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.
In other earnings news:
- Torchmark Corp., McKinney, Texas, is reporting $133 million in net income for the third quarter on $864 million in revenue, up from $129 million in net income on $838 million in revenue for the third quarter of 2006.
Life revenue was up about 3%, and health revenue was down about 3%.
- UnitedHealth Group Inc., Minnetonka, Minn., is reporting $1.3 billion in net income for the third quarter on $19 billion in revenue, up from $1.1 billion in net income on $18 billion in revenue for the third quarter of 2006.
Health care services health plan membership held steady at a little over 17 million.
Enrollment in health savings account and health reimbursement arrangement plans ended the quarter at 2.3 million, up from 1.8 million a year earlier.