Allstate reports 2nd-quarter loss of $620 million

[August 01, 2011]  NORTHBROOK (AP) -- Allstate is reporting a $620 million second-quarter loss, as the property and casualty insurer was hit by a previously disclosed $2.3 billion in catastrophe losses.

Allstate Corp. said Monday that it recorded losses from 33 catastrophic events during the April through June quarter, including five tornadoes, three wildfires and 25 wind and hail storms.

The $620 million loss amounted to $1.19 per share. That compared with a profit of $145 million, or 27 cents per share, in the same quarter a year ago.

Allstate's adjusted loss for the latest quarter was $1.23 per share. That was a narrower loss than Wall Street had predicted. Analysts surveyed by FactSet had forecast a loss of $1.46 per share, on average.

[Associated Press]

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.