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ALL > SEC Filings for ALL > Form 10-Q on 1-May-2013All Recent SEC Filings

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Form 10-Q for ALLSTATE CORP


1-May-2013

Quarterly Report


Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2013 AND 2012

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 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:



          grow insurance premiums;

          maintain auto profitability;

          raise returns in homeowners and annuity businesses;

          proactively manage investments; and

          reduce our cost structure.

HIGHLIGHTS

Consolidated net income was $709 million in the first quarter of 2013 compared to $766 million in the first quarter of 2012. Net income per diluted share was $1.47 in the first quarter of 2013 compared to $1.53 in the first quarter of 2012.

Property-Liability net income was $616 million in the first quarter of 2013 compared to $695 million in the first quarter of 2012.

The Property-Liability combined ratio was 93.2 in the first quarter of 2013 compared to 92.1 in the first quarter of 2012.

Allstate Financial net income was $146 million in the first quarter of 2013 compared to $112 million in the first quarter of 2012.

Total revenues were $8.46 billion in the first quarter of 2013 compared to $8.36 billion in the first quarter of 2012.

Property-Liability premiums earned totaled $6.77 billion in the first quarter of 2013, an increase of 2.1% from $6.63 billion in the first quarter of 2012.

Investments totaled $97.38 billion as of March 31, 2013, increasing from $97.28 billion as of December 31, 2012. Net investment income was $983 million in the first quarter 2013, a decrease of 2.8% from $1.01 billion in the first quarter of 2012.

Net realized capital gains were $131 million in the first quarter of 2013 compared to $168 million in the first quarter of 2012.

Book value per diluted share (ratio of shareholders' equity to total shares outstanding and dilutive potential shares outstanding) was $43.46 as of March 31, 2013, an increase of 12.7% from $38.57 as of March 31, 2012 and an increase of 2.5% from $42.39 as of December 31, 2012.

For the twelve months ended March 31, 2013, return on the average of beginning and ending period shareholders' equity was 11.3%, an increase of 5.9 points from 5.4% for the twelve months ended March 31, 2012.

As of March 31, 2013, shareholders' equity was $20.62 billion. This total included $2.73 billion in deployable assets at the parent holding company level, which includes a $500 million receivable repayable on demand with 10 days notice from Allstate Insurance Company ("AIC") loaned to facilitate investing.


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