Allstate reports losses in quarter

NORTHBROOK - Allstate Corp. reported a first-quarter loss of $320 million, after reporting a profit in the same period a year earlier.

The Northbrook-based insurer said it had a loss of $1.31 per share. Losses, adjusted for nonrecurring costs, came to $1.30 per share.

Allstate posted revenue of $13.79 billion in the period. Its adjusted revenue was $13.77 billion.

Allstate shares have declined 18% since the beginning of the year, while the S&P's 500 index has risen 6.5%.

"Allstate's operating strength enabled us to continue implementing the auto insurance profit improvement plan and help over 100,000 customers recover from catastrophe losses in the first quarter, while executing the Transformative Growth initiative," said Tom Wilson, chair, CEO and president Allstate. "Property-Liability (business) earned premiums increased by $1.1 billion or 10.8% over the prior year due to rate increases on auto and home insurance. The profit improvement plan also includes expense reductions and reduced new business volume, both of which are being successfully implemented."