Thread regarding Allstate Corp. layoffs

@1qse+1pnv4nm8, you do know that Allstate took another quarterly loss right Jethro?

Where are all the loser trolls now? I remember last month reading posts with predictions that our stock price would fall below $100 soon. All trolls, please stay in your caves and commiserate among yourselves.

Allstate still an Auto company, and while overall Allstate PIF is ok, it's driven by Protection Services which is low premium and marginally profitable.

Look at Auto, and the Allstate Brand is down 1.3 million policies in last 4 quarters. The declines are offset a bit by National General that has grown about 550k over same period. Claim handling going back to the pre-Shapiro days including accelerated disposition of BI claims and increases in in-person inspections. Stock has gotten ahead of itself here at 2.5x book value. Like the economy, there are long lags between taking the rates and it showing up in the business.

Per the earnings presentation, they plan a divestiture of the Health and Benefits business. It's about $2 billion in premium, so funds can be used for share repurchases, dividend, or reduction in debt. Probably why the stock popped a bit in after hours.

If you look at the 10Q, there are a lot of 2022 adverse development with little in 2023. It is very possible that the company is under reserving and in later quarters when claims are litigated and paid there will be greater 2023 adverse development. That can result in worse earnings in later quarters. What is surprising to me is how almost every line in 2022 was unprofitable yet despite rate increases policy in force is relatively unchanged. You'd expect to write less to maintain profitability. There are a lot of ways to manipulate the accounting. I am skeptical but it is also very possible that things are getting better.

You sound like Tommy boy who only knows how to give himself an “atta boy.”
Still bled money…
“We are great because we did not su-k as
Much as we were estimated to su-k.”
TG full speed ahead…