Allstate Announces May 2022 Catastrophe Losses and Implemented Auto Rates

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NORTHBROOK, Ill., June 16, 2022–(BUSINESS WIRE)–The Allstate Corporation (NYSE: ALL) today announced disaster-related losses estimated for the month of May at $436 million or $344 million after tax. May catastrophe losses included 14 events, primarily wind and hail in Texas, the Midwest and Canada, estimated at $423 million, as well as unfavorable reserve reestimates for events in prior periods. Catastrophe losses for April and May totaled $752 million before tax.

“Allstate has continued to implement significant rate actions in response to the continued inflationary impacts on auto insurance severities. During the month of May, the Allstate brand implemented rate increases of 9.3% at 13 locations, resulting in a total impact on Allstate brand insurance premiums of 0.7%. We have implemented 78 rate increases averaging approximately 8.1% at 49 locations since the start of the fourth quarter of 2021. Auto rate increases implemented by the Allstate brand totaled $180 million in the month of May and $343 million to date, after implementing $1.6 billion in the previous two quarters,” said Mario Rizzo, chief financial officer of The Allstate Corporation. Our exposure on automatic tariffs implemented has been published on allstateinvestors.com.

Financial information, including important announcements regarding The Allstate Corporation, is regularly posted on www.allstateinvestors.com.

Forward-looking statements

This press release contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and can be identified by the use of words such as “plans”, “seeks”, “expects”, “will”, “should”, “anticipates”, “estimates”, “intends”, “believes”, “probably”, “targets” and others words with similar meanings. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove to be inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by forward-looking statements can be found in our filings with the United States Securities and Exchange Commission, including the section “Factors in risk” of our most recent annual report. on Form 10-K. Forward-looking statements speak as of the date they are made, and we assume no obligation to update or revise any forward-looking statements.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220616005551/en/

contacts

Al Scott
Media Relations
(847) 402-5600

Marc Nogal
Investor Relations
(847) 402-2800

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