Personal lines insurer Allstate Corp. has reported a net income of $724m, or $1.43 diluted earnings per share, for the fourth quarter of 2011, compared to $296m, or $0.55 diluted earnings per share, for the same period in 2010.
Revenues were $8.24bn for the fourth quarter of 2011, up 1.8%, compared to $8.09bn for the same period in the previous year.
The company had $66m of catastrophe losses during the fourth quarter of 2011, compared to $537m for the same period in the last year.
Operating income rose to $750m, compared to $271m for the same period a year ago due to substantially lower catastrophe losses.
Premiums written increased to $6.43bn, compared to $6.24bn for the same period in 2010, primarily driven by the acquisition of Esurance.
Allstate president and CEO Thomas Wilson said that full year 2011 net income of $788 million was 15% below 2010, this reflects high catastrophe losses in 2011 that were largely offset by realized capital gains.