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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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  7. Allstate 3Q Beats Street, Profit Falls on Disaster Losses

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  8. Allstate CEO on the Challenges Facing the Insurance Industry

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  9. Disasters Sink Allstate's 2Q; Non-GAAP EPS Beats View

    Slammed by a flurry of calamitous tornadoes and other disasters in the U.S., insurance giant Allstate (NYSE:ALL) posted a steep second quarter loss on Monday amid $2...

  10. Allstate Expands Presence With Esurance Buy

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  11. Allstate CEO on Insurance Industry

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    Allstate CEO Tom Wilson discusses the future of the U.S. economy

  1. Allstate Profit Down 7.4% on Catastrophe Losses

    Allstate Corp.'s (ALL) first-quarter earnings fell 7.4% as the insurance company recorded higher catastrophe losses.However, results topped analysts' expectations.Al...

  2. Allstate First-Quarter Profit Down 7.4% on Catastrophe Losses

    Allstate Corp.'s (ALL) first-quarter earnings fell 7.4% as the insurance company recorded higher catastrophe losses.However, results topped analysts' expectations.Al...

  3. Middle Class Resigned to Stagnation

    No longer does being middle class mean getting ahead. It now means just not falling too far behind.That's according to the 16th quarterly Allstate-National Journal H...

  4. Allstate Surprises Street With Profit, Buyback, Dividend Hike

    Allstate Corp. (ALL) surprised Wall Street with a fourth-quarter profit, a new buyback program and the largest dividend increase since the financial crisis--all desp...

  5. Allstate Approves Up to $1 Billion in Share Buybacks

    Allstate Corp. (ALL) said its board has approved the repurchase of as much as $1 billion of the company's shares, as it seeks to boost shareholder returns, while at ...

  6. Chubb Halts Buybacks, Says Can't Estimate Sandy Cost

    Chubb Corp. (CB) said it was halting share repurchases because it hasn't been able to estimate its losses from the recent superstorm Sandy, the latest sign that insu...

  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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