Allstate Reports $682M July Catastrophe Losses, Up From June
ALL sits 37% above its 52-week low of $188.08.
Summary
Allstate disclosed $682 million in estimated July catastrophe losses, or $539 million after-tax, driven by 23 events. This is higher than June's $563 million and brings Q3 catastrophe losses to a significant start. The company had a blowout Q2 with net income up 56% to $3.2 billion, but catastrophe losses remain a key swing factor for earnings. The after-tax figure of $539 million will directly impact Q3 net income. Investors will watch whether August catastrophe losses continue this elevated trend.
At the time of this announcement, ALL was trading at $257.95 on NYSE in the Finance sector, with a market capitalization of approximately $65.7B. The 52-week trading range was $188.08 to $277.22. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.