Allstate swings to profit on lower weather losses

NEW YORK (AP) — A sharp drop in losses from storms and other catastrophes helped Allstate Corp. move to a third-quarter profit from a year-ago loss.

The property and casualty insurer said Wednesday its net income rose to $221 million, or 41 cents per share, from a loss of $923 million, or $1.70 a share, in the year-ago period.

Operating income, which excludes investment gains and losses, rose to $538 million, or 99 cents per share, from a loss of $190 million, or 35 cents per share a year ago.

Analysts polled by Thomson Reuters were expecting earnings of $1.01 per share from the Northbrook, Ill. company. Analysts typically exclude investment gains and losses from their estimates.