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posted: 11/3/2022 2:27 PM

Allstate raises insurance prices given inflation, claims

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NORTHBROOK -- Allstate Corp. Thursday said it will raise insurance prices given cost inflation as it reported financial results for its fiscal year third quarter.

Total revenues of $13.2 billion in the third quarter increased 5.8% compared to the same quarter in 2021.

Adjusted net loss was $420 million, or $1.56 per diluted share, compared to an adjusted net income of $217 million generated in the prior year quarter. The decline reflects increased claims severity, higher unfavorable prior year reserve re-estimates and lower net investment income, Allstate said.

"We continue to implement a multifaceted program to restore Property-Liability margins to targeted levels," said Mario Rizzo, president of Allstate's Property-Liability business. "This includes continued increases in auto and home insurance prices, reducing expenses and adapting claims settlement practices to a high inflation environment. In addition, growth is being reduced in states and lines of business that are underperforming."