Allstate Beats Q4 Income Expectations

Allstate Corp ALL reported financial results Wednesday for the fourth quarter of 2014.

Consolidated revenues were $8.759 billion, above estimates of $7.27 billion and a decrease of 0.4 percent from the prior year period.

Net income was $795 million, or $1.86 per diluted share. Net income decreased 1.9 percent from the year-ago period.

Operating income was $736 million, or $1.72 per diluted share, above expectations of $1.68. Operating income decreased 5.8 percent from the year-ago period.

Thomas J. Wilson, the company’s Chairman and Chief Executive Officer, stated that, “Allstate returned $2.8 billion to shareholders in 2014 through a combination of dividends and share repurchases. The board decided to raise the quarterly dividend by 7 percent to 30 cents per share for the first quarter of 2015.”

Wilson added that “a new $3 billion share repurchase program was approved to start immediately upon completion of the current $2.5 billion program, which is expected in the first quarter of 2015.”

Allstate Corp traded at $71.84 in the after hours session, down 1.02 percent.