Allstate defies expectations as profit soars

US insurance giant Allstate posted a surprisingly large second
quarter operating profit of $510mn, more than double its earnings
for the same period a year earlier despite almost $1bn in
catastrophe losses.
The $1.38 per share result was well above the $0.91 per share
consensus estimate of 18 analysts surveyed by MarketWatch, and
above the $0.99 forecast by Janney Montgomery Scott analyst Robert
Glasspiegel.
"Allstate seems well positioned to report favorable results
given recent pricing actions