(Reuters) – Allstate Corp aims to grow its share of the U.S. home and auto insurance markets without the need for "abnormally large" rate increases, its CEO said, after the company's profit more than doubled in the fourth quarter.
Shares of Allstate, the largest publicly traded home and auto insurer in the United States, rose 2% after the bell on Wednesday.
The company, which posted a better-than-expected quarterly profit, has increased insurance premiums aggressively in the last few years without any significant loss to its share of the highly competitive home and auto insurance markets.
This has allowed Allstate to compensate for uncertain catastrophe losses and low interest rates on its investments.
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