Allstate tops Street 4Q forecasts
NORTHBROOK, Ill. -- Allstate Corp. (ALL) on Wednesday reported fourth-quarter net income of $824 million.
The Northbrook, Illinois-based company said it had net income of $1.86 per share. Earnings, adjusted for investment gains, came to $1.72 per share.
The results surpassed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.67 per share.
The insurer posted revenue of $8.65 billion in the period, also surpassing Street forecasts. Analysts expected $7.64 billion, according to Zacks.
For the year, the company reported profit of $2.85 billion, or $6.27 per share. Revenue was reported as $34.55 billion.
Allstate shares have risen slightly more than 3 percent since the beginning of the year, while the Standard & Poor's 500 index has dropped roughly 1 percent. In the final minutes of trading on Wednesday, shares hit $72.58, a climb of 45 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ALL at http://www.zacks.com/ap/ALL
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