Based on Allstate's first-quarter 26 percent profit increase, rates for the personal auto insurance line will decrease very gradually in coming months as competition heats up and brand value heightens, an analyst said.
The Northbrook, Ill.-based personal lines insurer in addition to a profit increase over 2004 also reported a combined ratio that improved by three points, falling to 82.
Morgan Stanley analyst William Wilt said the results showed “signs of a soft landing in the personal auto world.”
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