Business Services Industry
Allstate looks for gains from broad strategy.(Giant insurance firm expands into financial services, company earnings)(Statistical Data Included)
Crain's Chicago Business, May, 2002
Allstate Corp. hopes 2002 will be the year its transformation into a broad-based provider of financial services pays off. The Northbrook-based insurer is coming off three consecutive disappointing years, capped by last year's higher-than-expected number of homeowners insurance claims, which dampened profits.
But, having pushed through rate increases this year in its core homeowners and automobile insurance lines, Allstate is positioned to begin showing results from its 3-year-old initiative to sell life insurance, annuities and mutual funds to more of its 14 million customers. During Allstate's recent annual meeting, Chairman and CEO Edward Liddy acknowledged that the company's stock price has increased just 10% during his three-year tenure. ``A 10%...
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