Auto insurance written premiums increased over 10%.
The Allstate Corporation (NYSE: ALL) total revenue of $13.8 billion in the first quarter of 2023 increased 11.8% compared to the prior year quarter driven by a 10.8% increase in Property-Liability earned premium and net gains on investments and derivatives in the first quarter of 2023 compared to a net loss in 2022.
The company reported a net loss of $346 million in the first quarter of 2023 compared to income of $634 million in the prior year quarter. The decrease was driven by an underwriting loss primarily due to higher catastrophe losses.
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