Allstate Earnings Drop 9% on Hurricane Losses
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Allstate Corp. said fourth-quarter earnings dropped nearly 9% on sizable catastrophe losses from Hurricane Wilma, which battered south Florida in October.
Allstate also said it had settled about 75% of the property claims and 97% of the auto claims filed from hurricanes Katrina, Rita and Wilma.
Chicago-based Allstate’s net income totaled $1.04 billion, or $1.59 a share, down from $1.14 billion, or $1.63, a year earlier. Excluding certain items, Allstate said operating income was down about 1% to $975 million.
Allstate said revenue for the quarter was up less than 1% to $8.95 billion, ahead of analysts’ forecast of $8.3 billion.
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