Property, casualty and auto insurer Allstate
says hefty hurricane-related losses and the ongoing global financial
crisis drove the company to a third-quarter loss.
Northbrook,
Ill.-based Allstate Corp. said Wednesday it lost $923 million, or $1.71
per share, after a profit of $978 million, or $1.70 per share, a year
ago. Revenue fell to 7.3 billion from 9 billion a year earlier.
The
company says catastrophe losses linked to heavy storm activity cost it
$1.8 billion for the quarter ended Sept. 30. Net realized capital
losses for the period totaled $1.3 billion.
Excluding items,
operating losses totaled 35 cents per share — missing analysts' average
profit estimate of 72 cents per share, according to Thomson Reuters.