Allstate Corp.’s first-quarter operating profits fell 27 percent, due largely to higher than expected catastrophe claims.
The country’s number two property-casualty insurer announced that operating profit, excluding one-time items, fell to $481 million from $663 million from the same quarter 1999. Net income for the quarter fell to $561 million from $1.04 billion one year ago.
Catastrophe losses were reported at $248 million after tax, well above the $82 million reported this time last year. First quarter revenues rose 7 percent to $7.29 billion, up from $6.81 billion in the first quarter of last year.
Topics Profit Loss Claims
Was this article valuable?
Here are more articles you may enjoy.
Pierce Named CEO of GEICO as Combs Resigns 
Product Liability Verdicts Are on the Rise but There Are Ways to Avoid Them 
Applied Systems, Comulate Spar Over Trade Secret Theft Allegations 
US E&S Outlook No Longer Positive: AM Best 
