Hurricanes to Take Toll on Allstate’s Profit
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Allstate Corp. warned that its third-quarter profit would fall well short of expectations because of more than $1 billion in hurricane-related payouts.
The Northbrook, Ill.-based insurer said it expected to post net income of 9 cents a share and operating income of 8 cents a share in the quarter.
Analysts had expected the company to earn 24 cents a share, according to Reuters Estimates.
The company expects to report third-quarter earnings Oct. 20.
The revision comes after four hurricanes battered the Southeast in the last two months.
Allstate said it would post $1.06 billion, or $1.53 a share, in after-tax losses related to the storms -- what are termed catastrophic losses. Those losses are net of recoveries from the Florida Hurricane Catastrophe Fund.
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