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Letter to the Editor
Thursday July 22
Allstate 2Q Net Income Rises 76%
Allstate Corp.'s second-quarter net income rose 76 percent on an increase in property-liability underwriting income and lower catastrophe losses. The insurer also raised its earnings outlook for the full year.The company posted net income of $1.03 billion, or $1.47 a share, compared with $588 million, or 84 cents a share, a year earlier. Revenue rose 5.1 percent to $8.3 billion from $7.9 billion. Operating income came to $1.04 billion, or $1.47 a share, up from $599 million, or 85 cents a share, a year earlier, beating expectations.
Total costs and expenses fell 5.2 percent to $6.81 billion.
Property-liability premiums written during the quarter increased five percent. Property-liability underwriting income soared to $888 million from $181 million, also helped by continued favorable auto and homeowners' loss frequencies, and lower catastrophe rates. Catastrophe losses shrank 56 percent to $248 million.
Allstate-brand standard auto and homeowners policies in force grew 4.9 percent and 5.7 percent, respectively, as compared with the second quarter of 2003. Premiums written grew 5.7 percent and 9.2 percent, respectively.
Looking ahead, Allstate projected 2004 operating income in the range of $5.40 to $5.65 a share, up from its April forecast of $4.80 to $5.10 a share. The company's forecast assumes average expected catastrophe losses.
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