Allstate beats despite higher cats

Allstate reported a 10.3 percent fall in second quarter
operating profits that were just ahead of Wall Street expectations
already reset to factor in elevated cat losses.
The company generated operating profits of $235mn, or $0.62 a
share, that compared favourably with analysts' consensus
forecasts of $0.57 a share.
The results included the impact of $961mn of cat losses, up 20.6
percent from the $797mn experienced in the prior-year period.
Allstate had already reported $835mn of pre-tax ($542mn