The Allstate Corporation Pops on Q4 Results
Shares of The Allstate Corporation (NYSE: ALL) are trading higher in the after-hours following the release of the company's Q4 earnings results. Currently, shares are higher by 2.35%, trading at $30.00; they ended the regular session higher by 1.46%, at $29.27.
The Allstate Corporation reported Q4 EPS of $1.43; the Street was looking for $0.95 per share. Premiums written came in at $6.43 billion an increase of 2.9% year over year.
"We continued to execute our strategy to increase shareholder value by improving overall returns and offering unique products for different customer segments. Operating income increased to $750 million in the fourth quarter, a $479 million increase from prior year due to substantially lower catastrophe losses. We maintained auto insurance profitability, raised underlying returns in homeowners and Allstate Financial, achieved excellent investment returns and expanded our new product offerings," said Thomas J. Wilson, chairman, president and chief executive officer of The Allstate Corporation.
"While full year 2011 net income of $788 million was 15% below 2010, this reflects high catastrophe losses in 2011 that were largely offset by realized capital gains. The underlying combined ratio for 2011 of 89.3 was within the outlook established at the beginning of the year 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.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.