XM does not provide services to residents of the United States of America.

Allstate reports third-quarter profit on stronger underwriting, investment returns



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>Allstate reports third-quarter profit on stronger underwriting, investment returns</title></head><body>

Oct 30 (Reuters) -Insurer Allstate Corp ALL.N reported a third-quarter profit on Wednesday compared to a year-ago loss, driven by higher premiums and stronger returns from investments, sending its shares up 5.4% in extended trading.

Demand for insurance products has remained resilient in an uncertain economy and the sector is typically considered recession-proof as many policies are often guaranteed by employers, while some are mandated by the government.

The company's consolidated premiums written rose 10% in the reported quarter to $15.87 billion, from a year ago.

Insurers also invest capital in several asset classes. Higher yields have boosted fixed-income portfolios this year while, hopes of a soft landing for the economy have pushed equity markets to near record levels.

Allstate's net investment income jumped to $783 million in the quarter ended Sept. 30, from $689 million a year earlier.

Meanwhile, the company's catastrophe losses rose to $1.70 billion from $1.18 billion a year earlier.

The insurance industry has been on the hook to pay for damages worth billions of dollars in recent years due to increasing climate-related disasters.

On an adjusted basis, Allstate reported a profit of $1.05 billion, or $3.91 per share, in the July-to-September quarter, up from $214 million, or $0.81 per share, a year earlier.



Reporting by Atharva Singh; Editing by Shailesh Kuber

</body></html>

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.