Christian Gitzo's questions to Allstate Corp (ALL) leadership • Q3 2024
Question
Christian Gitzo asked if auto policies grew quarter-over-quarter in the 75-80% of states open for new business. He also sought to clarify if the sequential decline in auto retention was primarily driven by rate hikes in California, New York, and New Jersey.
Answer
Executive Mario Rizzo declined to provide state-specific policy growth figures but noted that both new business gains and retention declines were broad-based. Regarding the sequential retention drop, Rizzo explained that about 40% was attributable to rate hikes in those key states, while the other 60% was due to a strategic migration of legacy Esurance policies to the National General brand, which distorts the Allstate brand metric but keeps the customer with the company.