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Allstate's (ALL) Q3 Earnings and Revenues Beat Estimates
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Allstate Corporation’s (ALL - Free Report) third-quarter 2020 earnings of $2.94 per share beat the Zacks Consensus Estimate by 66.1% and also increased 3.5% year over year, led by improved premiums.
Moreover, revenues of $11.1 billion topped the Zacks Consensus Estimate by 2.52% and improved 1.7% year over year as well on higher premiums, partly offset by a weak net investment income.
Total expenses rose 1.5% year over year to $10 billion, mainly due to restructuring charges.
Total policies in force as of Sep 30, 2020 were 172.84 million, up 27.1% year over year.
Net investment income of $832 million dropped 5.5% year over year. The company incurred $990 million of catastrophe losses, up 94.1% year over year.
The Allstate Corporation Price, Consensus and EPS Surprise
Property-Liability insurance premiums of $9.4 billion inched up 0.9% year over year, driven by premium and policy growth in Allstate Brand Homeowners subsegment. The segment’s underwriting income of $753 million was up 2.2% year over year.
Service Business’ revenues of $498 million were up 19.1% year over year owing to higher contributions from Protection Plans, Dealer Services and Allstate Identity Protection, partly offset by a decline in revenues from Roadside Services and Arity business.
Allstate Life, Benefits and Annuities’ total premium and contract charges were $620 million, down 0.8% year over year owing to lower contributions from Allstate Benefits.
Capital Position (as of Sep 30, 2020)
Total shareholders’ equity was $27.26 billion, up 4.8% from the level as of Dec 31, 2019.
Total assets were $122.75 billion, up 2.3% from the level on Dec 31, 2019. Adjusted return-on-equity of 17.7% was up 350 basis points year over year.
Share Buyback and Dividend Payment
The company returned $967 million cash to its shareholders through $169 million as dividends and the repurchase of $798 million worth of shares.
Among other players in the insurance space that already reported third-quarter earnings, the bottom-line results of Principal Financial Group (PFG - Free Report) , American Financial Group Inc. (AFG - Free Report) and MetLife Inc. (MET - Free Report) beat the respective Zacks Consensus Estimate by 10.65%, 58.06% and 4.85% each.
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Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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Allstate's (ALL) Q3 Earnings and Revenues Beat Estimates
Allstate Corporation’s (ALL - Free Report) third-quarter 2020 earnings of $2.94 per share beat the Zacks Consensus Estimate by 66.1% and also increased 3.5% year over year, led by improved premiums.
Moreover, revenues of $11.1 billion topped the Zacks Consensus Estimate by 2.52% and improved 1.7% year over year as well on higher premiums, partly offset by a weak net investment income.
Total expenses rose 1.5% year over year to $10 billion, mainly due to restructuring charges.
Total policies in force as of Sep 30, 2020 were 172.84 million, up 27.1% year over year.
Net investment income of $832 million dropped 5.5% year over year.
The company incurred $990 million of catastrophe losses, up 94.1% year over year.
The Allstate Corporation Price, Consensus and EPS Surprise
The Allstate Corporation price-consensus-eps-surprise-chart | The Allstate Corporation Quote
Solid Segmental Performances
Property-Liability insurance premiums of $9.4 billion inched up 0.9% year over year, driven by premium and policy growth in Allstate Brand Homeowners subsegment. The segment’s underwriting income of $753 million was up 2.2% year over year.
Service Business’ revenues of $498 million were up 19.1% year over year owing to higher contributions from Protection Plans, Dealer Services and Allstate Identity Protection, partly offset by a decline in revenues from Roadside Services and Arity business.
Allstate Life, Benefits and Annuities’ total premium and contract charges were $620 million, down 0.8% year over year owing to lower contributions from Allstate Benefits.
Capital Position (as of Sep 30, 2020)
Total shareholders’ equity was $27.26 billion, up 4.8% from the level as of Dec 31, 2019.
Total assets were $122.75 billion, up 2.3% from the level on Dec 31, 2019.
Adjusted return-on-equity of 17.7% was up 350 basis points year over year.
Share Buyback and Dividend Payment
The company returned $967 million cash to its shareholders through $169 million as dividends and the repurchase of $798 million worth of shares.
Zacks Rank and Performance of Other Players
Allstate carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Among other players in the insurance space that already reported third-quarter earnings, the bottom-line results of Principal Financial Group (PFG - Free Report) , American Financial Group Inc. (AFG - Free Report) and MetLife Inc. (MET - Free Report) beat the respective Zacks Consensus Estimate by 10.65%, 58.06% and 4.85% each.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>