AP News

Allstate 4Q income rises without Sandy costs

NEW YORK (AP) — Insurer Allstate said Wednesday its net income more than doubled in the fourth quarter compared with a year ago, when it reported more than $1 billion in catastrophic insurance losses related to Superstorm Sandy.

Allstate said insurance premiums grew for all of its brands. In the fourth quarter of 2012 the company surprised Wall Street by reporting a profit, but its results were affected by $1.12 billion in pre-tax catastrophe insurance losses related to Sandy, which hit the East Coast in late October.

The company said its net income rose to $810 million, or $1.76 per share, from $394 million, or 81 cents per share. Excluding one-time items Allstate said earned $1.70 per share, up from 59 cents per share a year ago. Its revenue increased 3 percent, to $8.79 billion from $8.55 billion.

FactSet says analysts expected net income of $1.38 per share and $6.9 billion in revenue.

The Northbrook, Ill., company, said its annual net income fell 2 percent to $2.26 billion, or $4.81 per share. Revenue grew 4 percent to $34.51 billion.

Shares of Allstate Corp. fell 35 cents to $49.55 on Wednesday and picked up 70 cents to $50.25 in after-hours trading.

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