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![ALLSTATE CORP [ALL] reports annual net loss of $213.0 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FALL.png&w=1200&q=75)
ALLSTATE CORP [ALL] has reported a net loss of $213.0 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $57.1 billion
Based in NORTHBROOK, Illinois, ALLSTATE CORP operates in the FINANCE sector.
In the Consolidated Statements of Operations for the fiscal year ended December 31, 2023, the revenues showed a notable increase compared to the previous year. This year's total revenues amounted to $57.094 million, reflecting a growth from $51.411 million in the same period last year and $50.601 million in the fiscal year 2021. The increase in revenue was mainly driven by higher accident and health insurance premiums, contract charges, and other revenue streams.
Moving on to the costs and expenses section, the cost of goods sold and operating expenses totaled $57.442 million for the current reporting period. This figure was higher compared to $53.241 million in the previous year and $44.135 million in the fiscal year 2021. The rise in costs was primarily due to increased property and casualty insurance claims, operating costs, and amortization expenses.
The net income for the fiscal year ending December 31, 2023, was a loss of $213 million, an improvement from a loss of $1.342 billion in the same period last year. However, it was still lower than the net income of $1.581 billion reported in the fiscal year 2021. The reduction in net loss was influenced by better operational performance and lower income tax expenses.
Earnings per share (EPS) figures for this year showed a basic and diluted loss per share of $1.20, an improvement from a loss of $5.14 in the previous year. In comparison, the EPS for the fiscal year 2021 was a positive $5.09. The diluted EPS also reflected the same trend, with a loss per share of $1.20 for the current year, an improvement from a loss of $5.14 in the previous year and a positive $5.01 in the fiscal year 2021.
Overall, the financial performance of the company in the fiscal year 2023 showed signs of recovery and improvement compared to the previous year, with higher revenues and a reduced net loss.
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