The largest publicly traded U.S. home insurer posted net earnings of $760 million, down sharply from $1.21 billion in the same period a year ago.
Fourth-quarter operating income (excluding investment gains and losses) was $701 million, down from $1.12 billion in the year-ago period.
In contrast, total catastrophe losses rose sharply to $472 million, up from $279 million a year ago. Of that amount, wildfires accounted for $318 million, said Allstate. Still, that amount is far less than the staggering $5.7 billion in losses the insurer faced in 2005 after three hurricanes that devastated the U.S. Southeast.