Allstate Says During Q3 2024, The Company Performed Its Annual Run-Off Property-Liability Reserve Review, Which Resulted In Unfavorable Reserve Reestimates Totaling $58M Or $46M, After-Tax; Rate Increases For Allstate Brand Auto Insurance Resulted In A Premium Impact For Rates Implemented Of 2.9% In Q3 And 6.3% YTD
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Allstate conducted its annual run-off property-liability reserve review in Q3 2024, resulting in unfavorable reserve reestimates of $58M ($46M after-tax). Additionally, Allstate Brand Auto Insurance saw rate increases, impacting premiums by 2.9% in Q3 and 6.3% year-to-date.
October 17, 2024 | 12:16 pm
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Allstate's Q3 2024 reserve review resulted in unfavorable reestimates of $58M, impacting financials. Auto insurance rate hikes led to a 2.9% premium impact in Q3 and 6.3% YTD.
The unfavorable reserve reestimates of $58M indicate potential financial strain, which could negatively impact Allstate's stock price. However, the increase in auto insurance rates may offset some of the negative impact by boosting revenue.
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