Allstate swings to profit, catastrophe losses dip

Nov 4th, 2009 - Boston

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NEW YORK—A milder hurricane season this year helped Allstate Corp. turn a third-quarter profit as its losses for storms and other catastrophes dropped sharply.

The property and casualty insurer said Wednesday its net income rose to $221 million, or 41 cents per share, from a loss of $923 million, or $1.70 a share, in the year-ago period.

During the third quarter, Allstate posted catastrophe losses of $407 million, down about 78 percent from the $1.82 billion it recorded in the year-ago period, which included $1.4 billion in losses from Hurricanes Ike and Gustav.

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