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Allstate Swings to Loss on Catastrophe Charges

Updated from 6:48 a.m. EDT

NORTHBROOK, Illinois ( TheStreet) -- Insurance company Allstate (ALL - Get Report) 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



>To contact the writer of this article, click here: Joseph Woelfel

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Copyright 2011 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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