New York ( TheStreet) - Allstate ( ALL) reported disappointing results through September primarily driven by poor performing investments and has started trimming agencies to compensate for losses. Investors will be expecting to see a positive earnings report for the fourth quarter reflecting these moves or it will be under further pressure from shareholders. Poor investment returns and pressure on policy income have put pressure on the company. It was overlooked earlier in 2009, in favor of Travelers ( TRV), when the DOW was looking for a replacement for Citigroup ( C). The third quarter results included a $552 million loss on securities one quarter after reporting a $365 million gain. With $54.7 billion in invested assets in its life and annuity business, it shrank 5.4% from the first quarter. Bonds grew 4% as a percentage of the portfolio. The net yield underperformance by 42 basis points, compared to the life industry, continues the poor track record. Complaints about CEO Tom Wilson's business strategy have been heard from Allstate agents. The Chicago Tribune reported on Sunday that Allstate could shed 20% of its agents in the coming years. It appears that the 2008 loss of market share is even being laid at the door of profitable agents. The third quarter of 2009 saw a drop of 2.2% in net premiums written compared to the prior year. Questions have been asked about why a company would get rid of profitable agencies, even suggestions that it is "stupid".