Allstate Beats Estimates; Shares Rise (ALL)

The Allstate Corporation ALL reports Q2 earnings of $0.81 versus estimates of $0.69. The Allstate Corporation reports Q2 revenues of $7.66 billion versus estimates of $6.61 billion. Revenues fell 9.8% year over year. Book value per share grew to $33.24 at June 30, 2010 compared to $32.26 at March 31, 2010 and $27.87 at June 30, 2009. "We made continued progress in executing our strategies and achieving our 2010 goals in the second quarter," said Thomas J. Wilson, chairman, president and chief executive officer of The Allstate Corporation. He added, "Profitability at Allstate Protection met our underlying combined ratio outlook for the year. Implementation of growth initiatives reduced the impact of catastrophe risk management and profitability actions, but has not yet generated sufficient volume to increase overall policies in force. Allstate Financial's operating income significantly rebounded reflecting progress on its strategic repositioning and the benefit of reserve actions. Strong investment results reflect our risk mitigation and return optimization strategies. Shares of ALL are higher in the after-hours by 1.71%.