(Bloomberg) -- Allstate Corp., the largest publicly traded U.S.auto and home insurer, said second-quarter profit plunged 45percent on a surge in claims from automobile coverage.
Net income declined to $355 million, or 79 cents a share, from$645 million, or $1.39, a year earlier, the Northbrook,Illinois-based company said Monday in a statement. Operatingincome, which excludes some investment results, was 63 cents ashare, missing the 96-cent average estimate of 22 analysts surveyedby Bloomberg.
“The increase in auto accidents is broad-based by state, riskclass, rating plans and the maturity of the business, andconsequently appears to be driven by external factors,” ChiefExecutive Officer Tom Wilson said in the statement.
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