Updated from 6:48 a.m. EDT
NORTHBROOK, Illinois (TheStreet) -- Insurance company Allstate (ALL) said Monday it swung to a second-quarter loss of $620 million, or $1.19 a share, as it recorded $2.3 billion in catastrophe losses.
Allstate said Monday it experienced 33 catastrophe loss events including five tornadoes, three wildfires and 25 wind/hailstorms in the second quarter.
Excluding catastrophe losses and year reserve re-estimates in the prior year, the combined ratio improved to 87.5 during the second quarter from 88.1 a year earlier. . A ratio above 100 means that for every premium dollar taken in, more than a dollar went to cover claims and expenses. A figure below 100 means the company made a profit on its insurance operations.Allstate said the adjusted loss in the quarter was $1.23 a share. Analysts surveyed by Thomson Reuters expected a loss of $1.56 a share. In the year-earlier second quarter, Allstate earned $145 million, or 27 cents a share. -- Written by Joseph Woelfel
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