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.
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