Canadian Underwriter
News

Q3 combined ratio improves 2.1 points for Allstate


February 6, 2017   by Canadian Underwriter


Print this page Share

The Allstate Corp. has released its financial results for 2016, reporting catastrophe losses of $2.572 billion for the calendar year, up 49.6% from $1.719 billion in 2015. All figures are in United States dollars.

The combined ratio for Northbrook, Ill.-based Allstate was 96.1% for 2016, up 1.2 points from 94.9% in 2015. The combined ratio for the most recent quarter was 89.9%, down 2.1 points from 92% in the three months ending Dec. 31, 2015.

Catastrophe losses were $303 million in Q4 2016, down 15.3% from $358 million in Q4 2015.

Property-liability insurance premiums were $31.1 billion in 2016, up 2.3% from $30.31 billion in 2015. In the latest quarter, Allstate reported property-liability insurance premiums of $7.9 billion, up 2.8% from $7.684 billion in the last three months of 2015.

Net income dropped 13.5% from $2.171 billion in 2015 to $1.877 billion last year. For the fourth quarter, net income climbed from $489 million in 2015 to $840 million in 2016.

In 2016, Allstate reported 86 catastrophe events. There were two events with claims and claims expenses of more than $250 million each, with a grant total of $629 million. Another two events – costing between $101 million and $250- million each – resulted in $330 million claims and claims expenses. Eight events cost between $50 million and 100 million each, with a grand total of $591 million. A further 74 events had less than $50 million each in claims and claims expenses, with a grand total of $1.016 billion.

For the last quarter of 2016, the costliest catastrophe had $140 million in claims and claims expenses while another cost $72 million. Another 10 events had less than $50 million each in claims and claims expenses, with a combined total of $82 million.

Asbestos reserves were $912 million as of Dec. 31, 2016, down $48 million from $960 million at the end of 2015. Incurred claims and claims expenses were $67 million while claims and expenses paid were $115 million. Environmental reserves were $179 million at the end of 2016, unchanged from Dec. 31, 2015.

Within Allstate Protection Auto Insurance, the combined ratio was 99.2% in 2016, down 0.7 points from 99.9% in 2015. In Allstate Protection Homeowners Insurance, the underlying combined ratio was 85.2% in 2016, up 5.3 points from 79.9 in 20-15.


Print this page Share

Have your say:

Your email address will not be published. Required fields are marked *

*