(Bloomberg) -- Allstate Corp., the largest publicly traded U.S. auto and home insurer, said second-quarter profit plunged 45 percent on a surge in claims from automobile coverage.
Net income declined to $355 million, or 79 cents a share, from $645 million, or $1.39, a year earlier, the Northbrook, Illinois-based company said Monday in a statement. Operating income, which excludes some investment results, was 63 cents a share, missing the 96-cent average estimate of 22 analysts surveyed by Bloomberg.
“The increase in auto accidents is broad-based by state, risk class, rating plans and the maturity of the business, and consequently appears to be driven by external factors,” Chief Executive Officer Tom Wilson said in the statement.
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