Core Viewpoint - Allstate's stock has shown a positive return of +3.4% over the past month, contrasting with the S&P 500's decline of -4.1%, indicating potential resilience in its performance [1] Earnings Estimate Revisions - For the current quarter, Allstate is expected to report earnings of $4 per share, reflecting a decrease of -22% year-over-year, with the consensus estimate dropping by -23.6% in the last 30 days [4] - The consensus earnings estimate for the current fiscal year is $18.65, indicating a slight increase of +1.8% from the previous year, with a minor change of -0.6% over the last month [4] - For the next fiscal year, the consensus estimate is $21.61, suggesting a growth of +15.9% compared to the previous year, with a recent increase of +4.1% [5] Revenue Growth Forecast - The consensus sales estimate for the current quarter is $17.13 billion, representing a year-over-year increase of +11% [8] - For the current fiscal year, the revenue estimate is $69.64 billion, indicating a growth of +8.3%, while the next fiscal year's estimate is $74.95 billion, reflecting a +7.6% change [8] Last Reported Results and Surprise History - In the last reported quarter, Allstate achieved revenues of $16.71 billion, marking a year-over-year increase of +12.1%, with an EPS of $7.67 compared to $5.82 a year ago [9] - The reported revenues were in line with the Zacks Consensus Estimate, showing a surprise of -0.01%, while the EPS surprise was +17.82% [10] - Allstate has consistently beaten consensus EPS estimates in the last four quarters and has topped revenue estimates three times during this period [10] Valuation - Allstate is graded A in the Zacks Value Style Score, indicating that it is trading at a discount compared to its peers [14]

Core Insights - Ascentage Pharma's drug olverembatinib has received Breakthrough Therapy Designation (BTD) from China's National Medical Products Administration for treating newly-diagnosed patients with Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ ALL) in combination with low-intensity chemotherapy [1][2][3] Company Overview - Ascentage Pharma is a global biopharmaceutical company focused on discovering, developing, and commercializing therapies for unmet medical needs, particularly in hematological malignancies [10][11] - The company is listed on both the Hong Kong Stock Exchange and Nasdaq, indicating its global presence and investment appeal [10] Drug Development and Approval - Olverembatinib is the first third-generation BCR-ABL inhibitor approved in China, with prior approvals for chronic-phase chronic myeloid leukemia (CML-CP) and gastrointestinal stromal tumors [5][12] - The drug has been included in the China National Reimbursement Drug List, enhancing its accessibility to patients [5][12] - A global Phase III study has been cleared for olverembatinib in combination with chemotherapy, positioning it to potentially be the first TKI approved for first-line treatment of Ph+ ALL in China [6] Clinical Significance - The incidence rate of ALL in China is approximately 0.69 per 100,000, with Ph+ ALL representing 20%-30% of adult cases, highlighting a significant unmet medical need [4] - Prior to TKIs, the five-year overall survival rate for Ph+ ALL patients treated with chemotherapy was below 20%, underscoring the importance of new treatment options [4] Regulatory and Market Impact - BTDs are granted to innovative drugs that address serious conditions with no existing treatment, allowing for prioritized development and review processes [3] - The recognition of olverembatinib's clinical value by regulatory authorities is expected to accelerate its development and availability to patients [7]

Group 1 - The conference call features Allstate's management team, including CFO Jess Merten, discussing the company's strategy and recent results [1][2] - Allstate aims to provide an overview of its strategy and performance to highlight its attractiveness as an investment opportunity [2][3] - The presentation will include forward-looking statements and reference non-GAAP measures, with additional information available on the company's investor website [2]

The Allstate Corporation Raymond James 2025 Institutional Investors Conference Jess Merten, Chief Financial Officer 3.4.2025 Forward-looking statements and non-GAAP financial information This presentation contains forward-looking statements and information. This presentation also contains non- GAAP measures that are denoted with an asterisk. You can find the reconciliation of those measures to GAAP measures within our most recent earnings release, investor supplement or on our website, www.allstateinvestors ...

Core Insights - Basements have transformed into valuable living spaces but are prone to flooding, leading to significant repair costs, with 2024 marking a record year for weather-related losses in Canada exceeding $1 billion due to flooding [1][2] Group 1: Basement Usage and Flooding Risks - A Léger poll indicates that 80% of Canadians have a basement, with 10% experiencing flooding [2][6] - Water damage is a leading cause of home insurance claims, with repair costs for water-damaged basements increasing by nearly 20% from 2019 to 2024 [2][6] - Many homeowners utilize their basements for various purposes, including storage of expensive items, with 41% storing sports gear and 32% storing entertainment equipment [6][7] Group 2: Homeowner Preparedness and Recommendations - Homeowners are encouraged to take protective measures against flooding, especially as warmer months approach [3][4] - Recommendations include elevating expensive equipment, using waterproof storage solutions, and consulting professionals for landscaping to divert water [7][4] - The survey highlights that 61% of homeowners have running water in their basements, increasing the risk of water damage [2][6]

Core Insights - The Allstate Corporation has increased its quarterly dividend by 8.7% to $1 per share, reflecting a strong commitment to shareholder returns [1][2][3] - Allstate's current dividend yield stands at 2.12%, significantly higher than the industry average of 0.26%, indicating confidence in its cash flow and future prospects [2] - The company has a history of consistent dividend growth, having raised its dividend five times in the past five years, which signals strong financial health [3] Dividend and Share Repurchase - The increased dividend will be paid on April 1, 2025, to shareholders of record as of March 10, 2025 [2] - Allstate has also announced a total of $29.3 million in dividends for preferred stock for the period from January 15 to April 14, 2025, payable on April 15 [5] - A new $1.5 billion share repurchase program has been approved, effective through September 30, 2026, following the expiration of a previous $5 billion buyback authorization [6] Strategic Focus and Growth Drivers - Allstate is focusing on its core strengths by divesting underperforming segments, including the sale of its Employer Voluntary Benefits and Group Health businesses for $2 billion and $1.25 billion, respectively [8] - The company aims to improve efficiency and profitability through cost-cutting measures and reinvestment in technology and product innovation [9] - Premium growth has been robust, with net premiums earned increasing by 13.9% in 2021, 8.7% in 2022, 10.4% in 2023, and 11.3% in 2024, showcasing the effectiveness of its growth strategy [10] Earnings Estimates and Valuation - The Zacks Consensus Estimate for Allstate's adjusted earnings in 2025 is $18.74 per share, reflecting a 2.3% year-over-year growth, with further growth of 15% expected in 2026 [11] - The stock is currently trading at a forward earnings multiple of 9.82X, lower than its five-year median of 10.89X and the industry average of 29.16X, indicating it is attractively valued [12] Market Challenges - Allstate faces challenges from intense competition in the insurance market, which may affect its pricing strategy and customer retention [13] - As of December 31, 2024, Allstate's debt was $8.1 billion, with a cash balance of $704 million, leading to increased interest expenses and financial pressure [14] - Recent wildfires in Los Angeles have resulted in estimated pre-tax losses of approximately $1.1 billion for Allstate, highlighting the impact of external events on its financial performance [18]

Regulatory Environment - The Allstate Corporation's insurance subsidiaries are subject to capital requirements that could impact future dividends, but no immediate effects on current dividend plans are expected [75]. - The company operates under various state insurance regulations, requiring prior approval for any acquisition of 10% or more of its common stock in multiple states [80]. - Rate regulation across 22 locations mandates prior approval for rate changes, affecting the company's ability to respond to market conditions [88]. - The Inflation Reduction Act of 2022 established a 15% corporate alternative minimum tax and a 1% excise tax on stock repurchases, impacting the company's financial strategies [94]. - The OECD's 15% Global Minimum Tax is expected to have a minimal impact on the company's operations, with compliance beginning on or after December 31, 2023 [96]. - The SEC's climate disclosure rule, if implemented, will require qualitative and quantitative disclosures related to climate risks and greenhouse gas emissions [97]. - California's Climate Corporate Data Accountability Act mandates phased reporting on greenhouse gas emissions, with regulations to be developed by July 1, 2025 [98]. - The company is involved in state-based indemnification programs, which may affect its financial obligations related to certain insurance coverages [88]. - The ability of subsidiaries to pay dividends is limited by state insurance regulatory authorities, which could adversely affect the holding company's liquidity and ability to meet obligations [175]. - Changes in regulatory and rating agency capital metrics could decrease deployable capital and potentially reduce future dividends paid by insurance companies [176]. - Regulatory environments may restrict necessary rate increases, impacting profitability and operational results [140]. - Legal and regulatory actions could materially affect the company's results of operations, cash flows, and financial condition, with ongoing litigation and inquiries posing significant risks [220]. - The company is subject to extensive regulations that may limit growth and profitability, with potential changes in the legal environment posing additional risks [213][219]. Financial Performance - Total revenues for 2024 increased to $64,106 million, up 12.3% from $57,094 million in 2023 [615]. - Net income attributable to Allstate for 2024 was $4,667 million, a significant recovery from a net loss of $188 million in 2023 [617]. - Earnings per common share for 2024 was $17.22, compared to a loss of $1.20 per share in 2023 [615]. - Property and casualty insurance premiums rose to $56,388 million in 2024, an increase of 11.9% from $50,670 million in 2023 [615]. - Total costs and expenses for 2024 were $58,345 million, slightly up from $57,442 million in 2023 [615]. - The company reported net investment income of $3,092 million in 2024, up from $2,478 million in 2023 [615]. - Comprehensive income attributable to Allstate for 2024 was $4,468 million, compared to $1,494 million in 2023 [617]. - Total assets increased to $111,617 million in 2024, up from $103,362 million in 2023 [622]. - Total liabilities rose to $90,250 million in 2024, compared to $85,732 million in 2023 [622]. - Total Allstate shareholders' equity increased to $21,442 million in 2024, up from $17,770 million in 2023 [622]. - Net income for 2024 was $4,599 million, a significant recovery from a net loss of $213 million in 2023 and $1,342 million in 2022 [627]. - Net cash provided by operating activities increased to $8,931 million in 2024, compared to $4,228 million in 2023 [627]. - The group health business generated $481 million in premiums and contract charges with an adjusted net income of $71 million for the year ended December 31, 2024 [640]. - Cash at the end of the period was $704 million, down from $722 million at the beginning of the period [627]. - Net cash used in investing activities was $(8,252) million in 2024, compared to $(2,999) million in 2023 [627]. - Proceeds from the issuance of debt amounted to $495 million in 2024, while redemption and repayment of debt totaled $(350) million [627]. - The company reported a decrease in dividends paid on common stock to $(962) million in 2024 from $(925) million in 2023 [627]. Employee Engagement and Culture - Allstate's organizational culture emphasizes employee development and aligns with its goal to become the lowest cost protection provider [108]. - As of December 31, 2024, Allstate had approximately 55,000 full-time employees and 400 part-time employees [109]. - In 2024, Allstate sustained a voluntary turnover rate of 13% and maintained employee engagement scores with 84% of employees expressing a favorable view [113]. - Allstate spent $58 million on employee engagement activities, including in-person and virtual events [114]. - Over 35% of open U.S. positions were filled with internal applicants in 2024 [113]. - Allstate's Employee Impact Groups (EIGs) showed a 28% lower turnover rate among members compared to non-members, with 14% of the U.S. workforce participating [115]. - The company provided financial assistance to over 2,000 U.S. employees for educational programs in 2024 [113]. - Allstate launched an early career enrichment experience to support the development of early career talent [113]. - The organization focuses on skills-based hiring by eliminating degree requirements for certain positions [117]. - Allstate's well-being strategy includes assessments to tailor support programs based on employee needs [114]. - The company emphasizes a culture of well-being, offering paid leave for family care from the day employees join [114]. Market and Competitive Landscape - The competitive landscape in the personal property-liability market is intense, with pricing pressures affecting growth and profitability [139]. - Changes in consumer preferences and technological advancements could disrupt demand for auto insurance, a significant portion of the company's business [165]. - The company must continually adapt to competitive pressures and changing consumer needs to maintain market position and customer retention [158]. - The deployment of new technologies, such as artificial intelligence, is critical for maintaining competitive advantage, but presents regulatory and ethical challenges [166]. - The Transformative Growth strategy aims to accelerate growth by enhancing customer value, expanding access, and investing in customer acquisition through a new technology ecosystem [171]. - The company is developing new insurance and non-insurance products to provide affordable and connected protection, with potential impacts on growth and profitability if not implemented effectively [172]. - Catastrophe risk management actions have led to a reduction in the homeowners business in certain states, which may negatively impact future premium growth rates [173]. - The company faces intense competition for qualified employees, particularly in specialized areas such as data and analytics, which could impact staffing levels and work culture [190]. - Global economic conditions, including low or negative growth and rising inflation, could adversely affect demand for products and overall results of operations [192]. Risk Management - The company faces significant risks from catastrophic events, which could lead to extraordinary losses and impact liquidity [135]. - Catastrophic losses are influenced by severe weather events, with potential increases in claims severity due to inflation and other external factors [136]. - Insufficient reinsurance capacity or high costs may limit the company's ability to profitably write business, impacting overall financial performance [179]. - Participation in indemnification programs poses risks related to reimbursement for claims, particularly with state-mandated mechanisms like the Michigan Catastrophic Claim Association [153]. - Cybersecurity risks, including data breaches and unauthorized access, pose significant threats to the company's operations and reputation, potentially leading to financial losses [200]. - The company faces risks from climate change, which may increase the frequency and severity of natural disasters, potentially impacting financial condition and profitability [205]. - The company is unable to predict the specific impact of climate change on its business due to significant variability in future conditions [207]. - The investment portfolio is subject to valuation risks due to economic shifts caused by climate change, impacting long-term investment returns [206]. - The company may face challenges in meeting evolving environmental, social, and governance (ESG) standards, which could affect stakeholder relationships and business practices [208][209]. - The company has implemented a robust Information Security Program aligned with industry best practices to manage cybersecurity risks [231]. - The company conducts regular risk assessments and control effectiveness tests to proactively identify and mitigate cybersecurity threats [234][235]. - The company has a cybersecurity resiliency strategy to enhance its ability to recover from attacks and maintain critical business operations [236].

we discuss ideas like this as they happen in more detail. All active investors are welcome to join on a free trial and ask any question in our chat room full of sophisticated traders and investors.With this article, we will look at The Allstate Corporation ( ALL ) and its exchange-traded debt issue - Allstate Corp., 5.10% Fixed-To-Floating Rate Sub Debentures due 1/15/2053, The Allstate Corporation SUB DEB 53 (Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the comp ...

Allstate (NYSE: ALL ) is a stock that I covered last year with skepticism. Titled A Non-Grower Priced for Growth, I rated it a Sell. There were many things I didn't like about the business, which IMy articles are written with a mind to owning a stock for years, not trying to predict price movements in a few months. I don't do target prices; I do valuations.I first entered investing in 2020 as an individual value investor, keen to understand the fundamentals of businesses and buy their shares at attractive p ...

Allstate said the wildfires that blazed through Southern California last month will bring the insurance company a sizable loss. CEO Tom Wilson said in a statement Wednesday that the wildfire-related losses are "expected to be about $1.1 billion, pre-tax, net of reinsurance, reflecting a decision to reduce market share beginning in 2007 and a comprehensive reinsurance program."Allstate’s expected loss from the Los Angeles-area wildfires was disclosed in the insurance company’s fourth-quarter earnings release ...