Allstate Q3 Profit Declines On Loss On Disposition Of Lincoln Benefit Life

(RTTNews) - The Allstate Corp. (ALL) reported that its third-quarter net income available to shareholders decreased to $310 million or $0.66 per share, from $723 million or $1.48 per share, last year. Operating income was $713 million or $1.53 per share, for the quarter. The company said the decline in net income was driven primarily by an estimated $475 million after-tax loss on disposition of Lincoln Benefit Life Company partially offset by the favorable impact from changes in employee benefit plans.

On average, 26 analysts polled by Thomson Reuters expected the company to report profit per share of $1.39 for the quarter. Analysts' estimates typically exclude special items.

Consolidated revenues were $8.46 billion, compared to $8.13 billion, last year. Analysts expected revenue of $7.30 billion for the quarter.