Allstate Corporation

The company recorded its second highest annual profit in its history in 2007, but a much reduced non-life underwriting profit meant it had to sell off substantial equity holdings to achieve this outcome

The US based Allstate Corporation saw a 7.2% fall in its net income from nearly $5.0bn in 2006 to $4.6bn in 2007. The key contributing factor in this decline was a 38.0% deterioration in the company’s underwriting result from an underwriting profit of $4.5bn in 2006 to a profit of only $2.8bn in 2007.