Nov. 03--Allstate says it plans to keep pushing hard to raise policyholders' rates.
The Northbrook-based insurer, which released financial results late Monday, said that, through the first nine months of the year, approved rate increases for auto policyholders were more than double the average of those increases in 2014 and 2013.
Rate increases for the namesake Allstate auto brand were 3.4 percent this year through September, representing $600 million in additional premiums. Nationally, auto rates in the company's Esurance unit were up 4.1 percent.
And Allstate, which has been facing both more frequent and more costly claims, isn't done trying to boost returns in its auto business.
Pat Macellaro, Allstate vice president of investor relations, said Tuesday morning in a call with analysts to discuss third-quarter earnings that the company "will continue to aggressively pursue rate increases."
The rate hikes, however, are taking a toll on Allstate's ability to attract new policyholders and keep existing ones.
The number of policies on Allstate's books grew by 2.3 percent, a rate that was down slightly from both the preceding quarter and the year-ago period.
In Illinois this year to date, Allstate has raised home and auto rates for some policyholders by 5.3 percent and 2.9 percent, respectively.
Allstate's operating income, which excludes some investment results, was $1.52 a share in the quarter, exceeding the average estimate of $1.32 from analysts surveyed by Bloomberg.
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