 55.5 |
| Employer voluntary benefits (2) | 3,594 | 3,799 |
| Group health (3) | 146 | 127 |
| Individual health (4) | 453 | 413 |
| Policies in force as of March 31 (in thousands) | 4,193 | 4,339 |
(1)Benefit ratio is calculated as accident, health and other policy benefits less interest credited to contractholder funds of $9 million and $8 million for the three months ended March 31, 2024 and 2023, respectively, divided by premiums and contract charges.
(2)Employer voluntary benefits include supplemental life and health products offered through workplace enrollment.
(3)Group health includes health products and administrative services sold to employers.
(4)Individual health includes short-term medical and other health products sold directly to individuals.
Adjusted net income in the first quarter of 2024 was comparable to the first quarter of 2023 due to an increase in individual health, offset by a decline in employer voluntary benefits.
Premiums and contract charges increased 3.2% or $15 million in the first quarter of 2024 compared to the first quarter of 2023, primarily due to growth in group health and individual health, partially offset by a decline in employer voluntary benefits.
| Premiums and contract charges by line of business | ||
|---|---|---|
| Three months ended March 31, | ||
| ($ in millions) | 2024 | 2023 |
| Employer voluntary benefits | $248 | $255 |
| Group health | 118 | 107 |
| Individual health | 112 | 101 |
| Premiums and contract charges | $478 | $463 |
Other revenue increased $33 million in the first quarter of 2024 compared to the first quarter of 2023, primarily due to an increase in individual health and group health administrative fees.
Accident, health and other policy benefits increased 11.7% or $31 million in the first quarter of 2024 compared to the first quarter of 2023, primarily from growth in group health and individual health and higher benefit utilization.
Accident, health and other policy benefits include changes in the reserve for future policy benefits, expected development on reported claims, and reserves for incurred but not reported claims as shown in Note 9.
Benefit ratio increased 4.5 points to 60.0 in the first quarter of 2024 compared to 55.5 in the first quarter of 2023 primarily due to higher benefit utilization across all lines of business.
Amortization of DACincreased 2.4% or $1 million in the first quarter of 2024 compared to the first quarter of 2023.
58 www.allstate.com
Allstate Health and Benefits Segment Results
| Operating costs and expenses | ||
|---|---|---|
| Three months ended March 31, | ||
| ($ in millions) | 2024 | 2023 |
| Non-deferrable commissions | $91 | $79 |
| General and administrative expenses | 134 | 124 |
| Total operating costs and expenses | $225 | $203 |
Operating costs and expenses increased $22 million in the first quarter of 2024 compared to the first quarter of 2023, primarily due to growth in individual health and group health and investments in the business.
First Quarter 2024 Form 10-Q 59
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