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ALL > SEC Filings for ALL > Form 10-Q on 31-Oct-2011All Recent SEC Filings

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Form 10-Q for ALLSTATE CORP


31-Oct-2011

Quarterly Report


Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2011
AND 2010

OVERVIEW

The following discussion highlights significant factors influencing the consolidated financial position and results of operations of The Allstate Corporation (referred to in this document as "we," "our," "us," the "Company" or "Allstate"). It should be read in conjunction with the condensed consolidated financial statements and notes thereto found under Part I. Item 1. contained herein, and with the discussion, analysis, consolidated financial statements and notes thereto in Part I. Item 1. and Part II. Item 7. and Item 8. of The Allstate Corporation Annual Report on Form 10-K for 2010. Further analysis of our insurance segments is provided in the Property-Liability Operations (which includes the Allstate Protection and the Discontinued Lines and Coverages segments) and in the Allstate Financial Segment sections of Management's Discussion and Analysis ("MD&A"). The segments are consistent with the way in which we use financial information to evaluate business performance and to determine the allocation of resources.

Allstate is focused on three priorities:

          improve our operating results;

          grow our businesses profitably; and

          differentiate ourselves from the competition by reinventing our
business.

HIGHLIGHTS

Consolidated net income was $165 million in the third quarter of 2011 compared to net income of $367 million in the third quarter of 2010, and net income was $64 million in the first nine months of 2011 compared to net income of $632 million in the first nine months of 2010. Net income per diluted share was $0.32 in the third quarter of 2011 compared to net income per diluted share of $0.68 in the third quarter of 2010, and net income per diluted share was $0.12 in the first nine months of 2011 compared to net income per diluted share of $1.16 in the first nine months of 2010.

Property-Liability net income was $40 million in the third quarter of 2011 compared to net income of $331 million in the third quarter of 2010, and net loss was $230 million in the first nine months of 2011 compared to net income of $794 million in the first nine months of 2010.

The Property-Liability combined ratio was 104.8 in the third quarter of 2011 compared to 95.9 in the third quarter of 2010, and 107.7 in the first nine months of 2011 compared to 97.2 in the first nine months of 2010.

Allstate Financial had net income of $183 million in the third quarter of 2011 compared to net income of $85 million in the third quarter of 2010, and net income of $446 million in the first nine months of 2011 compared to a net loss of $18 million in the first nine months of 2010.

Total revenues were $8.24 billion in the third quarter of 2011 compared to $7.91 billion in the third quarter of 2010, and $24.42 billion in the first nine months of 2011 compared to $23.31 billion in the first nine months of 2010.

Property-Liability premiums earned in the third quarter of 2011 totaled $6.43 billion, a decrease of 1.0% from $6.50 billion in the third quarter of 2010, and $19.34 billion in the first nine months of 2011, a decrease of 0.9% from $19.52 billion in the first nine months of 2010.

Net realized capital gains were $264 million in the third quarter of 2011 compared to net realized capital losses of $144 million in the third quarter of 2010, and net realized capital gains were $417 million in the first nine months of 2011 compared to net realized capital losses of $943 million in the first nine months of 2010.

Investments as of September 30, 2011 totaled $97.53 billion, a decrease of 2.9% from $100.48 billion as of December 31, 2010. Net investment income in the third quarter of 2011 was $994 million, a decrease of 1.1% from $1.01 billion in the third quarter of 2010, and $3.00 billion in the first nine months of 2011, a decrease of 3.5% from $3.10 billion in the first nine months of 2010.

Book value per diluted share (ratio of shareholders' equity to total shares outstanding and dilutive potential shares outstanding) was $35.56 as of September 30, 2011, an increase of 0.2% from $35.48 as of September 30, 2010 and an increase of 0.7% from $35.32 as of December 31, 2010.

For the twelve months ended September 30, 2011, return on the average of beginning and ending period shareholders' equity was 1.9%, a decrease of 4.4 points from 6.3% for the twelve months ended September 30, 2010.

As of September 30, 2011, we had $18.10 billion in shareholders' equity. This total included $3.43 billion in deployable invested assets at the parent holding company level.


On October 7, 2011, we obtained all required regulatory approvals and closed our acquisition of certain entities making up the Esurance and Answer Financial groups of companies from White Mountains Holdings for a total price of $1.01 billion.

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