On Monday, The Allstate Corporation (NYSE:ALL) reported a loss of $2.3 billion in the 2nd quarter as tornadoes, wildfires and storms hit the country during the quarter. However the result was much better than the Wall Street anticipated figure.
The company’s shares went up by more than 1% even though the market saw a steep recession in the quarter.
The company recorded a loss of $620 million or $1.19 per share at the Northbrook, Ill. in comparison with the profit of $145 million, or 27 cents per share, in the same quarter during the previous year.
The company’s adjusted loss for the quarter was $1.23 per share. According to FactSet ,Analysts surveyed a loss of $1.46 per share.
Allstate revealed its pre-tax disaster loss of $2 billion for April and May, and a loss of $300 million for June.
Travelers Cos. A rival of the Allstate reported a loss of $1.09 billion for the quarter.
Allstate stated its combined ratio for the 2nd quarter improved to 87.5 from 88.1 earned in the previous year.
Allstate’s combined ratio for the quarter was 123.3 points, compared with 96.8 in the previous year quarter.
The company earned a Revenue which went up by 6% to $8.08 billion from $7.66 billion earned in the previous quarter.
The operating income of the company went up by nearly 13% to $141 million in the 2nd quarter, more in comparison to $125 million earned in the previous year.
The company’s Share value went by 38 cents to $28.10 during the morning trading hours.
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