The Allstate Plan to correct its car insurance business has “restored profitability to the target levels,” said the insurer’s personal insurance chief.

During a gain call with analysts, Mario Rizzo, president of property responsibility, said that recent financial results reflect the “successful execution” of the actions that Allstate took to change what was not long ago was a business he wrote with losses.

“Car margins have returned where we would like to be,” he said.

The Automatic Segment of Allstate obtained a subscription gain of $ 1.8 billion for full year 2024, reversing a loss of $ 1.1 billion in the previous year. The business had been operating in a combined relationship above 100 for some time, dragging for the general results of the insurer of Northbrook, Illinois, during multiple quarters. Allstate Auto registered combined relations of 93.5 and 95.0 for the fourth quarter and full year 2024.

Related: Allstate Q4 income rose 30% despite the high losses related to hurricanes

Part of the plan included wide car insurance increases, more than 40% in recent years, Rizzo said. The consequence has been a decrease in policy counting, but Rizzo told Allstate analysts is “positioned to bow in growth” in the car, taking advantage of multiple distribution channels, causing publicity to spend where it makes sense and is based on The impulse of the new company Vista the last year.

“We feel comfortable with the place of our rate of rate today, and we would expect us to have less price in the future,” said Rizzo, added that the current growth of Allstate in 31 states is “indicative of having competitive prices.”

The insurer had fought with the increases in rates requested in California, New York and New Jersey, but Rizzo said that good progress has been made implementing what he called “significant” rates increases, which is having a “drag in retention in retention “, especially in New York. and New Jersey. He said that Allstate will continue to chase the rate in these states, but the insurer can “overcome that because we have many growth opportunities in the rest of the country.”

The CEO Tom Wilson said that Allstate has to increase the rates dramatically to keep up with loss costs, but the company is in a position to return to customers to help with coverage through deductibles, limits and telematics, and have Exclusive and brand agents “is the best” is the best “is the best” is the best “is the best” is the best “channel to be able to do what we are talking about.”

Topics Car