• Font Size    
E-mail

Close Window E-mail This Page

Allstate Expects Record Quarterly Profits

Required fields are marked with an asterisk(*)

The information you provide will be used only to send the requested e-mail and will not be used to send any other e-mail communications. Read more in our Privacy Policy

Send E-mail

   Print     Share +   
Oct 16, 2007 10:59 am US/Eastern

Allstate Expects Record Quarterly Profits

sr
CHICAGO (CBS4) ― After the Gulf Coast hurricanes of 2005, Allstate pulled back from insuring property areas susceptible to severe storms. It did not renew many homeowners' policies.

Two years later, despite the continuing risk of a consumer and regulatory backlash, the strategy for them is paying off big despite substantial consumer criticism.

Allstate is on a pace to exceed last year's record annual profit of $5 billion as it gets set to report third-quarter results on Wednesday.

The shift has made Allstate more an auto insurer. Automobile insurance now accounts for more than double its revenue from homeowners.

(© 2007 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

© MMIX, CBS Television Stations Inc. All Rights Reserved.