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Allstate Q1 Revenue Soars 26% on National General, Premium Gains

Allstate Q1 Revenue Soars 26% on National General, Premium Gains May 6, 2021 Allstate reported an overall $1.4 billion net loss in the first quarter due to the sales of its life and annuity businesses, compared to net income of $513 million in the first quarter of 2020. However, net income adjusted to exclude the subsidiary transactions was $1.9 billion, up 55% from the $1.2 billion in the first quarter in 2020, reflecting increased underwriting income and higher net investment income. Total revenues reached $12.5 billion in the first quarter, an increase of 26.2% compared to the prior year quarter, primarily reflecting the $4 billion acquisition of National General that closed in early January. Higher earned premiums from Protection Services and net realized capital gains also contributed to revenue growth in the quarter.

Allstate To Totally Sell Off Life And Annuity Units

Allstate To Totally Sell Off Life And Annuity Units The Allstate Corporation ALL recently agreed to divest the Allstate Life Insurance Company of New York unit to Wilton Re for $220 million. Its deal with Wilton Re also encompasses the dismissal of a stop-loss reinsurance treaty of Allstate Life Insurance Company. In January 2021, Allstate agreed to divest ALIC to Blackstone managed entities for $2.8 billion. This article is available to INNsider Pro subscribers only.Sign in or register to be an INNsider Pro and access all locked articles. Older

Insurer helping to get people to vaccinations

Insurer helping to get people to vaccinations
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