Why Allstate Shares Are Falling Over 10% Today

Why Allstate Shares Are Falling Over 10% Today

Allstate Corp ALL shares are trading lower by 12.13% to $118.76 Thursday afternoon after the company announced estimated results for third-quarter 2022 of a net loss between $675 million and $725 million.

What Else?

Among updates by the company, Allstate says Property-Liability insurance loss costs continued to increase in both bodily injury and physical damage coverages. As a result, the estimated cost to settle claims was increased resulting in increases in both current and prior year reserves.

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Allstate added that catastrophe losses for the third quarter, net of reinsurance, are estimated to be $763 million, pre-tax.

The company says it plans to file a current report on Form 8-K and its Form 10-Q with the SEC announcing quarterly results after close of market on Wednesday, November 2.

According to data from Benzinga Pro, Allstate has a 52-week high of $144.46 and a 52-week low of $106.11.

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