Allstate third-quarter profit rises on strong underwriting performance

Allstate

05/11/2025 23:34

Nov 5 (Reuters) - Allstate ALL.N reported a jump in third-quarter profit on Wednesday as the insurer benefited from strong underwriting performance and investment gains.

Businesses and households kept spending on policies steady in the July to September quarter, helping property and casualty insurers rake in gains.

Underwriting income in Allstate's property-liability segment jumped to $2.89 billion in the second quarter, from $495 million in the year-ago period.

The segment reported an underlying combined ratio of 78.7%, compared to 83.2% a year earlier. A ratio below 100% indicates the insurer earned more in premiums than it paid out in claims.

Allstate's catastrophe losses fell 67.2% in the third quarter from a year earlier.

American International Group AIG.N reported a rise in third-quarter profit on Tuesday, lifted by strong gains from underwriting.

Allstate's net investment income rose to $949 million in the third quarter, up from $783 million in the year-ago period.

The Northbrook, Illinois-based insurer reported an adjusted net income of $2.98 billion, or $11.17 per share, for the quarter ended September 30, compared with $1.05 billion, or $3.91 per share, a year earlier.

Shares of the company were up 1.6% in trading after the bell.

 (Reporting by Pritam Biswas in Bengaluru; Editing by Sriraj Kalluvila)

 ((Pritam.Biswas@thomsonreuters.com;))