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October 19, 2007 at 11:14 PM
The Allstate Financial division of Allstate Corp. managed to push up net income in the third quarter despite a drop in annuity sales.
Allstate, Northbrook, Ill., is reporting $978 million in net income for the latest quarter on $9 billion in revenue, compared with $1.2 billion in net income on $8.7 billion in revenue for the third quarter of 2006.
Allstate Financial increased net income to $434 million, from $316 million.
Deferred fixed annuity deposits fell to $996 million, down 44% from the total for the third quarter of 2006.
The drop was due in part to a decision to try to raise returns on the capital behind new fixed annuity products, Allstate says.
Allstate notes that it will be seeking regulatory approval to get more dividends out of its Allstate Life Insurance Company unity.
