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The Allstate Corporation : Allstate : Rivals Now Joining Us In Raising Home Insurance Rates

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05/03/2012 | 05:16pm CEST
   By Erik Holm 
   Of  
 

Allstate Corp. (ALL) executives said rivals are beginning to raise U.S. home-insurance rates, joining Allstate in an effort to offset rising claims costs.

Allstate has been boosting the price of coverage for years as severe weather pushed the company to repeated underwriting losses in its home-insurance operation.

But several analysts on Thursday highlighted the company's first-quarter profit margins, saying the company appeared to be closing in on its goal of achieving appropriate returns from the segment.

The underlying profit margin in the home-insurance business, a measure that excludes some effects out of the company's control, was 33 cents on the dollar in the quarter.

Competitors "are now raising their homeowners rates a little later than I think we did," said Matthew Winter, the head of Allstate's home and auto operations. "My expectation is that we will no longer be alone in the marketplace taking rate."

Allstate shares rose 4.1% to $34.26 in morning trading after the company released first quarter results late Wednesday. The stock jump came after the improved home-insurance results helped push first-quarter profit up 46% to $766 million. Operating income of $1.42 a share beat the consensus estimate of analysts surveyed by Thomson Reuters by 30 cents.

Allstate's efforts to raise home-insurance rates continue, which has had a "chilling effect" on the company's auto-insurance division, Winter said. The company is "accepting, but not liking" the knock-on effect, he said.

"Growth in the absence of profitability is the wrong strategy," he said.

Some of the recent price hikes have reflected the rising costs of repairing roofs, which increased dramatically in 2011, Winter said.

-By Erik Holm, Dow Jones Newswires; 212-416-2892; [email protected]

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Financials ($)
Sales 2018 33 006 M
EBIT 2018 3 211 M
Net income 2018 3 084 M
Debt 2018 -
Yield 2018 1,86%
P/E ratio 2018 10,87
P/E ratio 2019 10,70
Capi. / Sales 2018 1,02x
Capi. / Sales 2019 0,93x
Capitalization 33 550 M
Chart ALLSTATE CORP
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Allstate Corp Technical Analysis Chart | 4-Traders
Income Statement Evolution
Consensus
 
Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 106 $
Spread / Average Target 11%
EPS Revisions
Managers
NameTitle
Thomas Joseph Wilson Chairman, President & Chief Executive Officer
Mario Rizzo Chief Financial Officer & Executive Vice President
Judith A. Sprieser Lead Independent Director
Andrea Redmond Independent Director
Steven E. Shebik Vice Chairman
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