Free Post Earnings Research Report: Allstate's Q1 Results Outperformed Estimates

Stock Monitor: Amerisafe Post Earnings Reporting

LONDON, UK / ACCESSWIRE / May 23, 2018 / If you want access to our free earnings report on The Allstate Corp. (NYSE: ALL) ("Allstate"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ALL. The Company posted its financial results on May 01, 2018, for the first quarter of the fiscal year 2018 (Q1 FY18). The Company's consolidated revenues grew 1.3% y-o-y, whereas its adjusted net income per diluted share soared 80.5% y-o-y; both outperforming Wall Street's estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Earnings Highlights and Summary

During Q1 FY18, Allstate reported consolidated revenues of $9.77 billion, rising from the $9.64 billion recorded at the end of Q1 FY17. The Company's consolidated revenue numbers for the reported quarter outperformed market expectations of $8.3 billion.

The insurance Company reported a net income applicable to common shareholders of $946 million, or $2.63 per diluted share, in Q1 FY18, which came in above $666 million, or $1.79 per diluted share, in Q1 FY17. Furthermore, the Company's adjusted net income surged to $1.07 billion, or $2.96 per diluted share, during Q1 FY18 from $608 million, or $1.64 per diluted share, in Q1 FY17, topping market analysts' forecasts of $2.57 per diluted share. The Company attributed the reported quarter growth to the reduced catastrophe losses, a lower effective tax rate, and an improved underlying loss performance, which more than offset higher expenses.

Operating Metrics

For the three months ended March 31, 2018, the Northbrook, Illinois-based Company's total costs and expenses were $8.55 billion compared to $8.63 billion in Q1 FY17. The Company's income from operations before income tax expenses came in at $1.22 billion in Q1 FY18 versus $1.01 billion in Q1 FY17.

For Q1 FY18, Allstate's net income-based return on common shareholders' equity was 16.6% compared to 11.6% in Q1 FY17. The Company's adjusted net income-based return on common shareholders' equity increased to 15.0% in Q1 FY18 from 11.9% in Q1 FY17. As on March 31, 2018, Allstate's book value per common share was $58.64, up 11.9% from $52.41 as on March 31, 2017.

Allstate generated a net investment income of $786 million in Q1 FY18, which came in 5.1% above $748 million in the previous year's same quarter. This y-o-y growth reflects higher income from performance-based portfolios, partially offset by lower income from market-based investment portfolios. During Q1 FY18, the Company's realized capital losses, after-tax, were $134 million compared to capital gains of $134 million in Q1 FY17. Furthermore, the Company's total return on investment portfolio was (0.5)% during Q1 FY18 compared to 1.6% in Q1 FY17.

Segment Performance

During the reported quarter, Allstate's Property-Liability segment's premiums earned grew to $8.02 billion from $7.76 billion in the year ago corresponding period. The segment's net income applicable to common shareholders came in at $953 million in Q1 FY18 compared to $677 million in Q1 FY17. Furthermore, the Property-Liability segment's combined ratio was 88.0 in Q1 FY18 compared to 92.9 in Q1 FY17.

Allstate Services Businesses segment's premiums earned were $267 million in Q1 FY18, which were more than the last year's numbers of $200 million. The segment's net loss applicable to common shareholders stood at $24 million in the reported quarter compared to a net loss applicable to common shareholders of $25 million in the year ago same quarter.

During Q1 FY18, Allstate Life segment's premiums and contract charges were $327 million versus $321 million in the last year's comparable quarter. Furthermore, the segment's net income applicable to common shareholders rose to $65 million in Q1 FY18 from $57 million in Q1 FY17.

For Q1 FY18, Allstate Benefits segment's premiums and contract charges were $286 million compared to $269 million in Q1 FY17. Moreover, the segment's net income applicable to common shareholders improved to $26 million in Q1 FY18 from $22 million in Q1 FY17.

Allstate Annuities segment reported a net investment income of $290 million in Q1 FY18 compared to $289 million in Q1 FY17. Meanwhile, the segment's net income applicable to common shareholders declined to $17 million in Q1 FY18 from $29 million in Q1 FY17.

Balance Sheet

Allstate generated cash from its operating activities of $626 million in Q1 FY18 compared to $857 million in Q1 FY17. The Company had a cash balance of $450 million as on March 31, 2018, compared to $617 million at the close of books on December 31, 2017. Furthermore, the Company's long-term debt stood at $6.85 billion at the end of the reported quarter compared to $6.35 billion as on December 31, 2017.

Dividend and Share Repurchase

In a separate press release on May 11, 2018, Allstate's Board of Directors approved a quarterly dividend of $0.46 on each outstanding share of the corporation's common stock, payable in cash on July 02, 2018, to stockholders of record at the close of business on May 31, 2018.

During Q1 FY18, Allstate returned $465 million of capital to its shareholders through a common stock dividend of $132 million, and by repurchasing outstanding shares worth $333 million. Furthermore, the Company had $935 million remaining under its $2 billion common share repurchase program as of March 31, 2018.

Stock Performance Snapshot

May 22, 2018 - At Tuesday's closing bell, The Allstate's stock marginally rose 0.28%, ending the trading session at $95.88.

Volume traded for the day: 967.03 thousand shares.

Stock performance in the previous three-month period – up 2.64%; and past twelve-month period – up 13.08%

After yesterday's close, The Allstate's market cap was at $33.73 billion.

Price to Earnings (P/E) ratio was at 12.27.

The stock has a dividend yield of 1.92%.

The stock is part of the Financial sector, categorized under the Property & Casualty Insurance industry. This sector was up 0.5% at the end of the session.

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