Allstate Corp. says third-quarter net income decreased about 57 percent to $310 million due in large part to losses tied to the sale of Lincoln Benefit Life Co.
The Bloomington, Ill.-based insurer says it took an after-tax loss of $475 million loss related to Lincoln. Allstate Financial booked a third-quarter net loss of $360 million.
Looking at the corporation's property-liability business, net income increased to $656 million during the third quarter compared to $639 million during the same time a year ago, as the insurer saw only $128 million in catastrophe losses—the lowest amount during the third quarter since 2002.
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