The Allstate Corp. reported a fourth quarter loss of $1.13 billion and says it plans to eliminate 1,000 positions in the next two years in response to the economic downturn.
Reporting its fourth quarter results, the company said its income loss came in at an estimated $1.13 billion compared to net income of $760 during the same period of 2007. This translated into loss income per share of $2.11 compared to earnings per share of $1.36 the year before. Consolidated revenues during the period dropped 27 percent, or $2.42 billion, to $6.57 billion.
The company said its 1000 job reduction in its life unit will take place over the next two years by attrition and elimination of jobs. Allstate said it plans to save 20 percent in operating expenses, for savings of $90 million by 2011.
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