As it had warned last month, Allstate Corp. reported a fourth quarter 2022 loss of $310 million as losses from auto insurance outpaced an increase in revenue.
Results were in comparison to net income of $790 million for Q4 2021. Throughout 2022, Allstate has increased rates on auto insurance to keep pace with fast-climbing loss costs in the segment. However, Allstate recorded a total Q4 underwriting loss of just over $1 billion, and an underwriting loss of nearly $3 billion for all of 2022, as the auto line finished with an unprofitable Q4 combined ratio of 112.6 on higher claim severity and accident frequency compared to Q4 2021 as well as an increase in prior-year claims reserves.
