Allstate reports Q3 adjusted EPS $3.91, consensus $2.43

Reports Q3 revenue $16.63B, consensus $14.94B. “Allstate’s (ALL) focus on near-term performance while implementing our long-term growth plan resulted in strong financial returns and an improved strategic position,” said CEO Tom Wilson. “Revenues increased by almost 15% from the prior year, net income was $1.2B for the quarter and adjusted net income return on equity was 26.1% for the prior twelve months. Successful execution of the auto insurance profit improvement plan benefited results generating $486M of auto insurance underwriting income. The homeowners insurance business is also generating good returns with an underwriting profit in the quarter despite $1.2B of catastrophe losses, 40% higher than the prior year quarter. Third quarter results included Hurricanes Beryl, Debby, Francine and Helene where we deployed over 5,000 people to handle more than 100,000 claims. Hurricane Milton impacted customers shortly after the quarter with estimated losses of approximately $100M…Operational excellence and implementation of the growth strategy will continue to create shareholder value,” concluded Wilson.