Allstate swings to 4Q loss of $1.13 billion

Allstate says it swung to a loss in the fourth quarter as losses in its investment portfolio spiked amid the global financial crisis.

The Northbrook-based property-and-casualty insurer says it lost $1.13 billion, or $2.11 per share, during the final three months of the year. This compares with earnings of $760 million, or $1.36 per share, a year earlier.

Operating income, which excludes investment gains and losses, fell 26 percent to $518 million, or 97 cents per share, reflecting lower net investment income and decreased underwriting income.

Thomson Reuters says analysts were expecting earnings of $1.35 per share. Analysts typically exclude one-time items from their estimates.