Q4 2022 Investor Supplement
Investor Supplement
Fourth Quarter 2022
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.
Investor Supplement - Fourth Quarter 2022
Table of Contents
Consolidated Operations |
Protection Services |
||
Condensed Consolidated Statements of Operations |
1 |
Segment Results |
13 |
Contribution to Income |
2 |
||
Book Value per Common Share and Debt to Capital |
3 |
|
|
Retuon Allstate Common Shareholders' Equity |
4 |
Segment Results and Other Statistics |
14 |
Policies in Force |
5 |
Corporate and Other |
|
Property-Liability |
|||
Segment Results |
15 |
||
Results |
6 |
Investments |
|
Allstate Protection |
|||
Profitability Measures |
7 |
Investment Position and Results |
16 |
Impact of Net Rate Changes Implemented on Premiums Written |
8 |
Investment Position and Results by Strategy |
17 |
Auto Profitability Measures |
9 |
||
Auto Statistics |
10 |
Definitions of Non-GAAP Measures |
18,19 |
Allstate Brand Auto State Profitability |
11 |
||
Homeowners Profitability Measures |
12 |
Glossary |
20 |
Items included in the glossary are denoted with a caret (^) the first time used.
($ in millions, except per share data)
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 Shelter-in-Place Payback 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) from continuing operations
Income (loss) from discontinued operations, net of tax
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
Basic
Continuing operations
Discontinued operations
Total
Diluted
Continuing operations
Discontinued operations
Total
Weighted average common shares - Basic
Weighted average common shares - Diluted
Cash dividends declared per common share
Condensed Consolidated Statements of Operations
Three months ended |
Twelve months ended |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
2022 |
2022 |
2022 |
2022 |
2021 |
2021 |
2021 |
2021 |
2022 |
2021 |
||||||||||||||||||||||||
$ |
11,900 |
$ |
11,661 |
$ |
11,362 |
$ |
10,981 |
$ |
10,852 |
$ |
10,615 |
$ |
10,444 |
$ |
10,307 |
$ |
45,904 |
$ |
42,218 |
||||||||||||||
435 |
463 |
466 |
469 |
459 |
460 |
447 |
455 |
1,833 |
1,821 |
||||||||||||||||||||||||
660 |
561 |
563 |
560 |
587 |
536 |
494 |
555 |
2,344 |
2,172 |
||||||||||||||||||||||||
557 |
690 |
562 |
594 |
847 |
764 |
974 |
708 |
2,403 |
3,293 |
||||||||||||||||||||||||
95 |
(167) |
(733) |
(267) |
266 |
105 |
287 |
426 |
(1,072) |
1,084 |
||||||||||||||||||||||||
13,647 |
13,208 |
12,220 |
12,337 |
13,011 |
12,480 |
12,646 |
12,451 |
51,412 |
50,588 |
||||||||||||||||||||||||
10,002 |
10,073 |
9,367 |
7,822 |
7,804 |
8,264 |
7,207 |
6,043 |
37,264 |
29,318 |
||||||||||||||||||||||||
- |
- |
- |
- |
- |
- |
29 |
- |
- |
29 |
||||||||||||||||||||||||
260 |
263 |
269 |
269 |
278 |
277 |
252 |
242 |
1,061 |
1,049 |
||||||||||||||||||||||||
1,731 |
1,682 |
1,619 |
1,612 |
1,602 |
1,582 |
1,545 |
1,523 |
6,644 |
6,252 |
||||||||||||||||||||||||
1,852 |
1,842 |
1,850 |
1,902 |
1,956 |
1,890 |
1,683 |
1,731 |
7,446 |
7,260 |
||||||||||||||||||||||||
25 |
79 |
259 |
(247) |
(240) |
40 |
(134) |
(310) |
116 |
(644) |
||||||||||||||||||||||||
24 |
14 |
1 |
12 |
25 |
23 |
71 |
51 |
51 |
170 |
||||||||||||||||||||||||
89 |
90 |
87 |
87 |
109 |
109 |
105 |
53 |
353 |
376 |
||||||||||||||||||||||||
84 |
85 |
83 |
83 |
84 |
69 |
91 |
86 |
335 |
330 |
||||||||||||||||||||||||
14,067 |
14,128 |
13,535 |
11,540 |
11,618 |
12,254 |
10,849 |
9,419 |
53,270 |
44,140 |
||||||||||||||||||||||||
(420) |
(920) |
(1,315) |
797 |
1,393 |
226 |
1,797 |
3,032 |
(1,858) |
6,448 |
||||||||||||||||||||||||
(117) |
(237) |
(291) |
151 |
281 |
20 |
362 |
626 |
(494) |
1,289 |
||||||||||||||||||||||||
(303) |
(683) |
(1,024) |
646 |
1,112 |
206 |
1,435 |
2,406 |
(1,364) |
5,159 |
||||||||||||||||||||||||
- |
- |
- |
- |
(321) |
325 |
196 |
(3,793) |
- |
(3,593) |
||||||||||||||||||||||||
(303) |
(683) |
(1,024) |
646 |
791 |
531 |
1,631 |
(1,387) |
(1,364) |
1,566 |
||||||||||||||||||||||||
(19) |
(15) |
(9) |
(10) |
(26) |
(7) |
6 |
(6) |
(53) |
(33) |
||||||||||||||||||||||||
(284) |
(668) |
(1,015) |
656 |
817 |
538 |
1,625 |
(1,381) |
(1,311) |
1,599 |
||||||||||||||||||||||||
26 |
26 |
27 |
26 |
27 |
30 |
30 |
27 |
105 |
114 |
||||||||||||||||||||||||
$ |
(310) |
$ |
(694) |
$ |
(1,042) |
$ |
630 |
$ |
790 |
$ |
508 |
$ |
1,595 |
$ |
(1,408) |
$ |
(1,416) |
$ |
1,485 |
||||||||||||||
$ |
(1.17) |
$ |
(2.58) |
$ |
(3.81) |
$ |
2.27 |
$ |
3.90 |
$ |
0.62 |
$ |
4.68 |
$ |
7.88 |
$ |
(5.22) |
$ |
17.23 |
||||||||||||||
- |
- |
- |
- |
(1.13) |
1.11 |
0.66 |
(12.53) |
- |
(12.19) |
||||||||||||||||||||||||
$ |
(1.17) |
$ |
(2.58) |
$ |
(3.81) |
$ |
2.27 |
$ |
2.77 |
$ |
1.73 |
$ |
5.34 |
$ |
(4.65) |
$ |
(5.22) |
$ |
5.04 |
||||||||||||||
$ |
(1.17) (1) |
$ |
(2.58) (2) |
$ |
(3.81) (3) |
$ |
2.24 |
$ |
3.84 |
$ |
0.62 |
$ |
4.61 |
$ |
7.78 |
$ |
(5.22) (1) |
$ |
16.98 |
||||||||||||||
- |
- |
- |
- |
(1.11) |
1.09 |
0.65 |
(12.38) |
- |
(12.02) |
||||||||||||||||||||||||
$ |
(1.17) |
$ |
(2.58) |
$ |
(3.81) |
$ |
2.24 |
$ |
2.73 |
$ |
1.71 |
$ |
5.26 |
$ |
(4.60) |
$ |
(5.22) |
$ |
4.96 |
||||||||||||||
264.4 |
268.7 |
273.8 |
278.1 |
285.0 |
293.1 |
298.8 |
302.5 |
271.2 |
294.8 |
||||||||||||||||||||||||
264.4 (1) |
268.7 (2) |
273.8 (3) |
281.8 |
289.0 |
297.9 |
303.3 |
306.4 |
271.2 (1) |
299.1 |
||||||||||||||||||||||||
$ |
0.85 |
$ |
0.85 |
$ |
0.85 |
$ |
0.85 |
$ |
0.81 |
$ |
0.81 |
$ |
0.81 |
$ |
0.81 |
$ |
3.40 |
$ |
3.24 |
||||||||||||||
- Due to a net loss reported for the three and twelve months ended
December 31, 2022 , calculation uses weighted average shares of 264.4 million and 271.2 million, which excludes weighted average diluted shares of 3.1 million and 3.1 million, respectively. - 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
Net income (loss) applicable to common shareholders
Net (gains) losses on investments and derivatives
Pension and other postretirement remeasurement (gains) losses
Reclassification of periodic settlements and accruals on non- hedge derivative instruments
Business combination expenses and the amortization of purchased intangibles
Business combination fair value adjustment (Gain) loss on disposition
(Income) loss from discontinued operations Income tax expense (benefit) and other
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
Reclassification of periodic settlements and accruals on non- hedge derivative instruments
Business combination expenses and the amortization of purchased intangibles
Business combination fair value adjustment (Gain) loss on disposition
(Income) loss from discontinued operations Income tax expense (benefit) and other
Adjusted net income (loss) *
Weighted average common shares - Diluted
Contribution to Income
Three months ended |
Twelve months ended |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
2022 |
2022 |
2022 |
2022 |
2021 |
2021 |
2021 |
2021 |
2022 |
2021 |
||||||||||||||||||||||||
$ |
(310) |
$ |
(694) |
$ |
(1,042) |
$ |
630 |
$ |
790 |
$ |
508 |
$ |
1,595 |
$ |
(1,408) |
$ |
(1,416) |
$ |
1,485 |
||||||||||||||
(95) |
167 |
733 |
267 |
(266) |
(105) |
(287) |
(426) |
1,072 |
(1,084) |
||||||||||||||||||||||||
25 |
79 |
259 |
(247) |
(240) |
40 |
(134) |
(310) |
116 |
(644) |
||||||||||||||||||||||||
- |
- |
- |
- |
(1) |
- |
- |
1 |
- |
- |
||||||||||||||||||||||||
89 |
90 |
87 |
87 |
109 |
109 |
105 |
75 |
353 |
398 |
||||||||||||||||||||||||
- |
- |
- |
- |
- |
- |
(6) |
- |
- |
(6) |
||||||||||||||||||||||||
(83) (1) |
5 |
(27) |
16 |
- |
- |
- |
- |
(89) (1) |
- |
||||||||||||||||||||||||
- |
- |
- |
- |
177 |
(235) |
(493) |
4,163 |
- |
3,612 |
||||||||||||||||||||||||
15 |
(67) |
(219) |
(27) |
227 |
(100) |
369 |
(224) |
(298) |
272 |
||||||||||||||||||||||||
$ |
(359) |
$ |
(420) |
$ |
(209) |
$ |
726 |
$ |
796 |
$ |
217 |
$ |
1,149 |
$ |
1,871 |
$ |
(262) |
$ |
4,033 |
||||||||||||||
$ |
(1.17) |
(2) |
$ |
(2.58) |
(3) |
$ |
(3.81) |
(4) |
$ |
2.24 |
$ |
2.73 |
$ |
1.71 |
$ |
5.26 |
$ |
(4.60) |
$ |
(5.22) |
(5) |
$ |
4.96 |
||||||||||
(0.36) |
0.62 |
2.68 |
0.95 |
(0.92) |
(0.35) |
(0.95) |
(1.39) |
3.95 |
(3.63) |
||||||||||||||||||||||||
0.09 |
0.29 |
0.95 |
(0.88) |
(0.83) |
0.13 |
(0.44) |
(1.01) |
0.43 |
(2.15) |
||||||||||||||||||||||||
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||||||||||||
0.34 |
0.34 |
0.32 |
0.31 |
0.38 |
0.37 |
0.35 |
0.25 |
1.30 |
1.33 |
||||||||||||||||||||||||
- |
- |
- |
- |
- |
- |
(0.02) |
- |
- |
(0.02) |
||||||||||||||||||||||||
(0.32) |
0.02 |
(0.10) |
0.06 |
- |
- |
- |
- |
(0.33) |
- |
||||||||||||||||||||||||
- |
- |
- |
- |
0.61 |
(0.79) |
(1.63) |
13.59 |
- |
12.08 |
||||||||||||||||||||||||
0.06 |
(0.25) |
(0.80) |
(0.10) |
0.78 |
(0.34) |
1.22 |
(0.73) |
(1.10) |
0.91 |
||||||||||||||||||||||||
$ |
(1.36) |
(2) |
$ |
(1.56) |
(3) |
$ |
(0.76) |
(4) |
$ |
2.58 |
$ |
2.75 |
$ |
0.73 |
$ |
3.79 |
$ |
6.11 |
$ |
(0.97) |
(5) |
$ |
13.48 |
||||||||||
264.4 (2) |
268.7 (3) |
273.8 (4) |
281.8 |
289.0 |
297.9 |
303.3 |
306.4 |
271.2 (5) |
299.1 |
||||||||||||||||||||||||
- Includes
$83 million related to the gain on sale of headquarters in the fourth quarter of 2022 reported as other revenue in Corporate and Other segment. - Due to a net loss reported for the three months ended
December 31, 2022 , calculation uses weighted average shares of 264.4 million, which excludes weighted average diluted shares of 3.1 million. - Due to a net loss reported for the three months ended
September 30, 2022 , calculation uses weighted average shares of 268.7 million, which excludes weighted average diluted shares of 2.9 million. - Due to a net loss reported for the three months ended
June 30, 2022 , calculation uses weighted average shares of 273.8 million, which excludes weighted average diluted shares of 3.2 million. - Due to a net loss reported for the twelve months ended
December 31, 2022 , calculation uses weighted average shares of 271.2 million, which excludes weighted average diluted shares of 3.1 million.
|
2 |
Book Value per Common Share and Debt to Capital
($ in millions, except per share data)
Book value per common share
Numerator:
Allstate common shareholders' equity (1)
Denominator:
Common shares outstanding and dilutive potential
common shares outstanding (2)
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
2022
267.0
267.0
45.6 %
31.3 %
|
|
|
|||||
2022 |
2022 |
2022 |
|||||
$ |
15,703 |
$ |
18,145 |
$ |
21,242 |
||
269.1 |
274.3 |
279.7 |
|||||
$ |
58.35 |
$ |
66.15 |
$ |
75.95 |
$ |
15,703 |
$ |
18,145 |
$ |
21,242 |
||
(2,931) |
(2,141) |
(995) |
|||||
$ |
18,634 |
$ |
20,286 |
$ |
22,237 |
||
269.1 |
274.3 |
279.7 |
|||||
$ |
69.25 |
$ |
73.96 |
$ |
79.50 |
||
$ |
7,967 |
$ |
7,970 |
$ |
7,973 |
||
$ |
25,640 |
$ |
28,085 |
$ |
31,185 |
||
45.1 % |
39.6 % |
34.3 % |
|||||
31.1 % |
28.4 % |
25.6 % |
2021
284.7
284.7
31.7 %
24.1 %
|
|
|
|||||
2021 |
2021 |
2021 |
|||||
$ |
24,759 |
$ |
26,037 |
$ |
24,649 |
||
292.6 |
301.6 |
304.0 |
|||||
$ |
84.62 |
$ |
86.33 |
$ |
81.08 |
$ |
24,759 |
$ |
26,037 |
$ |
24,649 |
||
1,830 |
2,167 |
1,680 |
|||||
$ |
22,929 |
$ |
23,870 |
$ |
22,969 |
||
292.6 |
301.6 |
304.0 |
|||||
$ |
78.36 |
$ |
79.14 |
$ |
75.56 |
||
$ |
7,980 |
$ |
7,996 |
$ |
7,996 |
||
$ |
34,709 |
$ |
36,203 |
$ |
34,815 |
||
29.9 % |
28.3 % |
29.8 % |
|||||
23.0 % |
22.1 % |
23.0 % |
- Excludes equity related to preferred stock of
$1,970 million atDecember 31, 2022 ,September 30, 2022 ,June 30, 2022 ,March 31, 2022 ,December 31, 2021 andSeptember 30, 2021 and$2,170 million atJune 30, 2021 andMarch 31, 2021 . - Common shares outstanding were 263,458,276 and 280,594,850 as of
December 31, 2022 andDecember 31, 2021 , respectively.
|
3 |
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