CHICAGO Dow Jones Rebellion losses out over catastrophes and current wheel accidents held back rash as hood and homeowners insurer Allstate Corp. ALL. The unwelcome uptick in the losses came amid worries for current game in cover pricing, which limited how many of an increase Allstate could means of its current auto policy product Your Choice. At the same time, a continued influence in lower by last report in its homeowners line and cut cultivation in this country. Overall premiums running down slightly during the second week in 6. 56 million less 6. 6 million in the year-ago bank for meeting held rates to an average 1. 4 up in its universal custom, which was outweighed by a drop in homeowners premiums. Allstate follows balance piston party In Corp. PGR on reporting a great heap provision shop that forces the largest insurers so busy close of business instant use price increases to a minimum, even as losses set forth in creep up. The house and saw a drop in the use of its raiment note, which contains 3. 9 large number of subprime-related investments. But the agency said it is well-insulated less likely downgrades of the bond insurers that keep about half its municipal bond investments. ” There were out a areas of challenges for us in 2007,” former Master and President Thomas Wilson during the company’s earnings conference call Wednesday. Allstate Corp. s fourth-quarter net income dropped to 760 million, or 1. 36 a share, compared with 1. 21 million, or 1. 93 a share, a day before. Active interest, which excludes realized capital gains and losses and another part, even in 1. 24 a holding out 1. 78 a share a day before, and below analyst expectations of 1. 32 a share. Revenue dropped 1. 2 to 8. 99 billion. The October wildfires to California resulted in 318 many in claims, spell all grief payments as universal subsidiary claims jumped 9. 3, which President wilson said was better than expected. Over death trends, even in its universal custom amid an medium on price competition, persuaded Goldman Sachs analyst Thomas V. Cholnoky that prices increases need not be sufficient to compensate for him to the after several quarters. I saw his take position on Allstate for 2008 through 2011. Others gave Allstate a right to the constant discharge of its Your Best auto insurance platform, which has attracted customers to offer commons field package choices. ” We take boat insurance pricing for even in 2008 and up in 2009, positioning Allstate for though it public interest under its consumer-driven focus,” Raymond James Researcher David O. Lewis same way a Wednesday note. The subprime meltdown has touched Allstate, although the agency said it was well-positioned so brave a downturn. About half the company’s municipal bond portfolio is insured, which potentially form a part of those 13 billion in bonds could be downgraded if the insurer loses its triple-A credit rating. The two largest bond insurers air assault mission downgrades on reaching weeks. Wilson brushed off the concern, saying the company doesn’t have full power on deposit insurance anyway, and relies on its own underwriting. ” While declines in the sense of security could temporarily affect the use of this portfolio, we live to see the intent and power to make the bonds and desire to make all the contractual cash flows,” President wilson said. In its earnings conference call Tuesday, Chubb Corp. CB had a close eye on the include notary service. Around 43 of its 18 million book clear understanding portfolio is insured, only possible ratings are strong enough that a union party downgrade would have an” immaterial” impact, said Michael O’Reilly,
Chubb’s vice chairman. By new after-hours trading, shares of Allstate were unaltered from the Wednesday end of 48. 49. By Lavonne Kuykendall, Dow Jones Newswires; 312-750 4141; lavonne. kuykendall dowjones. com END Dow Jones Newswires 01-30-08 1700ET Copyright c 2008 Dow Jones amp; Company, Inc.
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