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ALL > SEC Filings for ALL > Form 10-Q on 31-Oct-2012All Recent SEC Filings

Show all filings for ALLSTATE CORP

Form 10-Q for ALLSTATE CORP


31-Oct-2012

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, 2012 AND 2011

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 2011 and Current Report on Form 8-K filed May 2, 2012. 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 the following priorities:

maintain auto profitability;

raise returns in homeowners and annuity businesses;

grow insurance premiums; and

proactively manage investments and capital.

HIGHLIGHTS

Consolidated net income was $723 million in the third quarter of 2012 compared to $175 million in the third quarter of 2011, and $1.91 billion in the first nine months of 2012 compared to $75 million in the first nine months of 2011. Net income per diluted share was $1.48 in the third quarter of 2012 compared to $0.34 in the third quarter of 2011, and $3.86 in the first nine months of 2012 compared to $0.14 in the first nine months of 2011.

Property-Liability net income was $639 million in the third quarter of 2012 compared to $41 million in the third quarter of 2011, and net income was $1.69 billion in the first nine months of 2012 compared to a net loss of $228 million in the first nine months of 2011.

The Property-Liability combined ratio was 90.2 in the third quarter of 2012 compared to 104.8 in the third quarter of 2011 and 93.4 in the first nine months of 2012 compared to 107.7 in the first nine months of 2011.

Allstate Financial net income was $131 million in the third quarter of 2012 compared to $192 million in the third quarter of 2011, and $375 million in the first nine months of 2012 compared to $455 million in the first nine months of 2011.

Total revenues were $8.13 billion in the third quarter of 2012 compared to $8.24 billion in the third quarter of 2011, and $24.77 billion in the first nine months of 2012 compared to $24.42 billion in the first nine months of 2011.

Property-Liability premiums earned totaled $6.70 billion in the third quarter of 2012, an increase of 4.1% from $6.43 billion in the third quarter of 2011, and $19.99 billion in the first nine months of 2012, an increase of 3.4% from $19.34 billion in the first nine months of 2011.

Net realized capital losses were $72 million in the third quarter of 2012 compared to net realized capital gains of $264 million in the third quarter of 2011, and net realized capital gains were $123 million in the first nine months of 2012 compared to $417 million in the first nine months of 2011.

Investments totaled $98.52 billion as of September 30, 2012, an increase of 3.0% from $95.62 billion as of December 31, 2011. Net investment income in the third quarter of 2012 was $940 million, a decrease of 5.4% from $994 million in the third quarter of 2011, and $2.98 billion in the first nine months of 2012, a decrease of 0.6% from $3.00 billion in the first nine months of 2011.

Book value per diluted share (ratio of shareholders' equity to total shares outstanding and dilutive potential shares outstanding) was $42.64 as of September 30, 2012, an increase of 22.4% from $34.84 as of September 30, 2011 and an increase of 17.9% from $36.18 as of December 31, 2011.

For the twelve months ended September 30, 2012, return on the average of beginning and ending period shareholders' equity was 13.6%, an increase of 11.6 points from 2.0% for the twelve months ended September 30, 2011.

As of September 30, 2012, shareholders' equity was $20.84 billion. This total included $2.34 billion in deployable invested assets at the parent holding company level.


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