Allstate Corp. (NYSE: ALL) Net Income Drops Drastically
Thursday, February 10, 2022 12:46 PM

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The Allstate Corp. (NYSE: ALL) has reported fourth quarter net income dropped to $296 million or $0.55 per share from $518 million or $0.96 per share in the year-ago period.

Operating income for the quarter reported as $271 million or $0.50 per share from $592 million or $1.09 per share in the previous year. Consolidated revenues for the quarter grew to $8.08 billion from $8.05 billion in the previous year period. Combined ratio for the quarter worsened to 100.8 from 93.2 last year. 

Net investment income for the quarter declined 7.2 percent to $998 million from the corresponding period a year ago. Net realized capital gains for the quarter were $116 million, pre-tax, a reversal from the net realized capital loss of $33 million, pre-tax, in the prior year period. Allstate Financial segment operating income was $104 million for the quarter, compared with $95 million in the year-ago quarter.

For the full year, Allstate's net income rose to $928 million or $1.71 per share from $854 million or $1.58 per share for fiscal year 2009. Results for the year reflected improved investment results and higher operating income from Allstate Financial, partially offset by lower Property-Liability operating income.

Operating income for the full year dropped to $1.53 billion or $2.84 per share from $1.88 billion or $3.48 per share for fiscal year 2009. Consolidated revenues for the full year declined 1.9 percent to $31.40 billion from $32.01 billion in the year-ago period. Premiums written for the full year declined to $25.90 billion from $25.97 billion for fiscal year 2009.

Eight Street analysts on consensus expected revenues of $6.28 billion for the quarter and expected revenues of $25.95 billion for the full year.

The shares are trading at $31.01 down 4.17 percent.


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