The Allstate Corporation (ALL) Q2 2023 Earnings Call Transcript

The Allstate Corporation (NYSE:ALL) Q2 2023 Earnings Conference Call August 2, 2023 11:00 AM ET

Company Participants

Brent Vandermause - Head, Investor Relations

Tom Wilson - Chairman, President & Chief Executive Officer

Mario Rizzo - President-Property Liability-Allstate Insurance Company

Jesse Merten - Chief Financial Officer & Executive Vice President

Conference Call Participants

Gregory Peters - Raymond James

Josh Shanker - Bank of America

Elyse Greenspan - Wells Fargo

Michael Zaremski - BMO Capital

Alex Scott - Goldman Sachs

Yaron Kinar - Jefferies

Operator

Good day, and thank you for standing by. Welcome to Allstate’s Second Quarter Investor Call. At this time, all participants are in a listen-only mode. After the prepared remarks, there will be a question-and-answer session. [Operator Instructions] Please limit your enquiry to one question and one follow-up. As a reminder, please be aware that today’s call is being recorded.

And now, I’d like to introduce your host for today’s program, Brent Vandermause, Head of Investor Relations. Please go ahead, sir.

Brent Vandermause

Thank you, Jonathan. Good morning. Welcome to Allstate’s second quarter 2023 earnings conference call. After prepared remarks, we’ll have a question-and-answer session.

Yesterday, following the close of the market, we issued our news release and investor supplement, filed our 10-Q and posted related material on our website at allstateinvestors.com. Our management team is here to provide perspective on these results.

As noted on the first slide of the presentation, our discussion will contain non-GAAP measures for which are reconciliations in the news release and investor supplement, and forward-looking statements about Allstate’s operations. Allstate’s results may differ materially from these statements, so please refer to our 10-K for 2022 and other public documents for information on potential risks.

And now, I’ll turn it over to Tom.

Tom Wilson

Good morning. We appreciate you investing your time in Allstate. Let's start with an overview of results and then Mario and Jesse will walk through operating results and the actions being taken to increase shareholder value.

Let's begin on Slide 2. Allstate's strategy has two components; increase personal profit liability market share, and expand protection services, which are shown in the two with on the left. On the right-hand side, you can see a summary of results for the second quarter. Progress is being made on the comprehensive plan to improve auto insurance profitability, which includes raising rates, reducing expenses, limiting growth and enhancing claim processes.