NORTHBROOK, Ill., Oct. 18 /PRNewswire/ -- The Allstate Corporation
(NYSE: ALL) today reported operating income per diluted share of $.56 for the
third quarter of 2001 compared to $.71 for the third quarter of 2000. The
decline was driven by increased loss costs in the Property-Liability business,
a principal contributor being the homeowners line, and losses sustained from
the September 11 tragedy.
"The quarter continued to see strong growth in our standard auto line, and
Allstate Financial experienced its second highest quarter in operating
income," said Chairman, President and CEO Edward M. Liddy. "As detailed in
our pre-earnings release of October 10th, we remain concerned about the
adverse loss trends in our homeowners line and are taking strong action to
deal with this situation."
"We, along with the rest of the property and casualty sector, have been
experiencing severity pressures for some time, and in addition our frequency
trends for the year to date are running ahead of 2000. These two factors
adversely affected our homeowners results. We are aggressively moving to
remedy this situation, and are making a number of adjustments to improve the
profitability of the homeowners line. The initiatives include changes to our
product design, underwriting approach and appropriate premium rates, and have
been carefully designed to target the specific needs of specific markets.
While we have made good progress, we are monitoring our claims experience
carefully and will continue to take appropriate actions to ensure that our
homeowners line operates at a more acceptable level over the long-term.
However, it will be some time before we see the full effect of these
initiatives, because many of these actions take time to implement and because
the homeowners policies renew on an annual basis.
"The Good Hands(SM) Network continues to make progress, and during the
quarter was rolled out to nine additional states. The integrated channel
model has now gone live in 27 states and the District of Columbia. We remain
on schedule to reach substantially all of the United States population by the
end of this year."
Operating income was $401 million in the third quarter of 2001, compared
to $525 million in the third quarter of 2000. Catastrophe losses, which
include the Property-Liability losses related to the September 11 tragedy,
were $93 million after-tax during the quarter, compared to $62 million in the
prior year period. Consolidated net income for the quarter was $226 million
or $.32 per diluted share, compared to $644 million or $.87 per diluted share
for the same period in 2000. The decline in consolidated net income reflects
both decreased operating income in the Property-Liability business and
realized capital losses resulting from market conditions affecting portfolio
trading, the valuation of derivative securities resulting from new accounting
standards adopted in 2001 and investment write-downs. Consolidated realized
capital losses for the third quarter of 2001 were $131 million after-tax
compared to realized capital gains of $129 million after-tax in the same
period last year.
For the nine months ended September 30, 2001, operating income was
$1.18 billion ($1.63 per diluted share), catastrophe losses after-tax were
$495 million and net income was $894 million ($1.23 per diluted share),
compared to operating income of $1.42 billion ($1.89 per diluted share),
catastrophe losses after-tax of $549 million and net income of $1.66 billion
($2.21 per diluted share) in the first nine months of 2000. Consolidated
realized capital losses were $211 million after-tax through September of 2001,
compared to realized capital gains of $276 million after-tax for the first
nine months of 2000.
Property-Liability Business
Property-Liability written premiums increased 3.6 percent in the third
quarter of 2001 to $5.85 billion compared to $5.64 billion during the same
period of 2000. For Allstate brand products, written premiums increased
4.6 percent compared to the same period in the prior year, as rate increases
taken during 2000 and 2001 began to take effect. For the Ivantage brand
products, which include Encompass(SM) Insurance and Deerbrook(SM) Insurance,
written premium declined 7.0 percent in the third quarter of 2001 as compared
to the prior year quarter, as profit improvement actions continued to impact
production in these businesses.
"As discussed last quarter, the growth in the Allstate brand standard book
continues to be strong, with both standard auto and homeowners showing an
increase in written premium in excess of 6 percent this quarter compared to
the previous year," Liddy said. "In standard auto, the growth rate of 6.4
percent accelerated from the previous quarter's growth rate of 4.8 percent,
and the growth rate for the nine months to September 30 is 5.4 percent. We
have seen increases in average premiums, resulting from the rate actions taken
over the past twelve months, as well as positive production and retention
trends."
Property-Liability revenues in the third quarter of 2001 were
$5.90 billion compared to $6.12 billion for the 2000 third quarter. Operating
income for the quarter was $290 million versus 2000 third quarter operating
income of $408 million, as increased premiums were more than offset by higher
loss costs. Loss costs included a reserve increase in the quarter totaling
$80 million after-tax, primarily related to the homeowners line, and
$22 million after-tax related to the September 11 tragedy.
The combined ratio for the quarter was 103.0, compared to the 2000 third
quarter ratio of 98.6. Excluding catastrophe losses and restructuring
charges, the combined ratio was 100.4, compared to 96.5 in the third quarter
of 2000. Property-Liability realized capital losses were $85 million after-
tax in the third quarter of 2001, compared to realized capital gains of
$119 million after-tax for the same period in 2000. Net income was
$171 million for the quarter, compared to $527 million for the same period in
the previous year.
For the first nine months of 2001, Property-Liability written premiums
increased 2.5 percent to $17.01 billion compared to $16.60 billion in the
first nine months of 2000. Revenues for the first nine months of 2001 were
$17.76 billion, operating income was $869 million, realized capital losses
were $79 million after-tax and net income was $747 million, compared to
revenues of $18.26 billion, operating income of $1.05 billion, realized
capital gains of $329 million after-tax and net income of $1.38 billion in the
first nine months of 2000.
Allstate Financial Business
For the third quarter of 2001, statutory premiums and deposits were
$2.49 billion compared to $3.34 billion in the third quarter of 2000.
Significant decreases in retail sales of variable annuities, due to equity
market volatility, and institutional product sales, versus a strong prior year
quarter, drove the decline. Allstate Financial continues to see strong growth
in the sale of worksite, life and retirement products through Allstate
agencies. GAAP revenues during the third quarter of 2001 were $1.26 billion,
compared to $1.30 billion for the same period in the previous year.
Allstate Financial operating income for the quarter was $134 million
versus $133 million for the comparable 2000 period. Increased gross
investment margin offset the impact of equity market volatility on variable
account assets and related fees and benefits. Mortality losses of $10 million
after-tax related to the September 11 tragedy more than offset otherwise
positive mortality for the quarter.
"Operating income improved despite a difficult economic environment,"
Liddy said. "With continued volatility expected in the equity markets over
the short to mid-term, Allstate Financial continues to take actions to
increase its investment spread and to better align its expenses and
investments in growth initiatives with current economic and market
conditions."
Net income for the third quarter of 2001 was $88 million compared to
$144 million for the third quarter of 2000, reflecting realized capital losses
in the current year quarter compared to realized capital gains in the prior
year.
Allstate Financial statutory premiums and deposits for the first nine
months of 2001 were $8.29 billion, revenues were $3.68 billion, operating
income was $380 million, realized capital losses were $133 million after-tax
and net income was $241 million. These totals compare to statutory premiums
and deposits of $9.58 billion, revenues of $3.61 billion, operating income of
$405 million, realized capital losses of $29 million after-tax and net income
of $376 million for the first nine months of 2000.
This press release contains a forward-looking statement about the steps
Allstate has taken to address adverse loss trends in its homeowners insurance
business and the effect that those steps will have over the long term. The
statement is subject to the Private Securities Litigation Reform Act of 1995
and is based on management's estimates, assumptions and projections. While
management believes that the changes to product design, underwriting approach
and premium rates that it has initiated will have a positive effect on the
adverse loss trend over the long term, the trend could continue due to a
variety of factors, including unforeseen flaws in Allstate's pricing model.
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held
personal lines insurer. Widely known through the "You're In Good Hands With
Allstate(R)" slogan, Allstate provides insurance products to more than
14 million households and has approximately 13,000 exclusive agents in the
U.S. and Canada. Customers can access Allstate products and services through
Allstate agents, or in select states at allstate.com and 1-800-Allstate.
Encompass(SM) and Deerbrook(SM) Insurance brand property and casualty products
are sold exclusively through independent agents. Allstate Financial Group
includes the businesses that provide life insurance, retirement and investment
products, through Allstate agents, workplace marketing, independent agents,
banks and securities firms.
The Allstate Corporation prepares an interim investor supplement,
containing standard information that is not available at the time of the
earnings release. A supplement will be posted to the company's website in
approximately 10 days, and can be accessed by going to the Allstate web site
at allstate.com and clicking on "About Allstate". From there, go to the "Find
Financial Information" button.
Summary of results for the quarter and nine months ended September 30,
2001:
Consolidated Highlights
Quarter Ended Nine Months Ended
September 30 September 30
Est. Est.
2001 2000 Chg. 2001 2000 Chg.
$ $ % $ $ %
($ in millions, except
per-share amounts)
Consolidated Revenues 7,173 7,445 (3.7) 21,507 21,914 (1.9)
Operating Income Before
Restructuring Charges 407 537 (24.2) 1,197 1,453 (17.6)
Operating Income Per
Share (Diluted) Before
Restructuring Charges .57 .72 (20.8) 1.65 1.93 (14.5)
Restructuring Charges
After-tax 6 12 (50.0) 14 33 (57.6)
Operating Income 401 525 (23.6) 1,183 1,420 (16.7)
Operating Income Per
Share (Diluted) .56 .71 (21.1) 1.63 1.89 (13.8)
Realized Capital (Losses)
Gains After-tax (131) 129 -- (211) 276 (176.4)
Loss on Disposition of
Operations (34) -- -- (40) -- --
Dividends on
Preferred Securities
of Subsidiary Trusts (10) (10) -- (29) (32) (9.4)
Cumulative Effect of a
Change in Accounting
Principle After-tax -- -- -- (9) -- --
Net Income 226 644 (64.9) 894 1,664 (46.3)
Net Income per share
(Diluted) .32 .87 (63.2) 1.23 2.21 (44.3)
Weighted Average Shares
Outstanding (Diluted) 719.7 740.6 (2.8) 726.2 753.4 (3.6)
* For the third quarter of 2001, consolidated revenues were
$7.17 billion, compared to $7.45 billion in the third quarter of 2000.
This decrease was due to increased Property-Liability premiums earned
and Allstate Financial premiums and contract charges being more than
offset by realized capital losses in the third quarter of 2001 as
compared to realized capital gains in the third quarter of 2000.
* Property-Liability written premiums totaled $5.85 billion during the
third quarter of 2001 versus $5.64 billion during the same period in
2000. Allstate brand written premiums totaled $5.38 billion during the
third quarter of 2001, an increase from $5.14 billion during the same
period of 2000, due to increased average premium and unit growth in
Allstate's standard auto and homeowners lines. Ivantage brand written
premiums totaled $467 million during the third quarter of 2001, a
decrease from $502 million during the same period of 2000 due to
decreases in Ivantage's standard and non-standard auto lines, as a
result of profit improvement actions.
* Through the first nine months of 2001 the following net rate changes
have been approved:
Allstate brand:
* Standard auto has received approval in 34 states and Washington DC
with a projected average premium written increase in those states of
4.7% on an annual basis.
* Non-standard auto has received approval in 37 states and Washington DC
with a projected average premium written increase in those states of
11.3% on an annual basis.
* Homeowners has received approval in 27 states and Washington DC with a
projected average premium written increase in those states of 12.1% on
an annual basis.
Ivantage brand:
* Standard auto (Encompass) has received approval in 30 states with a
projected average premium written increase in those states of 2.0% on
an annual basis.
* Non-standard auto (Deerbrook) has received approval in 9 states with a
projected average premium written increase in those states of 13.8% on
an annual basis.
* Homeowners (Encompass) has received approval in 27 states with a
projected average premium written increase in those states of 3.8% on
an annual basis.
* Allstate completed an annual review of reserves for environmental,
asbestos and other mass tort exposures during the third quarter of 2001.
As a result of this review, reserve increases were taken for asbestos
totaling $61 million after-tax, offset by reserve releases for
environmental of $30 million after-tax and other mass tort of
$25 million after-tax, for a net impact of $6 million after-tax in the
third quarter.
* Allstate Financial operating income was $134 million during the third
quarter of 2001 compared to $133 million in the same period of 2000.
Increased gross investment margin offset the impact of equity market
volatility on variable account assets and related fees and benefits.
Mortality losses of $10 million after tax related to the September 11
tragedy more than offset otherwise positive mortality for the quarter.
* During the third quarter of 2001, the components of net realized capital
(losses) gains were:
(in millions) Property-Liability Allstate Total
Financial
Valuation of derivative securities (25) (52) (77)
Portfolio trading (93) 9 (84)
Investment write-downs (16) (27) (43)
Third Quarter 2001 before tax
Realized Capital Losses (134) (70) (204)
* During the third quarter of 2001, Allstate finalized the sale of its
subsidiaries in Germany and Italy recognizing a $34 million after-tax
loss on the disposition of operations. Related to this sale, Allstate
also recognized a $47 million tax benefit attributable to the inception-
to-date operating losses of these entities, not previously recognized.
The sales of these subsidiaries, along with the sale of subsidiaries in
the Philippines and Indonesia in the second quarter of 2001, reflect
Allstate's intention to focus its efforts on business in North America.
* During the third quarter of 2001, the company acquired approximately
11 million shares of its stock at a cost of $380 million. These
repurchases completed its $2 billion stock repurchase program which
began in 2000, and began the current $500 million stock repurchase
program which is expected to be completed by the end of 2002. The total
cost of shares repurchased during the quarter was $363 million in the
$2 billion program and $17 million under the current $500 million
program.
Property-Liability Highlights
Quarter Ended Nine Months Ended
September 30 September 30
Est. Est.
2001 2000 Chg. 2001 2000 Chg.
$ $ % $ $ %
($ in millions, except
ratios)
Property-Liability 5,846 5,644 3.6 17,014 16,604 2.5
Premiums Written
Property-Liability
Revenues 5,895 6,116 (3.6) 17,759 18,257 (2.7)
Operating Income
Before Restructuring
Charges 295 421 (29.9) 879 1,094 (19.7)
Restructuring Charges
After-tax 5 13 (61.5) 10 42 (76.2)
Operating Income 290 408 (28.9) 869 1,052 (17.4)
Realized Capital (Losses)
Gains After-tax (85) 119 (171.4) (79) 329 (124.0)
Loss on Disposition
Of Operations (34) -- -- (40) -- --
Cumulative Effect of a
Change in Accounting
Principle After-tax -- -- -- (3) -- --
Net Income 171 527 (67.6) 747 1,381 (45.9)
Catastrophes After-tax 93 62 50.0 495 549 (9.8)
Combined Ratio before
impacts of catastrophes
and restructuring
charges 100.4 96.5 3.9pts 97.7 94.3 3.4pts
Impact of catastrophes 2.5 1.7 0.8pts 4.6 5.1 (0.5)pts
Impact of restructuring
charges 0.1 0.4 (0.3)pts 0.1 0.4 (0.3)pts
Combined Ratio 103.0 98.6 4.4pts 102.4 99.8 2.6pts
Allstate Financial Highlights
Quarter Ended Nine Months Ended
September 30 September 30
Est. Est.
2001 2000 Chg. 2001 2000 Chg.
$ $ % $ $ %
($ in millions)
Statutory Premiums and
Deposits 2,491 3,338 (25.4) 8,294 9,580 (13.4)
Allstate Financial
GAAP Revenues 1,257 1,304 (3.6) 3,684 3,614 1.9
Operating Income
before Restructuring
Charges 135 132 2.3 384 396 (3.0)
Restructuring Charges
After-tax 1 (1) -- 4 (9) (144.4)
Operating Income 134 133 0.8 380 405 (6.2)
Realized Capital (Losses)
Gains After-tax (46) 11 -- (133) (29) --
Cumulative Effect of a
Change in Accounting
Principle After-tax -- -- -- (6) -- --
Net Income 88 144 (38.9) 241 376 (35.9)
Investments including
Separate Accounts 58,655 55,190 6.3 58,655 55,190 6.3
THE ALLSTATE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Nine Months Ended
September 30, September 30,
($ in millions except Est. Percent Est. Percent
per share data) 2001 2000 Change 2001 2000 Change
Revenues
Property-liability
insurance premiums $5,597 $5,467 2.4 $16,553 $16,419 0.8
Life and annuity
premiums and contract
charges 580 571 1.6 1,665 1,623 2.6
Net investment income 1,200 1,183 1.4 3,615 3,402 6.3
Realized capital gains
and losses (204) 224 (191.1) (326) 470 (169.4)
Total revenues 7,173 7,445 (3.7) 21,507 21,914 (1.9)
Costs and expenses
Property-liability
insurance claims
and claims expense 4,474 4,076 9.8 13,093 12,412 5.5
Life and annuity
contract benefits 886 825 7.4 2,562 2,312 10.8
Amortization of
deferred policy
acquisition costs 863 892 (3.3) 2,566 2,642 (2.9)
Operating costs and
expenses 641 652 (1.7) 1,985 1,958 1.4
Amortization of
goodwill 14 12 16.7 40 38 5.3
Restructuring and
related charges 10 18 (44.4) 22 51 (56.9)
Interest expense 63 61 3.3 186 166 12.0
Total costs and
expenses 6,951 6,536 6.3 20,454 19,579 4.5
Loss on disposition of
operations (53) - - (63) - -
Income from operations
before income tax (benefit)
expense, dividends on
preferred securities and
cumulative effect of
change in accounting
principle, after-tax 169 909 (81.4) 990 2,335 (57.6)
Income tax (benefit)
expense (67) 255 (126.3) 58 639 (90.9)
Income before dividends
on preferred securities
and cumulative effect of
change in accounting
principle, after-tax 236 654 (63.9) 932 1,696 (45.0)
Dividends on preferred
securities of subsidiary
trusts (10) (10) - (29) (32) (9.4)
Cumulative effect of
change in accounting
principle, after-tax - - - (9) - -
Net income $226 $644 (64.9) $894 $1,664 (46.3)
Net income per share
- Basic $0.32 $0.87 $1.24 $2.22
Weighted average shares
- Basic 717.3 735.8 722.8 748.6
Net income per share
- Diluted $0.32 $0.87 $1.23 $2.21
Weighted average shares
- Diluted 719.7 740.6 726.2 753.4
THE ALLSTATE CORPORATION
CONTRIBUTION TO INCOME
Three Months Ended Nine Months Ended
September 30, September 30,
($ in millions except
per share data) Est. Percent Est. Percent
2001 2000 Change 2001 2000 Change
Contribution to income
Operating income $401 $525 (23.6) $1,183 $1,420 (16.7)
Realized capital
gains and losses (131) 129 - (211) 276 (176.4)
Loss on disposition
of operations (34) - - (40) - -
Dividends on preferred
securities of
subsidiary trusts (10) (10) - (29) (32) (9.4)
Cumulative effect of
change in accounting
principle - - - (9) - -
Net income $226 $644 (64.9) $894 $1,664 (46.3)
Operating income
before the impact
of restructuring and
related charges $407 $537 (24.2) $1,197 $1,453 (17.6)
Income per share
(Diluted)
Operating income $0.56 $0.71 (21.1) $1.63 $1.89 (13.8)
Realized capital
gains and losses (0.18) 0.17 - (0.29) 0.36 (180.6)
Loss on disposition
of operations (0.05) - - (0.06) - -
Dividends on preferred
securities of
subsidiary trusts (0.01) (0.01) - (0.04) (0.04) -
Cumulative effect of
change in accounting
principle - - - (0.01) - -
Net income $0.32 $0.87 (63.2) $1.23 $2.21 (44.3)
Operating income
before the impact
of restructuring and
related charges $0.57 $0.72 (20.8) $1.65 $1.93 (14.5)
Book value per share
- Diluted $24.14 $22.74 6.2 $24.14 $22.74 6.2
THE ALLSTATE CORPORATION
SUPPLEMENTARY INFORMATION
Three Months Ended Nine Months Ended
September 30, September 30,
Est. Est.
($ in millions except ratios) 2001 2000 2001 2000
Property-Liability
Premiums written $5,846 $5,644 $17,014 $16,604
Premiums earned $5,597 $5,467 $16,553 $16,419
Claims and claims expense 4,474 4,076 13,093 12,412
Operating costs and expenses 1,275 1,292 3,827 3,887
Amortization of goodwill 6 5 16 17
Restructuring and related charges 8 20 16 64
Underwriting (loss) income (166) 74 (399) 39
Net investment income 432 463 1,334 1,326
Income tax (benefit) expense on
operations (24) 129 66 313
Operating income 290 408 869 1,052
Realized capital gains and losses,
after-tax (85) 119 (79) 329
Loss on disposition of operations,
after-tax (34) - (40) -
Cumulative effect of change in
accounting principle, after-tax - - (3) -
Net income $171 $527 $747 $1,381
Catastrophe losses $142 $95 $761 $844
Operating ratios
Claims and claims expense ratio 80.0 74.5 79.1 75.6
Expense ratio 23.0 24.1 23.3 24.2
Combined ratio 103.0 98.6 102.4 99.8
Effect of catastrophe losses
on combined ratio 2.5 1.7 4.6 5.1
Effect of restructuring and related
charges on combined ratio 0.1 0.4 0.1 0.4
Allstate Financial
Statutory premiums and deposits $2,491 $3,338 $8,294 $9,580
Investments including
Separate Account assets $58,655 $55,190 $58,655 $55,190
Premiums and contract charges $580 $571 $1,665 $1,623
Net investment income 747 694 2,218 1,996
Contract benefits 886 825 2,562 2,312
Operating costs and expenses 225 231 712 675
Amortization of goodwill 7 7 22 21
Restructuring and related charges 2 (2) 6 (13)
Income tax expense on operations 73 71 201 219
Operating income 134 133 380 405
Realized capital gains and losses,
after-tax (46) 11 (133) (29)
Cumulative effect of change in
accounting principle, after-tax - - (6) -
Net income $88 $144 $241 $376
Corporate and Other
Operating costs and expenses 64 61 190 166
Amortization of goodwill 1 - 2 -
Net investment income 21 26 63 80
Income tax benefit on operations (21) (19) (63) (49)
Operating loss $(23) $(16) $(66) $(37)
Realized capital gains and losses,
after-tax - (1) 1 (24)
Dividends on preferred securities
of subsidiary trusts (10) (10) (29) (32)
Net loss $(33) $(27) $(94) $(93)
THE ALLSTATE CORPORATION
UNDERWRITING RESULTS BY AREA OF BUSINESS
($ in millions except Three Months Ended Nine Months Ended
ratios) September 30, September 30,
Est. Percent Est. Percent
2001 2000 Change 2001 2000 Change
Consolidated Underwriting
Summary
PP&C $(161) $83 - $(386) $56 -
Discontinued lines and
coverages (5) (9) (44.4) (13) (17) (23.5)
Underwriting (loss)
income $(166) $74 - $(399) $39 -
PP&C Underwriting Summary
Premiums written $5,845 $5,644 3.6 $17,006 $16,603 2.4
Premiums earned $5,595 $5,467 2.3 $16,542 $16,416 0.8
Claims and claims
expense 4,469 4,069 9.8 13,076 12,399 5.5
Other costs and
expenses 1,273 1,290 (1.3) 3,820 3,880 (1.5)
Amortization of
goodwill 6 5 20.0 16 17 (5.9)
Restructuring and
related charges 8 20 (60.0) 16 64 (75.0)
Underwriting (loss)
income $(161) $83 - $(386) $56 -
Catastrophe losses $142 $95 49.5 $761 $844 (9.8)
Operating ratios
Claims and claims
expense ratio 79.9 74.4 79.0 75.6
Expense ratio 23.0 24.1 23.3 24.1
Combined ratio 102.9 98.5 102.3 99.7
Effect of catastrophe
losses on combined ratio 2.5 1.7 4.6 5.1
Effect of restructuring
and related charges on
combined ratio 0.1 0.4 0.1 0.4
Discontinued Lines and
Coverages
Underwriting Summary
Premiums written $1 $- $8 $1
Premiums earned $2 $- $11 $3
Claims and claims
expense 5 7 17 13
Other costs and
expenses 2 2 7 7
Underwriting loss $(5) $(9) $(13) $(17)
THE ALLSTATE CORPORATION
PROPERTY-LIABILITY PREMIUMS WRITTEN BY MARKET SEGMENT
($ in millions)
Three Months Ended Nine Months Ended
September 30, September 30,
Est. Percent Est. Percent
2001 2000 Change 2001 2000 Change
PP&C
Standard auto $3,368 $3,203 5.2 $9,892 $9,489 4.2
Non-standard auto 703 773 (9.1) 2,138 2,453 (12.8)
Involuntary auto 41 25 64.0 132 55 140.0
Commercial lines 176 152 15.8 540 497 8.7
Homeowners 1,218 1,146 6.3 3,290 3,094 6.3
Other personal lines 339 345 (1.7) 1,014 1,015 (0.1)
5,845 5,644 3.6 17,006 16,603 2.4
DISCONTINUED LINES AND
COVERAGES 1 - - 8 1 -
TOTAL $5,846 $5,644 3.6 $17,014 $16,604 2.5
Three Months Ended Nine Months Ended
September 30, September 30,
Est. Percent Est. Percent
2001 2000 Change 2001 2000 Change
PP&C, EXCLUDING IVANTAGE
Standard auto $3,062 $2,878 6.4 $8,974 $8,515 5.4
Non-standard auto 692 749 (7.6) 2,104 2,323 (9.4)
Involuntary auto 37 23 60.9 117 45 160.0
Commercial lines 176 152 15.8 540 497 8.7
Homeowners 1,095 1,025 6.8 2,942 2,759 6.6
Other personal lines 316 315 0.3 939 922 1.8
5,378 5,142 4.6 15,616 15,061 3.7
DISCONTINUED LINES AND
COVERAGES 1 - - 8 1 -
TOTAL, EXCLUDING IVANTAGE $5,379 $5,142 4.6 $15,624 $15,062 3.7
SOURCE Allstate Corporation
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CONTACT:
Mary Alice Horstman, Media Relations,
+1-847-402-5600, or Robert Block, Larry Moews, or Phil Dorn,
Investor Relations, +1-847-402-2800, of Allstate Corporation
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