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Fixed Annuities, Investment Rebound Boost Allstate Net Income

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NU Online News Service, Oct. 15, 2003, 8:03 p.m. EDT – The Allstate Corp., Northbrook, Ill., says strong sales of fixed annuities and other products and improved investment results helped it increase net income to $691 million for the third quarter on $8.1 billion in revenue, up from $248 million on $7.2 billion in revenue for the third quarter of 2002.

Allstate Financial is reporting $119 million in net income on $1.4 billion in revenue, up from $9 million in net income on $1.1 billion in revenue.

Growth in product sales pushed operating income at Allstate Financial to $135 million, from $112 million, but improvement in investment performance was even more dramatic. Allstate Financial went from suffering $103 million in capital losses on investments in the third quarter of 2002 to suffering just $7 million in capital losses during the latest quarter.