Battered by catastrophe losses and declines in mortgage investments, Allstate today reported a second quarter net income drop of 98.2 percent.
Still management said it was exceeding profitability goals in its property-casualty operations, which allowed Allstate to cover $698 million in second-quarter catastrophe losses–the highest in its 77-year history.
Net income for the quarter was $24 million compared with $1.4 billion for the period last year. Net income per share was 5 cents in the quarter, down from $2.30 from second quarter 2007.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.