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Allstate Reports Higher 4th Quarter Net Income

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NU Online News Service, Feb. 6, 10:37 a.m. – The Allstate Corp., Northbrook, Ill., is reporting $447 million in net income for the fourth quarter of 2002 on $7.6 billion in revenue, up from from $264 million in net income on $7.4 billion in revenue for the fourth quarter of 2001.

Allstate recorded $219 million in losses on 137 stock and bond issues during the quarter. The company says it had to write off investments in about 1.8% of the companies in its portfolio. Losses for the year amounted to about 0.5% of total investments. The Allstate Financial unit, which sells life insurance, annuities and related products, generated $55 million in net income for the latest quarter on $1.3 billion in revenue, down from $122 million on $1.3 billion for the comparable quarter in 2001.

Retail sales of structured annuities, immediate annuities and fixed annuities, including an annuity with renewal interest rates linked to returns on five-year Treasury notes, were up, but sales of variable annuities were still down.