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Allstate Corp.'s profit fell in the first quarter as revenue declined, and the insurer also logged $210 million in costs for its Shelter-in-Place Payback program that it adopted because of the COVID-19 pandemic.
Source: MarketWatch | Published on May 6, 2020
Allstate's profit was $549 million, or $1.59 a share, down from $1.29 billion, or $3.74 a share, a year ago.
First-quarter adjusted earnings were $3.54 a share, Allstate said. According to FactSet, the consensus from analysts was for $3.36 a share.
Revenue fell 8.3% to $10.08 billion. The company reported realized capital losses of $462 million compared with realized capital gains of $662 million a year ago.
Total expenses at Allstate rose just half a percent from a year ago.
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