Allstate Earnings - Allstate Swings to Profit, Misses Expectations - Companies * US * News * Story

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CNBC ON DIGG

Allstate Swings to Profit, Misses Expectations

Published: Wednesday, 4 Nov 2009 | 4:43 PM ET

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By: Reuters

Allstate, the largest publicly traded U.S. home and auto insurer, swung to a profit Wednesday from a year ago loss, helped by lower catastrophe and investment losses.

Allstate
Lm Otero / AP

Net income was $221 million, or 41 cents a share, compared with a net loss of $923 million, or $1.70 a diluted share, in the year-ago quarter.

A year ago, Allstate's [ALL Loading... () ] results were hurt by both sizable investment losses and $1.8 billion in catastrophe losses.

Excluding investment gains and losses, Allstate's third- quarter operating profit was $538 million, or 99 cents a share, compared with a loss of $190 million, or 35 cents a share in the same quarter of 2008.