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Started By
Message
re: Allstate had a 259% increase in profits
Posted on 5/1/25 at 9:15 am to boosiebadazz
Posted on 5/1/25 at 9:15 am to boosiebadazz
quote:
The segment’s performance was buoyed by strategic rate increases and disciplined cost control
This is corporate speak for we charge you more and give you less.
0
Posted on 5/1/25 at 9:15 am to BigBinBR
quote:
Percentages don't man shite. Its often used to skew someone's view of something.
Allstate annual gross profit for 2024 was $23.13B, a 54.68% increase from 2023. Allstate annual gross profit for 2023 was $14.953B, a 14.1% increase from 2022. Allstate annual gross profit for 2022 was $13.105B, a 35.2% decline from 2021.
% matter when dealing in billions not in Pennies
Posted on 5/1/25 at 9:26 am to LNCHBOX
quote:But this isn’t realistic.
You aren't forced, much in the same way you aren't forced to drive yourself.
Posted on 5/1/25 at 9:26 am to Chad504boy
quote:
hardly any jimmies rustled. its just an attorney trying to deflect attention. insurance company making money, they are bad. attorneys make filthy money doing nothing taking on no risk but guaranteed pay days, its all good.
Insurance: Rates are high, we have to decimate the claims system. We’re paying too much on too many claims.
Government: ok, but you guys are saying you’re making a whole lot of money anyway. How do you set the rates?
Insurance: we can’t tell you that.
Government: well can we see how much money you’re making (or losing) state-by-state?
Insurance: we can’t tell you that either.
Government: so you want us to change the claims system to be more favorable to you but you won’t let us see behind the curtain on how you set rates and otherwise make profit?
Insurance: yes
Posted on 5/1/25 at 9:36 am to LNCHBOX
quote:noted but n/a here since we’re talking gov mandated coverage.
You are free to self insure anything for yourself that you don't have financed.
quote:Remove the mandate and allow me to protect myself from others and others from myself. Theoretically, removing gov intervention from the market would be at least closer to “free” mkt.
Driving is a privilege, and if you make a mistake that harms someone, they should not have to financially suffer die to you being too cheap to have insurance in place to make them whole.
A possible alternative is make the system no-fault removing the automatic limit payout by the at-fault. Although in La no-fault would likely double the amount of lawsuits per wreck attempting to prove fault, or some other dumb shite. Idk the answer but I’m tired of getting raked over the coals due to the irresponsibility of others and the rigged game in the ins/lawyer/gov cabal.
Posted on 5/1/25 at 9:37 am to boosiebadazz
Allstate shareholders are in Good Hands
Posted on 5/1/25 at 9:39 am to boosiebadazz
i'm in TN and my Allstate homeowners went up 29% with no claims, broker said it's happening state wide across all insurance companies
Posted on 5/1/25 at 9:39 am to White Bear
quote:
noted but n/a here since we’re talking gov mandated coverage.
quote:
Remove the mandate and allow me to protect myself from others and others from myself. Theoretically, removing gov intervention from the market would be at least closer to “free” mkt.
Posted on 5/1/25 at 9:39 am to boosiebadazz
quote:
The Allstate Corporation saw the greatest profit increase in the US for the first three quarters of 2024, boasting a 259% increase in profits, a new Insurance Business+ report finds.
I don’t know what this means, increase from what time frame? They went from net loss to net income in pretty much all of 2023 compared to 2024. That is, they didn’t have profit in 2023
They provide no actual figures except for the auto segment. This is a completely meaningless article that provides no verification to its claims.
Posted on 5/1/25 at 9:42 am to boosiebadazz
quote:
Insurance: Rates are high, we have to decimate the claims system. We’re paying too much on too many claims.
Government: ok, but you guys are saying you’re making a whole lot of money anyway. How do you set the rates?
Insurance: we can’t tell you that.
Government: well can we see how much money you’re making (or losing) state-by-state?
Insurance: we can’t tell you that either.
Government: so you want us to change the claims system to be more favorable to you but you won’t let us see behind the curtain on how you set rates and otherwise make profit?
Insurance: yes
writing insurance is so profitable in LA that no new companies want to come here and steal our monies.
Posted on 5/1/25 at 9:43 am to boosiebadazz
quote:
Allstate had a 259% increase in profits
All you attorneys understand that you create no value to society, right? You create nothing.
Posted on 5/1/25 at 9:47 am to Chad504boy
quote:
attorneys make filthy money doing nothing taking on no risk but guaranteed pay days, its all good.
I know some really, realy good insurance defense lawyers that would beat your dumb arse to a bloddy pulp if you said this to them.
Posted on 5/1/25 at 9:48 am to boosiebadazz
quote:
This is also an interesting little nugget buried deeper in the article
quote:Sheesh. The impacts of the parts tariff hasn’t even been determined yet and they’re already talking about raising rates.
A recent Insurance Business+ report explained that rising material costs from the newly introduced 25% duty on cars and car parts will likely increase claims costs for auto insurers, which may subsequently elect to adjust actuarial models, prompting rate hikes between six and 10% by the end of 2025.
Posted on 5/1/25 at 9:49 am to White Bear
quote:
Remove the mandate and allow me to protect myself from others and others from myself.
So what happens when you decide you don’t want to pay the money necessary to adequately protect others from your mistakes? They’re just shite out of luck or have to go through suing you for it?
Posted on 5/1/25 at 9:50 am to Lakeboy7
quote:
that would beat your dumb arse to a bloddy pulp if you said this to them.
doubtful
quote:
insurance defense lawyers
i mean its pretty clear the implying of what attorneys are being referred to.
Posted on 5/1/25 at 9:51 am to Jdash13
quote:quote:
Percentages don't man shite. Its often used to skew someone's view of something.
Allstate annual gross profit for 2024 was $23.13B, a 54.68% increase from 2023. Allstate annual gross profit for 2023 was $14.953B, a 14.1% increase from 2022. Allstate annual gross profit for 2022 was $13.105B, a 35.2% decline from 2021.
% matter when dealing in billions not in Pennies
It's not the magnitude of the dollar amounts that is the problem. The problem is that profits can be negative, so reporting percentage increases or decreases in profits doesn't tell you much. As the other person said, the main use case for this is to skew views.
It is entirely possible for an insurance company to break even in any given quarter or year. Or lose money. When revenue is in the Billions, losing a Million or profiting a Million are both "breaking even". If profit is $1,000 in one period and $1Million the next, should we report that profits have increased 1,000,000/1000 x 100 = 100,000%, or should we report that they continue to break even?
Don't take this as arguing for or supporting any particular insurance company or the industry at all. I actually despise pretty much all of them. I just like being clear and honest about things.
Posted on 5/1/25 at 9:52 am to White Bear
quote:Never mind, it's not for regular people. Carry on.
Remove the mandate and allow me to protect myself from others and others from myself.
This post was edited on 5/1/25 at 9:56 am
Posted on 5/1/25 at 10:07 am to boosiebadazz
Yet they are slow playing recovery for people here in Western NC from Helene. Fk them.....
Posted on 5/1/25 at 10:08 am to BigBinBR
quote:
Percentages don't mean shite. Its often used to skew someone's view of something.
For instance. If they profited $1 last year and profited $3.59 this year then that is a 259% increase.
Now don't get me wrong, I am sure they are making a frick ton more money, but percentages suck to just throw out their in an article without providing the actual amounts
That’s exactly what I was thinking when I read that. Seems like that is intentionally misleading. I would like to see absolute profits vs premiums paid or something like that.
Posted on 5/1/25 at 10:11 am to Chad504boy
quote:
i mean its pretty clear the implying of what attorneys are being referred to.
So, you think insurance companies dont defend against lawsuits? They do, and some of the lawyers that do that work are pretty good.
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