According to this article in The Inquisitr, Allstate Corporation, the largest publicly traded insurance company, had a net income of $766 million in the first quarter of 2012. Last year, Allstate’s first quarter income was a mere $524 million.
Cliff Gallant, an analyst at KBW Inc., said the company’s profit came from fewer catastrophes. “It was a pretty mild winter across the country…except for a few isolated areas in the Midwest that got hit.”
Allstate’s stock has also been doing well, up 20 percent for the year as of the date of the article. The article notes that Allstate has sustained its profit gain by “budgeting for a higher catastrophe cost.” Allstate is on record setting aside “much more money than necessary for claims in prior quarters.”
Allstate is scheduled to post their second quarter 2012 profits at 3:05 P.M. (CST) later today.
