The Allstate Corporation (NYSE:ALL) Q3 2024 Earnings Conference Call October 31, 2024 9:00 AM ET

Company Participants

Alastair Gobin - Head of Investor Relations
Tom Wilson - President and CEO
Jess Merten - EVP and CFO
Mario Rizzo - President, Property-Liability

Conference Call Participants

Jimmy Bhullar - JPMorgan
Gregory Peters - Raymond James
Yaron Kinar - Jefferies
Bob Huang - Morgan Stanley
David Motemaden - Evercore ISI
Josh Shanker - Bank of America

Operator

Good day, and thank you for standing by. Welcome to Allstate's Third Quarter Investor Call. At this time, all participants are in listen-only mode. After the 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, Alastair Gobin, Head of Investor Relations. Please go ahead, sir.

Alastair Gobin

Thank you, Jonathan. Good morning. Welcome to Allstate's third quarter 2024 earnings conference call. 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 will provide perspective on our strategy and an update on our results. After prepared remarks, we will have a question-and-answer session.

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 2023 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 understanding the value creation potential at Allstate.

I'm going to provide an overview of results. Mario and Jess will walk through the operating performance, and then we'll address your questions. So let's begin on Slide 2. Allstate's strategy has two components, increased personal Property-Liability market share, and expand protection provided to customers, which are shown in the two ovals on the left. We now have more than 200 million policies in force.

On the right hand side, you can see Allstate's performance for the third quarter. Total revenues of $16.6 billion were up 14.7%, compared to the prior year quarter. Allstate generated net income of $1.2 billion and adjusted net income of $3.91 per share. Return on equity was 26.1% over the last 12 months.