Summary Box: Allstate profit surges in 3Q

AP News
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Posted: Oct 27, 2010 6:07 PM
Summary Box: Allstate profit surges in 3Q

THE BOTTOM LINE: Home and auto insurer Allstate Corp. said Wednesday that its profit surged 66 percent in the third quarter.

WHAT'S BEHIND THE JUMP? The improved results were largely the result of easing investment losses.

AND PREMIUMS? The company said premiums earned slipped, in part because of lower retention in its auto segment. CEO Thomas Wilson attributed the drop to higher rates in select states.