Form 8-K ALLSTATE CORP For: May 19
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FOR IMMEDIATE RELEASE
|Al Scott||Mark Nogal|
|Media Relations||Investor Relations|
|(847) 402-5600||(847) 402-2800|
Allstate Announces April 2022 Catastrophe Losses and Implemented Auto Rates
NORTHBROOK, Ill., May 19, 2022 – The Allstate Corporation (NYSE: ALL) today announced estimated catastrophe losses for the month of April of $316 million or $250 million, after-tax. April catastrophe losses included fourteen events, primarily wind, hail and tornados in Texas and the southeast, estimated at $299 million, plus unfavorable reserve reestimates for prior period events.
“In keeping with the outlook shared last month of taking more rate increases than initially assumed in 2022, Allstate continued to implement meaningful rate actions in April. The Allstate brand implemented rate increases of 6.4% across 14 locations in April, resulting in total Allstate brand insurance premium impact of 0.7%. We have implemented 67 rate increases averaging approximately 8.0% across 45 locations since the beginning of the fourth quarter 2021. Allstate brand implemented auto rate increases totaled $163 million in the month of April, after implementing $1.6 billion in the previous two quarters,” said Mario Rizzo, Chief Financial Officer of The Allstate Corporation. Our implemented auto rate exhibit has been posted on allstateinvestors.com.
Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.
This news release contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like “plans,” “seeks,” “expects,” “will,” “should,” “anticipates,” “estimates,” “intends,” “believes,” “likely,” “targets” and other words with similar meanings. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section in our most recent annual report on Form 10-K. Forward-looking statements are as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statement.
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Exhibit 99.2 The Allstate Corporation Allstate Protection Impact of Net Rate Changes Implemented on Premiums Written For the month ended April 30, 2022 Quarter to date ended April 30, 2022 Number of locations (1) Total brand (%) (2) Location specific (%) (3) Number of locations (1) Total brand (%) (4) Location specific (%) (3) Allstate brand Auto 14 0.7 6.4 14 0.7 6.4 National General Auto 9 0.8 5.3 9 0.8 5.3 Three months ended March 31, 2022 Three months ended December 31, 2021 Number of locations Total brand (%) (4) Location specific (%) Number of locations Total brand (%) Location specific (%) Allstate brand Auto 28 3.6 9.3 25 2.9 7.1 National General Auto 24 1.9 4.6 22 2.4 5.7 (1) Refers to the number of U.S. states, the District of Columbia or Canadian provinces where rate changes have been implemented. Allstate brand operates in 50 states, the District of Columbia, and 5 Canadian provinces. National General operates in 50 states and the District of Columbia. (2) Represents the impact in the locations where rate changes were implemented during the period as a percentage of total brand prior year-end premiums written. (3) Represents the impact in the locations where rate changes were implemented during the period as a percentage of its respective total prior year-end premiums written in those same locations. (4) Allstate brand implemented auto insurance rate increases totaled $163 million in the month ended April 30, 2022, after implementing $862 million and $702 million of rate increases in the first quarter of 2022 and fourth quarter of 2021, respectively.
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