News from Washington Post:

DES MOINES, Iowa — Allstate Corp. said its third-quarter net income fell 55 percent after natural disasters cost the insurer $ 1.08 billion.

But Allstate said improved investment results and profit in its auto insurance segment helped offset some of the increased storm losses. Its net income was $ 165 million, or 32 cents per share, compared with $ 367 million, or 68 cents per share, a year ago.

The Northbrook, Ill.-based property and casualty insurer said its revenue rose 4.2 percent to $ 8.24 billion from $ 7.91 billion a year ago.

The company’s adjusted operating income was $ 84 million, or 16 cents per share, compared with $ 452 million, or 83 cents per share a year ago.

Analysts surveyed by FactSet expected 8 cents per share on revenue of $ 7.99 billion.

Before Monday’s earnings, Allstate disclosed third-quarter pre-tax catastrophe losses of $ 1.08 billion, up significantly from the $ 386 million reported in the 2010 third quarter.

The company saw a signific……….. continues on Washington Post.

Continue Reading …

Related News:

Insurance for Dummies
Now updated — your guide to getting the best insurance policyAre you intimidated by insurance? Have no fear — this easy-to-und…
Insurance Theory and Practice
This book provides a comprehensive overview of the theory, functioning, management and legal background of the insurance industry….
Principles of Risk Management and Insurance (11th Edition)
Complete and current coverage of major risk management and insurance topics. Focusing primarily on the consumers of insurance, thi…