Allstate Corp (NYSE: NYSE: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.
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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