Filed Under:Markets, Personal Lines

Allstate Q3 Profit Rises; Execs Talk Sandy and Overall Growth Strategy

Allstate Insurance reports 2012 third-quarter net income of $723 million, a sharp increase from the $175 million in net income reported during 2011’s third quarter, as operating income increased by over $600 million and catastrophe losses were over $800 million lower.

In a conference call, Chairman, President and CEO Tom Wilson addressed Hurricane Sandy, stating that it is “not expected to have a material impact on our overall financial condition.” He added that the company’s focus at this time is on its customers, not its monetary losses. He also said Allstate may not have a figure ready when it reports monthly cat loss estimates in mid-November, adding that the insurer will release its estimate for Sandy when it has one.

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