Allstate 1Q profits sink 77 percent on tornadoes, investments
Posted April 23, 2008 11:00 pm
CHICAGO -- Allstate Corp. says its first-quarter profits fell a greater-than-expected 77 percent on claims from an unusual number of tornados as well as losses on its investments.
The Northbrook-based insurer says profits for the January-through-March period were $348 million, or 62 cents per share, down from $1.5 billion, or $2.41 per share, a year earlier.
Revenues were $8.1 billion, down from $9.3 billion in the first quarter of 2007.
Analysts surveyed by Thomson Financial were expecting earnings of $1.63 per share on revenue of $8.87 billion.
Allstate shares closed down 42 cents at $48.63. They are down 7 percent this year.
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