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 Claims Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
Florida’s Property Tax Plan Risks Charging Fees for ‘Everything’ 
Viewpoint: The AI Boom – When Risk Stops Being Rare, Insurance Must Evolve 
JPMorgan Banker Sues Ex-Colleague Over ‘Fabricated’ Sex Claims 
Acrisure to Cut 2,250 Employees, Citing Advances in Technology and AI 
