ALLSTATE CORP
For the period ended Sep 30, 2024. Filed Oct 30, 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.
Sep 30, 2024 · Filed Oct 30, 2024
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Protection Services
Segment Results Protection Services
Protection Services Segment
| Summarized financial information | ||||||
|---|---|---|---|---|---|---|
| ($ in millions) · Three months ended September 30, · Nine months ended September 30, | ||||||
| 2024 · 2023 · 2024 · 2023 | ||||||
| Premiums written | $678 | $658 | $1,981 | $1,935 | ||
| Revenues | ||||||
| Premiums | $639 | $569 | $1,864 | $1,656 | ||
| Other revenue | 110 | 75 | 293 | 243 | ||
| Intersegment insurance premiums and service fees (1) | 49 | 34 | 123 | 102 | ||
| Net investment income | 24 | 19 | 68 | 53 | ||
| Costs and expenses | ||||||
| Claims and claims expense | (166) | (166) | (481) | (472) | ||
| Amortization of DAC | (304) | (269) | (889) | (779) | ||
| Operating costs and expenses | (280) | (225) | (760) | (664) | ||
| Restructuring and related charges | — | (3) | (1) | (4) | ||
| Income tax expense on operations | (15) | (8) | (51) | (34) | ||
| Less: noncontrolling interest | (1) | (1) | (1) | (1) | ||
| Adjusted net income | $58 | $27 | $167 | $102 | ||
| Allstate Protection Plans | $39 | $20 | $120 | $79 | ||
| Allstate Dealer Services | 5 | 5 | 17 | 18 | ||
| Allstate Roadside | 10 | 7 | 29 | 17 | ||
| Arity | 1 | (6) | (5) | (13) | ||
| Allstate Identity Protection | 3 | 1 | 6 | 1 | ||
| Adjusted net income | $58 | $27 | $167 | $102 | ||
| Policies in force | ||||||
| Allstate Protection Plans | 156,818 | 140,648 | ||||
| Allstate Dealer Services | 3,703 | 3,813 | ||||
| Allstate Roadside | 670 | 554 | ||||
| Allstate Identity Protection | 2,538 | 2,965 | ||||
| Policies in force as of September 30 (in thousands) | 163,729 | 147,980 | ||||
(1)Primarily related to Arity and Allstate Roadside and are eliminated in our condensed consolidated financial statements.
Premiums written increased 3.0% or $20 million in the third quarter of 2024 compared to the third quarter of 2023, primarily due to growth at Allstate Protection Plans, partially offset by lower sales at Allstate Roadside. Premiums written increased 2.4% or $46 million in the first nine months of 2024 compared to the same periods of 2023, primarily due to growth at Allstate Protection Plans, partially offset by lower sales at Allstate Dealer Services and Allstate Roadside.
Adjusted net income increased 114.8% or $31 million in the third quarter of 2024 compared to the third quarter of 2023, primarily due to revenue growth and improved claim frequency at Allstate Protection Plans. Adjusted net income increased 63.7% or $65 million in the first nine months of 2024 compared to the same periods of 2023, due to growth at Allstate Protection Plans and improved claim severity at Allstate Roadside.
PIF increased 10.6% or 16 million as of September 30, 2024 compared to September 30, 2023 due to growth at Allstate Protection Plans.
Other revenue increased 46.7% or $35 million in the third quarter of 2024 and increased 20.6% or $50 million in the first nine months of 2024 compared to the same periods of 2023, primarily due to higher revenue from increased customer advertising at Arity.
Intersegment premiums and service fees increased 44.1% or $15 million in the third quarter of 2024 due to increased advertising at Arity and increased 20.6% or $21 million in the first nine months of 2024 compared to the same periods of 2023, driven by increased advertising and higher software revenue at Arity.
62 www.allstate.com
Protection Services Segment Results
Claims and claims expense in the third quarter of 2024 were comparable to the third quarter of 2023. Claims and claims expense increased 1.9% or $9 million in the first nine months of 2024 compared to the same periods of 2023, primarily driven by growth at Allstate Protection Plans, partially offset by improved margins at Allstate Protection Plans due to lower frequency and lower claim severity at Allstate Roadside.
Amortization of DAC increased 13.0% or $35 million in the third quarter of 2024 and increased 14.1% or $110 million in the first nine months of 2024 compared to the same periods of 2023, driven by growth at Allstate Protection Plans.
Operating costs and expenses increased 24.4% or $55 million in the third quarter of 2024 and increased 14.5% or $96 million in the first nine months of 2024 compared to the same periods of 2023, primarily due to growth at Arity and Allstate Protection Plans, partially offset by lower expenses at Allstate Roadside and Allstate Identity Protection.
Third Quarter 2024 Form 10-Q 63
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