NORTHBROOK, Ill. (AP) — Shares of Allstate Corp. on Thursday rose to their highest level since September 2008 on news that the company posted a surprise fourth-quarter profit despite hefty losses related to Superstorm Sandy.
The insurance company said late Wednesday it earned $394 million, or 81 cents per share, down 45 percent from $712 million, or $1.40 per share, in the same quarter a year earlier. Revenue rose 3.8 percent to $8.55 billion from $8.24 billion.
Operating income, which excludes investment gains and losses, slid to $289 million, or 59 cents per share, from $735 million, or $1.45 per share, in the 2011 quarter.
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