Allstate Pops on Q3 Earnings Results
October 31, 2011 4:23 PM
Shares of Allstate (NYSE: ALL) are trading higher in the after-hours following the release of the company's Q3 earnings results. Currently, shares are higher by 6.49%, trading at $28.05; they ended the regular session lower by 3.02%, at $26.34.
Allstate reported Q3 adjusted EPS of $0.32 on revenues of $6.43 billion; revenues decreased 1.0% year over year. Book value per share now totals $35.56 compared to $35.95 at June 30, 2011 and $35.48 at September 30, 2010.
"Maintaining auto insurance profitability and proactively managing our investment portfolio enabled us to overcome an increase of $691 million in catastrophe losses from the third quarter of 2010 and still earn a profit," said Thomas J. Wilson, chairman, president and chief executive officer of The Allstate Corporation.
"Progress was made in improving auto insurance profitability in New York and Florida and raising underlying returns in homeowners insurance. A small decline in auto insurance policies during the last twelve months is related to the impact of improving profitability in New York and Florida and a 4% decline in homeowners policies. The Property-Liability underlying combined ratio of 88.9 for the first three quarters of 2011 continued to compare favorably with our full-year guidance range of 88 to 91.”
The Allstate Corporation, incorporated on November 5, 1992, is a holding company of Allstate Insurance Company. Allstate's business is conducted principally through Allstate Insurance Company, Allstate Life Insurance Company.
