NU Online News Service, April 17, 1:11 p.m. – The Allstate Corp., Northbrook, Ill., is reporting $426 million in net income for the first quarter on $7.3 billion in revenue, compared with $500 million in net income on $7.1 billion in revenue for the first quarter of 2001.
The company’s Allstate Financial unit generated $91 million in net income for the quarter on $2.7 billion in premiums and deposits, compared with $69 million in net income on $2.9 billion in revenue for the comparable period in 2001.
Worksite sales, life insurance sales and fixed annuity sales were strong, but variable annuity sales were still weak, Allstate says.
Allstate notes that it now has 6,250 exclusive agents who are licensed to sell products such as variable annuities, variable life insurance and mutual funds from other companies. The number of exclusive agents has increased 60% from the number Allstate had in early 2001, the company says.