Allmerica Financial Corp. expects fourth-quarter net operating earnings to be reduced by 29 cents per share due to catastrophic losses from winter storms. The company pointed out, however, it would recognize a tax benefit to offset the losses.
The Worcester, Mass.-based company said winter storms in the Midwest, South and Northeast in December resulted in catastrophic losses of $47 million before the effects of reinsurance. The impact on net operating earnings would be $24 million, net of reinsurance.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
Insurify Starts App With ChatGPT to Allow Consumers to Shop for Insurance 
Florida Insurance Costs 14.5% Lower Than Without Reforms, Report Finds 
Kansas Man Sentenced for Insurance Fraud, Forgery 
Florida Engineers: Winds Under 110 mph Simply Do Not Damage Concrete Tiles 
