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
Extracted filing text, with the paragraph anchors used by the comparison.
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Protection Services
Protection Services Segment Results
Protection Services Segment
| Summarized financial information | ||
|---|---|---|
| ($ in millions) | Three months ended March 31, | |
| 2024 | 2023 | |
| Premiums written | $627 | $619 |
| Revenues | ||
| Premiums | $612 | $538 |
| Other revenue | 85 | 84 |
| Intersegment insurance premiums and service fees (1) | 35 | 33 |
| Net investment income | 21 | 16 |
| Costs and expenses | ||
| Claims and claims expense | (158) | (153) |
| Amortization of DAC | (289) | (251) |
| Operating costs and expenses | (234) | (221) |
| Restructuring and related charges | (1) | (1) |
| Income tax expense on operations | (17) | (11) |
| Less: noncontrolling interest | — | — |
| Adjusted net income | $54 | $34 |
| Allstate Protection Plans | $40 | $28 |
| Allstate Dealer Services | 6 | 7 |
| Allstate Roadside | 11 | 4 |
| Arity | (4) | (4) |
| Allstate Identity Protection | 1 | (1) |
| Adjusted net income | $54 | $34 |
| Allstate Protection Plans | 148,086 | 136,591 |
| Allstate Dealer Services | 3,758 | 3,839 |
| Allstate Roadside | 565 | 536 |
| Allstate Identity Protection | 3,031 | 3,206 |
| Policies in force as of March 31 (in thousands) | 155,440 | 144,172 |
(1)Primarily related to Arity and Allstate Roadside and are eliminated in our condensed consolidated financial statements.
Adjusted net income increased 58.8% or $20 million in the first quarter of 2024 compared to the first quarter of 2023, due to gross margin improvement at Allstate Protection Plans and improved claim severity at Allstate Roadside.
Premiums written increased 1.3% or $8 million in the first quarter of 2024 compared to the first quarter of 2023, primarily due to growth at Allstate Protection Plans, partially offset by lower sales at Allstate Dealer Services.
PIF increased 7.8% or 11 million as of March 31, 2024 compared to March 31, 2023 due to growth at Allstate Protection Plans.
Other revenue increased 1.2% or $1 million in the first quarter of 2024 compared to the first quarter of 2023, primarily due to higher advertising and Mobility Intelligence product sales at Arity.
Intersegment premiums and service fees increased 6.1% or $2 million in the first quarter of 2024 compared to the first quarter of 2023, driven by increased hardware revenue at Arity.
Claims and claims expense increased 3.3% or $5 million in the first quarter 2024 compared to the first quarter of 2023, primarily driven by growth at Allstate Protection Plans, partially offset by lower claim severity at Allstate Roadside.
Amortization of DAC increased 15.1% or $38 million in the first quarter of 2024 compared to the first quarter of 2023, driven by growth at Allstate Protection Plans.
Operating costs and expenses increased 5.9% or $13 million in the first quarter of 2024 compared to the first quarter of 2023, primarily due to growth at Allstate Protection Plans.
First Quarter 2024 Form 10-Q 57
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