The Allstate Corporation
Investor Supplement
Historical Results Updated to Reflect Divestitures and Acquisition
The condensed consolidated financial statements and financial exhibits included herein are unaudited. These condensed consolidated financial statements and exhibits 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.
THE ALLSTATE CORPORATION
Investor Supplement
Historical Results Updated to Reflect Divestitures and Acquisition
In the first quarter of 2021, we completed the acquisition of National General Holdings Corp. We also announced the sale of Allstate Life Insurance Company and certain subsidiaries, and Allstate Life Insurance Company of New York.
These changes are reflected in the following reportable segments: Allstate Protection, Run-offProperty-Liability Business (previously Discontinued Lines and Coverages), Protection Services, Allstate Health and Benefits (previously Allstate Benefits) and Corporate and Other.
Exec Summary
The Allstate Corporation
Table of Contents
Consolidated Operations | Allstate Health and Benefits (Previously Allstate Benefits) | ||
Condensed Consolidated Statements of Operations | 1 | Segment Results and Other Statistics | 11 |
Contribution to Income | 2 | ||
Book Value per Common Share and Debt to Capital | 3 | Corporate and Other | |
Return on Allstate Common Shareholders' Equity | 4 | Segment Results | 12 |
Policies in Force and Other Statistics | 5 | Investments | |
Property-Liability | |||
Investment Position and Results | 13 | ||
Results | 6 | Investment Position and Results by Strategy | 14 |
Allstate Protection | Definitions of Non-GAAP Measures | ||
Allstate Protection Profitability Measures | 7 | 15,16 | |
Auto Profitability Measures | 8 | Glossary | |
Homeowners Profitability Measures | 9 | 17 | |
Protection Services | Items included in the glossary are denoted with a caret (^) the first time used. | ||
Segment Results | 10 |
The Allstate Corporation
Condensed Consolidated Statements of Operations
($ in millions, except per share data) | Three months ended | ||||||||||||
Dec. 31, | Sept. 30, | June 30, | March 31, | ||||||||||
2020 | 2020 | 2020 | 2020 | ||||||||||
Revenues | |||||||||||||
Property and casualty insurance premiums ^ | $ | 9,279 | $ | 9,336 | $ | 9,223 | $ | 9,235 | |||||
Accident and health insurance premiums and contract charges ^ | 262 | 287 | 263 | 282 | |||||||||
Other revenue ^ | 271 | 272 | 257 | 265 | |||||||||
Net investment income | 660 | 464 | 220 | 246 | |||||||||
Realized capital gains (losses) | 490 | 319 | 440 | (162) | |||||||||
Total revenues | 10,962 | 10,678 | 10,403 | 9,866 | |||||||||
Costs and expenses | 5,366 | 6,072 | 5,222 | 5,341 | |||||||||
Property and casualty insurance claims and claims expense | |||||||||||||
Shelter-in-Place Payback expense | - | - | 738 | 210 | |||||||||
Accident and health insurance policy benefits | 124 | 128 | 123 | 141 | |||||||||
Interest credited to contractholder funds | 7 | 8 | 9 | 9 | |||||||||
Amortization of deferred policy acquisition costs | 1,382 | 1,386 | 1,344 | 1,365 | |||||||||
Operating costs and expenses | 1,440 | 1,322 | 1,394 | 1,338 | |||||||||
Pension and other postretirement remeasurement (gains) losses | (371) | (71) | 73 | 318 | |||||||||
Restructuring and related charges | 40 | 196 | 13 | 4 | |||||||||
Amortization of purchased intangibles | 30 | 31 | 29 | 28 | |||||||||
Interest expense | 80 | 78 | 79 | 81 | |||||||||
Total costs and expenses | 8,098 | 9,150 | 9,024 | 8,835 | |||||||||
Income from operations before income tax expense | 2,864 | 1,528 | 1,379 | 1,031 | |||||||||
Income tax expense | 594 | 312 | 273 | 194 | |||||||||
Net income from continuing operations | 2,270 | 1,216 | 1,106 | 837 | |||||||||
Income (loss) from discontinued operations, net of tax | 354 | (63) | 144 | (288) | |||||||||
Net income (loss) | 2,624 | 1,153 | 1,250 | 549 | |||||||||
Net loss attributable to noncontrolling interest | - | - | - | - | |||||||||
Net income (loss) attributable to Allstate | 2,624 | 1,153 | 1,250 | 549 | |||||||||
Preferred stock dividends | 26 | 27 | 26 | 36 | |||||||||
Net income (loss) applicable to common shareholders | $ | 2,598 | $ | 1,126 | $ | 1,224 | $ | 513 | |||||
Earnings per common share | |||||||||||||
Basic | |||||||||||||
Continuing operations | $ | 7.38 | $ | 3.82 | $ | 3.44 | $ | 2.52 | |||||
Discontinued operations | 1.16 | (0.20) | 0.46 | (0.90) | |||||||||
Total | $ | 8.54 | $ | 3.62 | $ | 3.90 | $ | 1.62 | |||||
Diluted | |||||||||||||
Continuing operations | $ | 7.30 | $ | 3.78 | $ | 3.41 | $ | 2.48 | |||||
Discontinued operations | 1.15 | (0.20) | 0.45 | (0.89) | |||||||||
Total | $ | 8.45 | $ | 3.58 | $ | 3.86 | $ | 1.59 | |||||
Weighted average common shares - Basic | 304.3 | 311.2 | 313.7 | 317.4 | |||||||||
Weighted average common shares - Diluted | 307.6 | 314.1 | 317.0 | 322.4 | |||||||||
Cash dividends declared per common share | $ | 0.54 | $ | 0.54 | $ | 0.54 | $ | 0.54 |
The Allstate Corporation 2020 Historical Results | 1 |
The Allstate Corporation
Contribution to Income
($ in millions, except per share data) | Three months ended | ||||||||||||
Dec. 31, | Sept. 30, | June 30, | March 31, | ||||||||||
2020 | 2020 | 2020 | 2020 | ||||||||||
Contribution to income | |||||||||||||
Net income (loss) applicable to common shareholders | $ | 2,598 | $ | 1,126 | $ | 1,224 | $ | 513 | |||||
Realized capital (gains) losses | (490) | (319) | (440) | 162 | |||||||||
Pension and other postretirement remeasurement (gains) losses | (371) | (71) | 73 | 318 | |||||||||
Curtailment (gains) losses | - | (8) | - | - | |||||||||
Reclassification of periodic settlements and accruals on non- | |||||||||||||
hedge derivative instruments | (1) | 1 | - | - | |||||||||
Business combination expenses and the amortization of | |||||||||||||
purchased intangibles | 30 | 31 | 29 | 28 | |||||||||
(Income) loss from discontinued operations | (446) | 86 | (167) | 370 | |||||||||
Income tax expense (benefit) | 272 | 54 | 97 | (189) | |||||||||
Adjusted net income * | $ | 1,592 | $ | 900 | $ | 816 | $ | 1,202 | |||||
Income per common share - Diluted | |||||||||||||
Net income (loss) applicable to common shareholders | $ | 8.45 | $ | 3.58 | $ | 3.86 | $ | 1.59 | |||||
Realized capital (gains) losses | (1.59) | (1.01) | (1.39) | 0.50 | |||||||||
Pension and other postretirement remeasurement (gains) losses | (1.21) | (0.22) | 0.23 | 0.99 | |||||||||
Curtailment (gains) losses | - | (0.02) | - | - | |||||||||
Reclassification of periodic settlements and accruals on non- | |||||||||||||
hedge derivative instruments | - | - | - | - | |||||||||
Business combination expenses and the amortization of | |||||||||||||
purchased intangibles | 0.10 | 0.10 | 0.09 | 0.09 | |||||||||
(Income) loss from discontinued operations | (1.45) | 0.27 | (0.52) | 1.15 | |||||||||
Income tax expense (benefit) | 0.88 | 0.17 | 0.31 | (0.59) | |||||||||
Adjusted net income * | $ | 5.18 | $ | 2.87 | $ | 2.58 | $ | 3.73 | |||||
Weighted average common shares - Diluted | |||||||||||||
307.6 | 314.1 | 317.0 | 322.4 |
The Allstate Corporation 2020 Historical Results | 2 |
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The Allstate Corporation published this content on 03 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2021 22:36:05 UTC.