Allstate’s profits double

Insurer releases eye-catching figures for the second quarter of the year

Allstate’s profits double

Insurance News

By Lyle Adriano

For the second quarter of 2017, Allstate Corp. posted earnings that far exceeded initial estimates.

The company said that its earnings (adjusted for non-recurring gains) were at $1.38 per share – a bottom line of $510 million. The result reflects a 117% year-over-year increase over the same period last year, which was $0.62 per share, or $235 million.

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Reuters reported that analysts initially pegged Allstate to earn $0.92 per share for the second quarter. Other analysts had projected 88 cents a share on revenue of $8.31 billion, while some said 90 cents per share.

Allstate also reported that its revenue for the quarter increased 4.7% to $9.59 billion – up from $9.16 billion in Q2 2016.

The Associated Press noted that Allstate shares have increased 23% since the start of this year. The company’s S&P 500 index surged 11% in the final minutes of trading yesterday – shares came in at $91, a 33% increase over the last 12 months.


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