The Allstate Corporation (ALL) Goldman Sachs 2024 U.S. Financial Services Conference summary

Strategic priorities and shareholder value

• Focus on increasing Property-Liability market share and expanding embedded protection offerings, leveraging the brand and customer base.

• Integrated capital and return management aims to deliver attractive, risk-adjusted returns and shareholder value.

• Divestiture of life and health benefits business underway for strategic alignment and focus on core strengths.

• Over 200 million policies in force, with growth in auto, homeowners, and embedded insurance.

• Strategic acquisitions, including Protection Plans and National General, support value creation.

Financial performance and growth

• Total revenue reached $47.6 billion, up 12.6% year-over-year; property-liability earned premiums up 12.6%.

• Net income was nearly $2.7 billion, with a 26.1% return on equity over the trailing twelve months.

• Property-liability combined ratio improved to 91.2 in 2023 and 85.3 in 2024 Q3 YTD.

• Investment income rose over 20% in the first three quarters, with proactive portfolio management.

• Dividend per share at $3.68 in 2024; 16% of shares repurchased over last 3 years.

Policy growth and retention trends

• Auto insurance policies in force declined 1.5%, while homeowners increased 2.5%.

• Total property-liability policies in force at 37.6 million, with auto renewal ratio at 84.7% and homeowners at 87.2% in Q3 2024.

• Auto insurance retention declined due to cumulative 40% rate increases; current retention at 85.5%.

• Customer retention declined by 3 points since early 2022; comprehensive plan to improve retention includes smaller price increases and enhanced experience.

• A 1-point increase in retention equates to 350,000 policies or 1.4% growth.