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.

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