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.
20,000 AI Users at Travelers Prep for Innovation 2.0; Claims Call Centers Cut 
Why Power Outages Do More Economic Damage Than We Think 
Navigators Can’t Parse ‘Additional Insured’ Policy Wording in Georgia Explosion Case 
Accuweather: Winter Storm to Cause Up to $115B in Damage, Economic Losses 
