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Letter to the Editor
Thursday October 30
Allstate Q3 Net Income More Than Doubled
Allstate Corp.'s third quarter net income more than doubled as revenue rose 12 percent, boosted by higher premiums and fewer-than-expected claims.Property-Liability Premiums written grew five percent over the third quarter of 2002. Allstate brand standard auto business premiums written increased 33 percent. Property-Liability Underwriting income increased $144 million $255 million from $111 million in the same quarter a year ago.
"This has been an outstanding quarter for Allstate," said Chairman, President, and CEO Edward M. Liddy. "Our goal has been to drive consistent top line and bottom line growth, and we have clearly demonstrated our ability to do just that. This quarter marks the second in a row that we have shown stronger unit growth in our core businesses and each passing quarter yields additional evidence that we are strongly positioned for long-term sustainable profitability and growth. In particular, our core Allstate brand standard auto and homeowners insurance lines policies in force showed overall positive unit growth compared to the second quarter, and new business growth in these two lines were especially strong. ...The increase for standard auto is due, in part, to our new standard auto rating plan in the state of California, which is allowing us to be more competitive and to offer insurance to more consumers in the state. We remain disciplined about running our business as efficiently as possible and continue to pay close attention to expenses. ...We have been successful in seeking and gaining approvals for rate increases that support our projected loss cost trends and return targets and we remain committed to growing without sacrificing profitability."
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