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Letter to the Editor
Thursday October 17
Allstate Profits Up 24% in Q3 Driven by Higher Premiums
Allstate Corp. has raised its estimate for full-year earnings after reporting a 24 percent increase in third quarter net profits, built on higher homeowner and auto insurance rates.Net earnings were $280 million, or 39 cents a share, up from $226 million, or 32 cents a share, from the previous year's third quarter. Revenues were $7.24 billion, up slightly from $7.17 billion. Operating income was $548 million, or 77 cents a share, up from $401 million, or 56 cents, in the third quarter of 2001.
The nation's second largest personal lines insurer behind State Farm attributed its reported good financial report to its latest rate hikes, which went into effect in the third quarter.
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