Allstate Profit Tumbles 92% on Hurricanes
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Allstate Corp., the second-largest U.S. home and auto insurer, said third-quarter earnings tumbled 92% as hurricanes erased most of the company’s profit.
Net income fell to $56 million, or 9 cents a share, from $691 million, or 97 cents, a year earlier, the company said. Property and liability policy sales rose 5% to $6.96 billion. The company set aside an additional $247 million to pay for claims from asbestos lawsuits.
Hurricanes Charley, Frances, Ivan and Jeanne cost Northbrook, Ill.-based Allstate $1.06 billion. Revenue rose 3.9% to $8.4 billion.
Shares of Allstate, which released results after the markets closed, fell 14 cents to $46.34 on the NYSE.
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