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Allstate posts net income of USD221m for Q3

Nov 05, 2009 (M2 EQUITYBITES via COMTEX) --

Company: Allstate Corp. (THE) (ALL)

Personal lines insurer The Allstate Corporation (NYSE:ALL) on Wednesday reported net income of USD221m for the third quarter of 2009, an increase from the net loss of USD923m in the same quarter last year.

Allstate's net income per diluted share for the third quarter was USD0.41 compared with a net loss per diluted share of USD1.70 in the same quarter of 2008.

The company's third quarter operating income improved to USD538m from an operating loss of USD190m in the third quarter last year. Lower catastrophe losses contributed to the improvement in operating income, Allstate said.

The net income improvement was due to higher operating income and lower realised capital losses in the third quarter of 2009 compared to the prior year quarter.

Total revenues for the third quarter of 2009 were USD7.6bn, an increase of 3.6% compared to USD7.3bn in the third quarter of 2008. Lower realised capital losses were partially offset by a decrease in net investment income and property-liability premiums. 

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News Provided by COMTEX

Company: Allstate Corp. (THE) (ALL)


Related terms: insurance, nyse, property

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