Q1 2023 Investor Supplement
Investor Supplement
First Quarter 2023
The condensed consolidated financial statements and financial exhibits included herein are unaudited and should be read in conjunction with the consolidated financial statements and notes thereto included in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The results of operations for interim periods should not be considered indicative of results to be expected for the full year.
Measures used in these financial statements and exhibits that are not based on generally accepted accounting principles ("non-GAAP") are denoted with an asterisk (*). These measures are defined on the pages "Definitions of Non-GAAP Measures" and are reconciled to the most directly comparable generally accepted accounting principles ("GAAP") measure herein.
Consolidated Operations
Condensed Consolidated Statements of Operations Contribution to Income
Book Value per Common Share and Debt to Capital Retuon Allstate Common Shareholders' Equity Policies in Force
Property-Liability
Results
Allstate Protection
Profitability Measures
Impact of Net Rate Changes Implemented on Premiums Written Auto Profitability Measures and Statistics
Homeowners Profitability Measures and Statistics
Protection Services
Segment Results
Corporate and Other
|
1 |
Segment Results |
13 |
|
2 |
3 Investments
|
4 |
Investment Position and Results |
14 |
|
5 |
Investment Position and Results by Strategy |
15 |
|
Definitions of Non-GAAP Measures |
16, 17 |
|
|
6 |
Glossary |
18 |
|
7 |
||
|
8 |
Items included in the glossary are denoted with a caret (^) the first time used. |
|
|
9 |
10 Appendices (1)
|
Historical Results Reflecting Adoption of Accounting Standard related to Long-Duration Insurance Contracts |
||
|
11 |
Condensed Consolidated Financial Statements and Other Financial Information |
App A, B |
|
Segment Results and Other Statistics |
12 |
- Effective
January 1, 2023 , we adopted theFinancial Accounting Standards Board ("FASB") guidance revising the accounting for certain long-duration insurance contracts using the modified retrospective approach to the transition date ofJanuary 1, 2021 . The pages provide a summary of the impacts of this change on previously reported periods, including our condensed consolidated financial statements.
Condensed Consolidated Statements of Operations (1)
($ in millions, except per share data)
Three months ended
Revenues
Property and casualty insurance premiums ^
Accident and health insurance premiums and contract charges ^ Other revenue ^
Net investment income
Net gains (losses) on investments and derivatives
Total revenues
Costs and expenses
Property and casualty insurance claims and claims expense Accident, health and other policy benefits
Amortization of deferred policy acquisition costs Operating costs and expenses
Pension and other postretirement remeasurement (gains) losses Restructuring and related charges
Amortization of purchased intangibles Interest expense
Total costs and expenses
Income (loss) from operations before income tax expense
Income tax expense (benefit)
Net income (loss)
Less: Net income (loss) attributable to noncontrolling interest
Net income (loss) attributable to Allstate
Less: Preferred stock dividends
Net income (loss) applicable to common shareholders
Earnings per common share
Net income (loss) applicable to common shareholders per common share - Basic
Weighted average common shares - Basic
Net income (loss) applicable to common shareholders per common share - Diluted
Weighted average common shares - Diluted
Cash dividends declared per common share
|
|
|||
|
2023 |
|||
|
$ |
12,173 |
||
|
463 |
|||
|
561 |
|||
|
575 |
|||
|
14 |
|||
|
13,786 |
|||
|
10,326 |
|||
|
265 |
|||
|
1,744 |
|||
|
1,716 |
|||
|
(53) |
|||
|
27 |
|||
|
81 |
|||
|
86 |
|||
|
14,192 |
|||
|
(406) |
|||
|
(85) |
|||
|
(321) |
|||
|
(1) |
|||
|
(320) |
|||
|
26 |
|||
|
$ |
(346) |
||
|
$ |
(1.31) |
||
|
263.5 |
|||
|
$ |
(1.31) (2) |
||
|
263.5 (2) |
|||
|
$ |
0.89 |
||
|
|
|
|
||||||
|
2022 |
2022 |
2022 |
||||||
|
$ |
11,900 |
$ |
11,661 |
$ |
11,362 |
|||
|
436 |
463 |
465 |
||||||
|
660 |
561 |
563 |
||||||
|
557 |
690 |
562 |
||||||
|
95 |
(167) |
(733) |
||||||
|
13,648 |
13,208 |
12,219 |
||||||
|
10,002 |
10,073 |
9,367 |
||||||
|
257 |
252 |
265 |
||||||
|
1,725 |
1,683 |
1,618 |
||||||
|
1,852 |
1,842 |
1,850 |
||||||
|
25 |
79 |
259 |
||||||
|
24 |
14 |
1 |
||||||
|
89 |
90 |
87 |
||||||
|
84 |
85 |
83 |
||||||
|
14,058 |
14,118 |
13,530 |
||||||
|
(410) |
(910) |
(1,311) |
||||||
|
(114) |
(236) |
(289) |
||||||
|
(296) |
(674) |
(1,022) |
||||||
|
(19) |
(15) |
(9) |
||||||
|
(277) |
(659) |
(1,013) |
||||||
|
26 |
26 |
27 |
||||||
|
$ |
(303) |
$ |
(685) |
$ |
(1,040) |
|||
|
$ |
(1.15) |
$ |
(2.55) |
$ |
(3.80) |
|||
|
264.4 |
268.7 |
273.8 |
||||||
|
$ |
(1.15) (3) |
$ |
(2.55) (4) |
$ |
(3.80) (5) |
|||
|
264.4 (3) |
268.7 (4) |
273.8 (5) |
||||||
|
$ |
0.85 |
$ |
0.85 |
$ |
0.85 |
|
|
|||
|
2022 |
|||
|
$ |
10,981 |
||
|
468 |
|||
|
560 |
|||
|
594 |
|||
|
(267) |
|||
|
12,336 |
|||
|
7,822 |
|||
|
268 |
|||
|
1,608 |
|||
|
1,902 |
|||
|
(247) |
|||
|
12 |
|||
|
87 |
|||
|
83 |
|||
|
11,535 |
|||
|
801 |
|||
|
151 |
|||
|
650 |
|||
|
(10) |
|||
|
660 |
|||
|
26 |
|||
|
$ |
634 |
||
|
$ |
2.28 |
||
|
278.1 |
|||
|
$ |
2.25 |
||
|
281.8 |
|||
|
$ |
0.85 |
||
- Prior periods have been recast to reflect the impact of the adoption of FASB guidance revising the accounting for certain long-duration insurance contracts.
- Due to a net loss reported for the three months ended
March 31, 2023 , calculation uses weighted average shares of 263.5 million, which excludes weighted average diluted shares of 2.6 million. - Due to a net loss reported for the three months ended
December 31, 2022 , calculation uses weighted average shares of 264.4 million, which excludes weighted average diluted shares of 3.1 million. - Due to a net loss reported for the three months ended
September 30, 2022 , calculation uses weighted average shares of 268.7 million, which excludes weighted average diluted shares of 2.9 million. - Due to a net loss reported for the three months ended
June 30, 2022 , calculation uses weighted average shares of 273.8 million, which excludes weighted average diluted shares of 3.2 million.
|
|
1 |
($ in millions, except per share data)
Contribution to Income (1)
Three months ended
Contribution to income
Net income (loss) applicable to common shareholders
Net (gains) losses on investments and derivatives
Pension and other postretirement remeasurement (gains) losses Amortization of purchased intangibles
(Gain) loss on disposition Income tax expense (benefit)
Adjusted net income (loss) *
Income per common share - Diluted
Net income (loss) applicable to common shareholders
Net (gains) losses on investments and derivatives
Pension and other postretirement remeasurement (gains) losses Amortization of purchased intangibles
(Gain) loss on disposition Income tax expense (benefit)
Adjusted net income (loss) *
Weighted average common shares - Diluted
|
|
|||
|
2023 |
|||
|
$ |
(346) |
||
|
(14) |
|||
|
(53) |
|||
|
81 |
|||
|
(9) |
|||
|
(1) |
|||
|
$ |
(342) |
||
|
$ |
(1.31) |
(2) |
|
|
(0.05) |
|||
|
(0.20) |
|||
|
0.31 |
|||
|
(0.04) |
|||
|
(0.01) |
|||
|
$ |
(1.30) |
(2) |
|
|
(2) |
|||
|
263.5 |
|||
2022
$(303)
(95)
25
89
(83)
16
$(351)
(0.36)
0.09
0.34
(0.32)
0.07
264.4
|
|
|
|||||
|
2022 |
2022 |
|||||
|
$ |
(685) |
$ |
(1,040) |
|||
|
167 |
733 |
|||||
|
79 |
259 |
|||||
|
90 |
87 |
|||||
|
(3) |
5 |
(27) |
||||
|
(67) |
(219) |
|||||
|
$ |
(411) |
$ |
(207) |
|||
|
(4) |
$ |
(2.55) (5) |
$ |
(3.80) |
(6) |
|
|
0.62 |
2.68 |
|||||
|
0.29 |
0.95 |
|||||
|
0.34 |
0.32 |
|||||
|
0.02 |
(0.10) |
|||||
|
(0.25) |
(0.80) |
|||||
|
(4) |
$ |
(1.53) (5) |
$ |
(0.75) |
(6) |
|
|
(4) |
268.7 (5) |
273.8 |
(6) |
2022
$634
267
(247)
87
16
(27)
$730
$2.25
0.95
(0.88)
0.31
0.06
(0.10)
$2.59
281.8
- Prior periods have been recast to reflect the impact of the adoption of FASB guidance revising the accounting for certain long-duration insurance contracts.
- Due to a net loss reported for the three months ended
March 31, 2023 , calculation uses weighted average shares of 263.5 million, which excludes weighted average diluted shares of 2.6 million. - Includes
$83 million related to the gain on sale of headquarters in the fourth quarter of 2022 reported as other revenue in Corporate and Other segment. - Due to a net loss reported for the three months ended
December 31, 2022 , calculation uses weighted average shares of 264.4 million, which excludes weighted average diluted shares of 3.1 million. - Due to a net loss reported for the three months ended
September 30, 2022 , calculation uses weighted average shares of 268.7 million, which excludes weighted average diluted shares of 2.9 million. - Due to a net loss reported for the three months ended
June 30, 2022 , calculation uses weighted average shares of 273.8 million, which excludes weighted average diluted shares of 3.2 million.
|
|
2 |
Book Value per Common Share and Debt to Capital (1)
($ in millions, except per share data)
Book value per common share
Numerator:
Allstate common shareholders' equity (2)
Denominator:
Common shares outstanding and dilutive potential common shares outstanding (3)
Book value per common share
Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities
Numerator:
Allstate common shareholders' equity
Less: Unrealized net capital gains and losses on fixed income securities
Adjusted Allstate common shareholders' equity
Denominator:
Common shares outstanding and dilutive potential common shares outstanding
Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities *
Total debt
Total capital resources
Ratio of debt to Allstate shareholders' equity
Ratio of debt to capital resources
2023
264.7
(1,575)
264.7
48.3 %
32.6 %
|
|
|
|
|||||
|
2022 |
2022 |
2022 |
|||||
|
$ |
15,518 |
$ |
15,713 |
$ |
18,094 |
||
|
267.0 |
269.1 |
274.3 |
|||||
|
$ |
58.12 |
$ |
58.39 |
$ |
65.96 |
|
$ |
15,518 |
$ |
15,713 |
$ |
18,094 |
||
|
(2,254) |
(2,933) |
(2,143) |
|||||
|
$ |
17,772 |
$ |
18,646 |
$ |
20,237 |
||
|
267.0 |
269.1 |
274.3 |
|||||
|
$ |
66.56 |
$ |
69.29 |
$ |
73.78 |
||
|
$ |
7,964 |
$ |
7,967 |
$ |
7,970 |
||
|
$ |
25,452 |
$ |
25,650 |
$ |
28,034 |
||
|
45.5 % |
45.1 % |
39.7 % |
|||||
|
31.3 % |
31.1 % |
28.4 % |
2022
279.7
|
$ |
21,105 |
|
(996) |
|
|
$ |
22,101 |
|
279.7 |
|
|
$ |
79.02 |
|
$ |
7,973 |
|
$ |
31,048 |
|
34.6 % |
|
|
25.7 % |
- Prior periods have been recast to reflect the impact of the adoption of FASB guidance revising the accounting for certain long-duration insurance contracts.
- Excludes equity related to preferred stock of
$1,970 million for all periods shown. - Common shares outstanding were 263,057,581 and 263,458,276 as of
March 31, 2023 andDecember 31, 2022 , respectively.
|
|
3 |
Attachments
Disclaimer


Q1 2023 Reinsurance Update
Q1 2023 Earnings Call Presentation
Advisor News
- Election 2026: Which of Berkeley's 7 ballot measures will pass?
- How advisors can help frugal retirees finally enjoy their savings
- Wealth planning vs. estate planning: Honoring your client’s wishes
- What to discuss during the first retirement planning meeting
- Inflation, competing priorities and uncertainty erode retirement security
More Advisor NewsAnnuity News
- Equitable, Corebridge steam toward merger with strong Q3 annuity sales
- Jackson Announces New Annuity Offering for AARP Members
- National Life Group expands annuity portfolio
- AM Best to Join Life/Annuity Insurance-Focused Panel Discussion at Capitol Forum Event
- USAA Earns No. 1 Ranking in JD Power Individual Annuity Study for the Third Consecutive Year
More Annuity NewsHealth/Employee Benefits News
- My unhappy day in small claims court | Letters to The Republican
- Enrollment is open for Affordable Care Act coverage. What do New Mexicans need to know?
- A Smarter Approach to Employee Health Insurance Costs
- Are GLP-1s Good for Business? The Jury Says …
- Closing gaps in group disability coverage
More Health/Employee Benefits NewsLife Insurance News
- Unum Group Reports Third Quarter 2026 Results
- First American Financial Corporation Appoints Darryl D. Button to Board of Directors
- Corebridge Financial Announces Third Quarter 2026 Results
- MassMutual announces record $3.3 billion policyowner dividend for 2027
- Protective Completes Acquisition of Obsidian, Establishing Specialty Property and Casualty Business Line
More Life Insurance News