CHICAGO (AP) — The Allstate Corporation, the property and casualty insurer, reported a 37 percent decline in fourth-quarter profit Tuesday on higher catastrophe losses and increased costs.
Net income was $760 million, or $1.36 a share, compared with $1.21 billion, or $1.93 a share, in the fourth quarter of 2006.
Revenue declined 1 percent to $8.99 billion, from $9.1 billion a year earlier.
Analysts polled by Thomson Financial had forecast fourth-quarter profit of $1.32 a share on revenue of $8.86 billion.
More frequent fall and winter storms sent the company’s catastrophe losses for the quarter to $472 million, from $279 million a year earlier.
Allstate shares fell 25 cents in after-hours trading after closing down 42 cents at $52.25 before the report was released.
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