Allstate Second Quarter Results Show Massive Income Decline
August 20th, 08Allstate Corp, the largest public provider of automobile and other property insurance in America, has revealed its figures for the second fiscal quarter of 2008. The insurance giant experienced a 98% decrease in revenue since 2007. This decrease was due to the company’s quickly-devaluing investments in the catastrophic US mortgage market, as well as to this year’s spate of storms and other natural disasters, which made property-damage claims skyrocket.
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