Allstate Corporation reported its second-quarter 2024 financial results, highlighting several key performance metrics.

Total revenue for the quarter was $15.7 billion, up $1.7 billion from a year earlier, driven primarily by higher property and casualty insurance premiums. The company reported net income of $301 million attributable to common shareholders, a significant improvement from a net loss of $1.4 billion in the prior-year quarter.

Adjusted net income was $429 million, or $1.61 per diluted share, compared to an adjusted net loss of $1.2 billion in the prior year.

Premiums earned on property obligations increased 11.9% to $13.3 billion, largely due to higher average premiums resulting from rate increases. Underwriting loss for the quarter was $145 million, an improvement of $1.9 billion from the prior year loss of $2.1 billion.

Written premiums rose 13.1%, with Allstate brands up 10.0% and National General up 29.1%.

The combined property-to-liability ratio was 101.1 for the quarter and 97.1 for the first six months of 2024. The core combined ratio was 85.3, an improvement of 7.6 points from the prior year. This was due to higher earned premiums, improved loss experience, and operating efficiencies, which were partially offset by increased advertising expenses.

Read more: Allstate’s Catastrophe Loss Estimates Increase in May

Allstate Protection’s auto insurance segment posted an overall ratio of 95.9, down 12.4 points from a year earlier. Allstate’s auto insurance segment posted an overall ratio of 96.9, down 11.2 points, primarily due to higher average premiums earned.

The combined ratio of National General Motor Insurance Company reached 91.9, down 17.9 points, reflecting improved results and favorable reserve revaluation.

For homeowners insurance, Allstate implemented rate increases at 12 locations, averaging 9.9%, resulting in a 10.7% increase in average total written premiums. National General implemented rate increases at 12 locations, averaging 14.6%.

The combined ratio for homeowners insurance improved to 111.5, down 33.8 points from a year earlier, due to lower catastrophe losses and higher premiums earned. Catastrophe losses for the quarter were $1.6 billion, down $573 million from a year earlier.

Tom Wilson, Chairman and CEO of Allstate Corporation, commented on the company’s performance, noting strong execution of the earnings improvement plan.

“Allstate’s strategy of providing affordable, simple and connected protection has led to strong policy growth in National General-branded property liability insurance and Allstate protection plans sold by retailers,” Wilson said.

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