Feb. 11, 2013—Allstate Corp. recently reported a 45 percent decline in earnings for the fourth quarter of 2012 due to higher catastrophe losses caused by superstorm Sandy.
The final net income for the fourth quarter of 2012 was $394 million, down from $712 million during the same period in 2011.
The company also reported catastrophe losses of $1.06 billion in the latest quarter, primarily attributable to the storm.
Allstate’s revenue from property-liability insurance premiums rose to $26.74 billion in 2012, up from $25.94 billion in 2011. In addition, Allstate’s costs for property-liability insurance claims and claims expense decreased to $18.48 billion in 2012, compared to $20.16 billion in 2011.
Overall, consolidated revenues stood at $8.5 billion, up 3.8 percent from $8.2 billion during the fourth quarter of 2011.
