Analysts and investors reacted positively today in the wake of Allstate Corp.'s report that second-quarter net income increased by 5 percent and growth remained strong as the company continued to shed catastrophe risks.
The nation's largest personal lines insurer, based in Northbrook, Ill., reported net income increased $58 million, from $1.15 billion, or $1.71 a share for last year's second quarter, to $1.21 billion, or $1.89 a share. Revenues were up 1 percent, from $8.79 billion to $8.88 billion.
In early afternoon trading on the New York Stock Exchange, Allstate stock sold at $57.43 per share compared with a close of $56.15 per share the previous day.
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