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(Reuters) – Insurer Allstate Corp (NYSE:) on Wednesday posted a quarterly profit, compared to a year-ago loss, on the back of higher premiums in its property-liability unit.
The company said it was pursuing the sale of Allstate’s Health and Benefits businesses and expects a sale would likely be completed in 2024.
Demand for insurance products has remained resilient in an uncertain economy and the sector is typically considered recession-proof as many policies are often guaranteed by employers, while some are mandated by the government.
The insurer posted a profit of 81 cents on an adjusted basis in the third quarter, compared to a loss of $1.53 per share a year earlier.
Analysts on an average had expected a profit of 46 cents per share, according to LSEG data.
Premiums in the property-liability business increased 10% to $12.3 billion in the third quarter, driven by rate increases, the company said.
Net investment income was nearly flat at $689 million.
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