ALLSTATE CORP
For the period ended Mar 31, 2025. Filed Apr 30, 2025.
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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, 2025 · Filed Apr 30, 2025
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Protection Services
Protection Services Segment Results
Protection Services Segment
| Summarized financial information | ||
|---|---|---|
| ($ in millions) | Three months ended March 31, | |
| 2025 | 2024 | |
| Premiums written | $657 | $627 |
| Revenues | ||
| Premiums | $671 | $612 |
| Other revenue | 128 | 85 |
| Intersegment insurance premiums and service fees (1) | 37 | 35 |
| Net investment income | 24 | 21 |
| Costs and expenses | ||
| Claims and claims expense | (161) | (158) |
| Amortization of DAC | (318) | (289) |
| Operating costs and expenses | (309) | (234) |
| Restructuring and related charges | — | (1) |
| Income tax expense on operations | (17) | (17) |
| Less: noncontrolling interest | — | — |
| Adjusted net income | $55 | $54 |
| Allstate Protection Plans | $45 | $40 |
| Allstate Dealer Services | 4 | 6 |
| Allstate Roadside | 11 | 11 |
| Arity | (6) | (4) |
| Allstate Identity Protection | 1 | 1 |
| Adjusted net income | $55 | $54 |
| Policies in force | ||
| Allstate Protection Plans | 161,503 | 148,086 |
| Allstate Dealer Services | 3,690 | 3,758 |
| Allstate Roadside | 867 | 565 |
| Allstate Identity Protection | 2,648 | 3,031 |
| Policies in force as of March 31 (in thousands) | 168,708 | 155,440 |
(1)Primarily related to Arity and Allstate Roadside and are eliminated in our condensed consolidated financial statements.
Premiums written increased 4.8% or $30 million in the first quarter of 2025 compared to the first quarter of 2024, primarily due to higher average premiums at Dealer Services and international growth at Allstate Protection Plans, partially offset by lower sales at Allstate Roadside.
Adjusted net income increased 1.9% or $1 million in the first quarter of 2025 compared to the first quarter of 2024, primarily due to premium growth at Allstate Protection Plans, partially offset by higher expenses due to growth at Arity and higher loss costs at Dealer Services.
PIF increased 8.5% or 13 million as of March 31, 2025 compared to March 31, 2024 due to growth at Allstate Protection Plans.
Other revenue increased 50.6% or $43 million in the first quarter of 2025 compared to the first quarter of 2024, primarily due to higher lead generation revenue at Arity.
Intersegment premiums and service fees increased 5.7% or $2 million in the first quarter of 2025 compared to the first quarter of 2024, driven by higher lead generation revenue at Arity.
Claims and claims expense increased 1.9% or $3 million in the first quarter of 2025 compared to the first quarter of 2024, primarily driven by growth at Allstate Protection Plans and increased severity at Dealer Services, partially offset by lower claim severity at Allstate Roadside.
Amortization of DAC increased 10.0% or $29 million in the first quarter of 2025 compared to the first quarter of 2024, driven by growth at Allstate Protection Plans.
Operating costs and expenses increased 32.1% or $75 million in the first quarter of 2025 compared to the first quarter of 2024, primarily due to expenses related to growth at Arity and Allstate Protection Plans.
First Quarter 2025 Form 10-Q 57
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