Homeowner, auto premiums up at Allstate while Q3 cat losses drop from prior year

The Allstate Corp. reported Wednesday its property and liability insurance premiums for the three months ending Sept. 30 were $6.97 billion, up from $6.697 billion during Q3 2012. All figures are in U.S. currency.

Allstate reported its total revenues for the latest quarter were $8.465 billion and net earnings were $316 million. During the third quarter of 2012, Allstate reported net earnings of $723 million on revenues of $8.128 billion.

The carrier’s property-liability combined ratio was 90.0% in the latest quarter, down 0.2 points from 90.2% during the third quarter of 2012. For the first nine months, that ratio was 93.1% this year and 93.4% in 2012.

Claims and claims expenses increased year over year, from $4.293 billion in the third quarter of 2012 to $4.427 billion in the latest quarter.

During the first nine months of the year, Allstate reported property and liability insurance premiums of $20.604 billion, up year-over-year from $19.993 billion during the first nine months of 2012. Allstate reported year-to-date net income, as of Sept. 30, of $1.459 billion on revenues of $22.9 billion, compared to net income of $1.912 billion on revenues of $22 billion during the first nine  months of 2012.

Within property-liability, Allstate’s auto revenues increased year-to-year, from $4.487 billion in 2012 to $4.645 billion this year. Q3 homeowner revenues increased year-to-year, from $1.595 billion in 2012 to $1.679 billion in 2013. The loss ratio in property-liability was 63.5% in Q3 2013, down 0.6 points year over year from 64.1% in Q3 2012. The year-to-date loss ratio as of Sept. 30 was 66.1% this year and 67.2% in 2012.

“Catastrophe losses were $128 million in the third quarter of 2013 compared to $206 million in the third quarter of 2012, and $1.13 billion in the first nine months of 2013 compared to $1.28 billion in the first nine months of 2012.”