Allstate Profit Falls 15.5% Due to Catastrophe Losses

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.

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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.