6/29/2023 0 Comments Recap pro 2022![]() ![]() 21–26, 2022, was one major factor behind the elevated combined ratio. Catastrophe losses of $779 million, primarily from a cross-country winter storm on Dec. ![]() Speaking on an earnings call, Rizzo said the fourth-quarter 2022 combined ratio of 112.6% for the segment was "substantially worse than our targets," and resulted in an underwriting loss of $974 million for the period. Mario Rizzo, president of Allstate's property and liability business, said sharply increasing loss costs in the company's auto lines were a key factor in the insurer's heavy losses. Also, the insurer's combined ratio shot up to 109.1% from 98.9% a year earlier.Īllstate was one of three companies to record net losses in an analysis of fourth-quarter 2022 results for select public P&C and multiline insurers trading. particularly took it on the chin.Īn S&P Global Market Intelligence analysis shows that the insurer reported a loss before taxes of $420 million, a huge reversal from net income before taxes of $1.39 billion the previous year, while operating EPS swung to a loss of $1.36 per share from a positive $2.75 a year ago. While the final quarter of 2022 was rough for many property and casualty insurers, The Allstate Corp.
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