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.
Insurer helping to get people to vaccinations
bostonglobe.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bostonglobe.com Daily Mail and Mail on Sunday newspapers.
Allstate to take $4 billion net loss this quarter on life sales
citizensvoice.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from citizensvoice.com Daily Mail and Mail on Sunday newspapers.
Corporate America Not Likely To Unwind COVID-19 Debt Buildup Despite Credit Hits
Blog
Infrastructure Issues: Tools to Dig Deep on Potential Risks
Part Two IFRS 9 Blog Series: The Need to Upgrade Analytical Tools
29 Jan, 2021 Author Hailey Ross
It was a busy week for insurance stocks as earnings season started in earnest, two sizable deals in the life space were announced, and amateur traders threw the broader markets into a short-squeezing feeding frenzy.
The S&P 500 endured some significant swings for the week ending Jan. 29, and ended up falling 3.31% to 3,714.24. The SNL U.S. Insurance Index dropped 3.65% to 1,164.98.
Early in the week, Allstate Corp. agreed to sell Allstate Life Insurance Co. and certain subsidiaries to entities managed by Blackstone Group Inc. for $2.8 billion. A day later, American Financial Group Inc. said it entered into a definitive agreement to sell its annuity business to Massachusetts Mutual Life Insur