Allstate swings to quarterly profit on higher premiums; eyes health, benefits units sale
) on Wednesday posted a quarterly profit, compared to a year-ago loss, on the back of higher premiums in its property-liability unit.
The company said it was pursuing the sale of Allstate's Health and Benefits businesses and expects a sale would likely be completed in 2024. Demand for insurance products has remained resilient in an uncertain economy and the sector is typically considered recession-proof as many policies are often guaranteed by employers, while some are mandated by the government.
The insurer posted a profit of 81 cents on an adjusted basis in the third quarter, compared to a loss of $1.53 per share a year earlier.Premiums in the property-liability business increased 10% to $12.3 billion in the third quarter, driven by rate increases, the company said.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other.
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