Allmerica Says Loss Impact to be Offset

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