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Allstate 1st-Quarter Profit Falls 7.4% on Catastrophes

Allstate Corp.'s (ALL) first-quarter profit dropped 7.4% as the insurance company recorded higher claims costs for natural disasters, but the company still managed to beat Wall Street expectations.Net income of $709 million, or $1.47 a share, fell short of the $766 million, or $1.53 a share, from last year's first quarter. Operating income, with excludes some investment results, was $1.35 a share, beating the average estimate of analysts polled by Thomson Reuters by five cents.Shares rose 0.5% to $48.62 in late trading after results were released. The stock is up about 45% over the past 12 months.Allstate had warned investors last month that it had suffered $359 million in catastrophe losses in the latest quarter, compared with $259 million a year earlier. Over half the costs were attributable to a single large hailstorm that struck several southern U.S. states in March.The natural disasters caused underwriting profit at the company's property-liability unit to fall 12% to $458 million...

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  1. Allstate Net Soars On Lower Catastrophe Losses

    Allstate Corp.'s (ALL) third-quarter earnings soared as the insurance company recorded lower catastrophe losses and increased revenue from premiums.Like other insure...

  2. Insurers Fall In First Trades After Sandy

    Shares of some of the biggest insurance companies fell in early trading Wednesday, as investors digest the impact of the storm that ravaged the Eastern Seaboard. Tra...

  3. Progressive Declares Special $1 Cash Dividend

    Progressive Corp. (PGR) will return about $600 million to shareholders through a special cash dividend as part of its ongoing capital-return policy.The auto and home...

  4. Progressive 3rd-Quarter Profit Surges With Boost From Investment Gains

    Progressive Corp.'s (PGR) third-quarter earnings soared 84% as the auto and home insurer benefited from investment gains and growth in premiums written.The leader in...

  5. Progressive's #Fail in Social Media May Be Warning to Insurers

    Progressive Corp. (PGR) was trying to save $75,000. Instead, it unleashed a flurry of social-media rage against the company.Now, the question is whether Progressive'...

  6. On Twitter, More Than 1,000 Say They Dropped Progressive

    Progressive Corp. (PGR) didn't just lose a fight with a blogger last week. It also lost customers.More than 1,000 people on Twitter claimed to have dropped Progressi...

  7. On Twitter,Over 1,000 Claim They've Already Dropped Progressive

    Progressive Corp. (PGR) didn't just lose a fight with a blogger last week; it also lost customers.More than 1,000 people on Twitter claimed to have dropped Progressi...

  8. Insight: Auto Insurers' Driver Tracking Hits Wall in California

    California is turning into a battleground for technology that allows auto insurers to track their customers' driving behavior and offer them lower premiums, but that...

  9. Progressive Settles Claim Amid Internet Firestorm

    Progressive Corp. (PGR) said it reached a settlement with the family of a deceased policyholder after their complaints about the company ignited a firestorm of criti...

  10. Progressive Settles With Family of Policyholder Amid Firestorm

    Progressive Corp. (PGR) on Thursday said it had reached a settlement with the family of a deceased policyholder after the family's complaints about the insurance com...

  11. Financial Stocks Outpace Broader Market Gains

    U.S. financial stocks' gains outpaced the broader market on Wednesday. Sector leaders included Progressive Corp. , Morgan Stanley [s; ms] and Hudson City Bancorp . T...

  12. Allstate 1Q Profit Jumps 46% On Home-Insurance Results

    Allstate Corp.'s (ALL) first-quarter profit jumped 46% to $766 million as improved results in its home-insurance business and lower catastrophe costs gave a boost to...

  1. Progressive Net up 20% on Lower Claim Payments

    Progressive Corp.'s (PGR) first-quarter earnings rose 20% as the insurer paid out less for claims.Progressive, one of the leaders in online auto insurance, has benef...

  2. Allstate Profit Down 45% on Sandy Costs

    Allstate Corp.'s (ALL) fourth-quarter earnings declined 45% as the insurance company recorded sharply higher catastrophe losses due to superstorm Sandy. However, ope...

  3. Progressive 4Q Profit Drops on Sandy; Damage Estimate Creeps Higher

    Progressive Corp.'s (PGR) fourth-quarter profit fell 2.9% as the insurer racked up more than $100 million in claims tied to superstorm Sandy.The company, one of the ...

  4. Progressive's 4th-Quarter Net Drops 2.9%; Posts Higher Net Premiums Written

    Progressive Corp.'s (PGR) fourth-quarter earnings fell 2.9%, although the auto and home insurer recorded higher net premiums written.The leader in online auto insura...

  5. Progressive Boosts Sandy Cost Estimate More Than 60%

    Auto insurer Progressive Corp. (PGR) boosted its estimate for the cost of superstorm Sandy by more than 60%, saying it now believes its losses will reach about $90 m...

  6. Black Friday Brings Jump in Parking Accidents - Progressive

    With hordes of shoppers descending on the nation's malls, car insurer Progressive Corp. (PGR) is warning that Black Friday is a bad day for parking lot related traff...

  7. Allstate Profit Soars On Lower Catastrophe Losses

    Allstate Corp.'s (ALL) third-quarter profit soared as the insurance company paid out far fewer catastrophe claims due to a dramatic drop in natural disasters.Net inc...

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