Allstate has marked a strong start to 2017 as first quarter earnings soared 95% year over year, and operating earnings per share of $1.64 beat estimates.
“The value of providing customers a broad range of protection products across North America was evident as significant catastrophe losses from large hail storms were offset by favorable winter weather that reduced the number of auto accidents,” said Tom Wilson, Allstate chairman and CEO.
“Net income was $666 million, $1.79 per share, for the first quarter, a significant increase compared to last year,” he added.
Revenue reached $9.4 billion during the first quarter – 6.3% higher than the same period a year ago. The figure surpassed the Zacks Consensus Estimate by 13.2%. Zacks also estimated operating earnings per share at $1.04.
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“The acquisition of SquareTrade closed in January, expanding our product offerings and distribution and increasing policies in force to over 73 million,” according to Wilson. However, he said the number of auto insurance policies declined for the Allstate, Esurance and Encompass brands, “reflecting the continued impact of auto insurance profit improvement plans put in place in 2015.”
The insurer is planning to more than double its 45,000-sq.ft. office space at the Merchandise Mart in Chicago, according to a report from the
Chicago Tribune. The firm has leased an additional 57,000 sq. ft., according to Vornado executive David Greenbaum, as reported by the paper.
It opened the office last year as an “innovation hub” for its Quantitative Research & Analytics (QR&A) and Connected Car teams.
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