NORTHBROOK, Ill., Nov. 13 /PRNewswire-FirstCall/ --
The Allstate Corporation (NYSE: ALL) announced today that earlier this week it
resolved an insurance coverage dispute with a policyholder. As a consequence,
the company revised its previously reported estimated net income for the third
quarter of 2002 to $248 million ($.35 cents per diluted share). Revised
operating income for the third quarter is $516 million ($0.73 per diluted
share). Operating income is defined as net income before the after tax
effects of realized capital gains and losses, gain (loss) on disposition of
operations, dividends on preferred securities of subsidiary trust and the
cumulative effect of a change in accounting principle. The amount recorded
had a $32 million after-tax or $.04 per diluted share impact to the Property-
Liability Operations in the Discontinued Lines and Coverages segment.
Allstate recorded the loss arising from the settlement in the third
quarter, in accordance with generally accepted accounting principles, because
the settlement was reached after the end of the quarter but before the
company's Quarterly Report on Form 10-Q was filed with the Securities and
Exchange Commission.
Despite this settlement, Allstate continues to anticipate that operating
income per diluted share for 2002 will be in the range of $2.80 to $3.00
(excluding restructuring charges and assuming normal catastrophes).
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held
personal lines insurer. Widely known through the "You're In Good Hands With
Allstate(R)" slogan, Allstate provides insurance products to more than 16
million households and has approximately 12,500 exclusive agents and financial
specialists in the U.S. and Canada. Customers can access Allstate products
and services through Allstate agents, or in select states at allstate.com and
1-800-Allstate(SM). Encompass(SM) and Deerbrook(R) Insurance brand property
and casualty products are sold exclusively through independent agents.
Allstate Financial Group includes the businesses that provide life insurance,
retirement and investment products, through Allstate agents, workplace
marketing, independent agents, banks and securities firms.
SOURCE The Allstate Corporation
 back to top
Related links:
http://www.allstate.com
Company News On-Call:
http://www.prnewswire.com/comp/109885.html
CONTACT:
Michael Trevino of The Allstate Corporation,
+1-847-402-5600
|
