No Fees Insurance Agency

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The No Fees Insurance Agency – 757-595-4800

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Allstate Corp. said its net income for the second quarter fell, drawn downward by investment losses, although the performance of its insurance and financial services units were improved.
The Northbrook, Ill.-based property-casualty insurer said it earned $ 145 million in the second quarter, compared to $ 389 million for the same period a year ago.
Investment losses were primarily driven by derivatives, which company officials said are used to protect the company from fluctuations in interest rates.
Quarterly revenue fell to $ 7.66 billion, a reduction from the $ 8.49 billion it posted in the second quarter last year. Operating income climbed to $ 441 million, up from $ 297 million last year.
The company had a better quarter for catastrophic losses, showing $ 636 million in payments, compared to the $ 818 it paid out in the quarter one year ago.
Allstates investments drag down quarterly numbers via IFAwebnews.