Allstate reports Q2 adjusted EPS $5.94, consensus $3.26

Reports Q2 revenue $16.6B vs. $15.71B last year. “Allstate (ALL) had strong operating and financial performance in Q2 while executing our growth strategies,” said CEO Tom Wilson. “Revenues increased to $16.6B and net income was $2.1B for the quarter. Adjusted net income was $1.6B, $5.94 per diluted share, which excludes a $643M gain from the Employer Voluntary Benefits business divestiture. In addition to strong financial results, we are creating shareholder value by increasing growth and proactively managing investments and capital. Total policies in force increased to 208 million, 4% higher than last year, led by Protection Plans. Personal property-liability policies have begun to grow due to expanded distribution, new products and increased marketing. Protection Plans continued to expand with international revenues up 30% above the prior year. The $77.4B investment portfolio generated $754M of income in the quarter while lowering overall portfolio risk. Redeployment of capital out of the health businesses was completed on July 1 with the sale of Group Health, bringing total divestiture proceeds to $3.25B for this segment”.