Financial Services Industry
Industry: Email Alert RSS FeedAllstate quarterly profit up 71 percent. (Auto Results).
National Underwriter Property & Casualty-Risk & Benefits Management, August, 2003 by Ha, Michael
July 17--The Allstate Corporation, Northbrook, Ill., said rate increases brought its second-quarter net income up 71 percent over last year's second quarter. The second-largest U.S. personal lines insurer reported $588 million in net income up from $344 million in profit recorded one year ago.
Vinay Saqi, equity analyst at New York-based Morgan Stanley, said in his report: "The quality of the upside was good--all from better than anticipated underwriting results. Homeowners accounted for the bulk of the upside with non-standard auto also improving." Mr. Saqi said that written premium growth exceeded his expectations. "We have accomplished these results despite exceptionally large catastrophic losses in the second quarter," said Allstate Chief Executive...
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