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With rates stable, Allstate turning to growth, exec says

With its auto insurance rates largely stabilizing, Allstate Corp. executives said the company is in a sweet spot as most of its competitors either have "large indications" or are still boosting rates.

Speaking during an earnings call, Allstate President Matt Winter said the company's rate hikes are largely stable and expects "modest" increases in some states.

"We still see lots of our competitors with very large indications ... and in others they are still taking double-digit rates," Winter noted, referring to actuarial indications of the amount by which an insurer would be justified in raising its rates for a line of business.

Chairman and CEO Thomas Wilson II said Allstate was among the first insurers to raise rates in response to deteriorating loss trends in the industry, but he conceded that it is difficult to predict whether other insurers will follow suit.

Wilson said the insurer has returned to normalcy after choosing to "prioritize profitability over growth." The path ahead for the insurer will be striking a "balance between maintaining the combined ratio and growth," he added.