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Allstate Profit Falls 15.5% Due to Catastrophe Losses

Reuters
Wednesday, 17 Oct 2007 | 4:40 PM ET

Allstate, the largest publicly traded home insurer in the U.S., said net income fell 15.5 percent in the third quarter, hurt by higher catastrophe losses.

Allstate said net earnings were $978 million, or $1.70 a share, down from $1.16 billion, or $1.83 a share, in the year-earlier quarter.

Allstate
Lm Otero
Allstate

Allstate, one of the first major insurers to report third-quarter earnings, said operating net, which analysts use to measure performance, was $893 million, or $1.54 a share.

That fell short of analysts' average expectation of $1.69 a share, according to Reuters Estimates.

It was also down from the year-ago quarter, when the Northbrook, Illinois-based company, the second-largest writer of auto policies in the United States, earned $1.19 billion, or $1.88 a share, in operating net.

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