Allstate Corporation has reported its financial results for the second quarter of 2021, posting “strong performance” as the US economy starts to pick up once more.
“Allstate has performed exceptionally as the economy rebounds from the pandemic by focusing on execution, innovation and long-term value creation,” said Allstate chair, president and CEO Tom Wilson. “Revenues grew 21.6% over the prior year, reflecting execution of a multi-faceted plan to increase growth. The property-liability combined ratio of 95.7 was attractive despite an increase in the frequency of auto accidents and $952 million of catastrophe losses.”
Wilson also noted that investment income from the company’s performance-based portfolio increased by $759 million. He added that Allstate’s Q2 2021 net income was at $1.6 billion, while its adjusted net income was $3.79 per share, representing a return on equity of 23.8% for the last 12 months.
Other notable takeaways of the financial report include:
“Allstate’s focus on current results and long-term value creation is designed to increase shareholder value,” commented Allstate chief financial officer Mario Rizzo. “The previously announced divestitures of the life and annuity businesses are on pace to close in 2021, and the acquisition of National General enhances our position in the independent agent channel and increases market share.”