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.
Fifth La Niña in Six Years to Disrupt Crops and Supply Chains 
State Insurance Legislators ‘Greatly Disturbed’ by Trump AI Regulation Order 
WTW to Acquire Newfront in Deal Worth Up to $1.3B 
McKinsey Plots Thousands of Job Cuts in Slowdown for Consulting Industry 
