The Allstate Corporation (NYSE:ALL) Q4 2023 Earnings Conference Call February 8, 2024 9:00 AM ET
Company Participants
Brent Vandermause - Head, Investor Relations
Tom Wilson - Chairman, President and CEO
Mario Rizzo - President, Property-Liability, Allstate Insurance Company
Jesse Merten - Chief Financial Officer
Conference Call Participants
Jimmy Bhullar - JPMorgan
Gregory Peters - Raymond James
Yaron Kinar - Jefferies
Elyse Greenspan - Wells Fargo
Bob Huang - Morgan Stanley
Josh Shanker - Bank of America
Andrew Kligerman - TD Cowen
Operator
Good day and thank you for standing by. Welcome to Allstate’s Fourth Quarter Earnings Conference Call. Currently, all participants are in a listen-only mode. After prepared remarks, there will be a question-and-answer session. [Operator Instructions]
As a reminder, please be aware this 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. And welcome to Allstate’s fourth quarter 2023 earnings conference call. After prepared remarks, we will have a question-and-answer session. Yesterday, following the close of market, we issued our news release and investor supplement and posted related material on our website at allstateinvestors.com. Our management team is here to provide perspective on these results and our strategy.
As noted on the first slide of the presentation, our discussion will contain non-GAAP measures for which there 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 will turn it over to Tom.
Tom Wilson
Good morning. And we appreciate you taking the time and spending your efforts to explore why Allstate is an attractive investment. So I will begin with an overview of our strategy and results, and Mario and Jess, can go through the operating performance. Then we will have time for your questions at the end.
Let’s begin on slide two, which depicts Allstate’s strategy to increase shareholder value. So we have two components to this strategy, increase personal Property-Liability market share and expand protection provided to customers, which are shown in the two ovals on the left.
On the right-hand side, you can see the highlights for the fourth quarter. We generated net income of $1.5 billion. The strong results reflect our actions to improve auto insurance profitability and mild weather conditions, which was a welcome reprieve from the elevated level of weather related losses in the first three quarters of the year.