Allstate posts record net
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April 21, 1999: 9:30 a.m. ET
On operating basis, insurer beats Wall Street estimates by 1 cent per share
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NEW YORK (CNNfn) - Allstate Corp. reported Wednesday that first-quarter net income rose 10 percent to a record $1.04 billion, or $1.27 per diluted share, in large part because of a big increase in realized capital gains.
On an operating basis, the insurer said income fell 3.6 percent to $663 million, or 81 cents a diluted share, in the quarter ended March 31, from $688 million, or 81 cents a share, a year earlier. The consensus estimate for the latest period was 80 cents per share, according to First Call Corp.
Allstate, based in Northbrook, Ill., said realized capital gains jumped 54 percent over the year-ago period to $381 million after-tax. First-quarter revenue totaled $6.81 billion, a 5.5 percent increase.
During the quarter, Allstate announced a partnership with the money management firm Putnam Investments, in which the two will jointly create and distribute insurance products.
Shares of Allstate (ALL) closed up 1-1/8 on the New York Stock Exchange Tuesday.
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Allstate Corp.
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