ALLSTATE CORP
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
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Protection Services
2024 Form 10-KProtection Services
Protection Services Segment
Protection Services is comprised of Allstate Protection Plans, Allstate Dealer Services, Allstate Roadside, Arity and Allstate Identity Protection. In 2024, Protection Services represented 80.0% of total PIF and 4.8% of premiums written. We offer consumer product protection plans, automotive protection and insurance products (including vehicle service contracts, guaranteed asset protection, road hazard tire and wheel and paintless dent repair protection), roadside assistance, mobility data collection services and analytic solutions using automotive telematics information and identity theft protection and remediation services. For additional information on our strategy and outlook, see Part I, Item 1. Business - Strategy and Segment Information.
| Summarized financial information | |||
|---|---|---|---|
| For the years ended December 31, | |||
| ($ in millions) | 2024 | 2023 | 2022 |
| Premiums written | $2,797 | $2,663 | $2,699 |
| Revenues | |||
| Premiums | $2,522 | $2,243 | $1,995 |
| Other revenue | 441 | 319 | 347 |
| Intersegment insurance premiums and service fees (1) | 180 | 138 | 149 |
| Net investment income | 94 | 73 | 48 |
| Costs and expenses | |||
| Claims and claims expense | (641) | (632) | (532) |
| Amortization of DAC | (1,217) | (1,058) | (928) |
| Operating costs and expenses | (1,090) | (889) | (874) |
| Restructuring and related charges | (2) | (6) | (2) |
| Income tax expense on operations | (71) | (83) | (35) |
| Less: noncontrolling interest | (1) | (1) | (1) |
| Adjusted net income | $217 | $106 | $169 |
| Allstate Protection Plans | $157 | $117 | $150 |
| Allstate Dealer Services | 21 | (15) | 35 |
| Allstate Roadside | 39 | 24 | 7 |
| Arity | (8) | (18) | (11) |
| Allstate Identity Protection | 8 | (2) | (12) |
| Adjusted net income | $217 | $106 | $169 |
| Policies in force | |||
| Allstate Protection Plans | 159,761 | 145,292 | 138,726 |
| Allstate Dealer Services | 3,710 | 3,776 | 3,865 |
| Allstate Roadside | 758 | 553 | 531 |
| Allstate Identity Protection | 2,511 | 2,884 | 3,112 |
| Policies in force as of December 31 (in thousands) | 166,740 | 152,505 | 146,234 |
(1)Primarily related to Arity and Allstate Roadside and are eliminated in our consolidated financial statements.
Premiums written increased 5.0% or $134 million in 2024 compared to 2023, primarily due to international growth at Allstate Protection Plans, partially offset by lower sales at Allstate Roadside.
Adjusted net income increased 104.7% or $111 million in 2024 compared to 2023, due to premium growth at Allstate Protection Plans, improved claim severity at Allstate Roadside, higher lead sales revenue at Arity and both growth and lower costs at Allstate Identity Protection. Prior year adjusted net income was
also negatively impacted by an increase in state income taxes for Allstate Dealer Services.
PIF increased 9.3% or 14 million in 2024 compared to 2023 due to growth at Allstate Protection Plans.
Other revenue increased 38.2% or $122 million in 2024 compared to 2023, primarily due to higher revenue from increased customer lead sale purchases at Arity.
The Allstate Corporation 51
2024 Form 10-K Protection Services
Intersegment premiums and service fees increased 30.4% to $180 million in 2024 compared to 2023, driven by increased lead sale purchases and higher software revenue at Arity.
Claims and claims expense increased 1.4% or $9 million in 2024 compared to 2023, primarily driven by growth at Allstate Protection Plans partially offset by improved margins at Allstate Protection Plans resulting from lower frequency and lower claim severity at Allstate Roadside.
Amortization of DAC increased 15.0% or $159 million in 2024 compared to 2023, driven by growth at Allstate Protection Plans.
Operating costs and expenses increased 22.6% or $201 million in 2024 compared to 2023, primarily due to expenses related to growth at Arity and Allstate Protection Plans, partially offset by lower expenses at Allstate Roadside and Allstate Identity Protection.
52 www.allstate.com
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