NEW YORK (AP) — Insurance conglomerate Allstate said Wednesday that its third-quarter earnings fell 57 percent from a year ago, as the company recorded a loss on the pending sale of its life insurance business.
DETAILS: Allstate had a $475 million after-tax loss tied to the expected sale of its Lincoln Benefit Life Co. division. It agreed to sell the business in July for $600 million. That got it out of the independent life insurance and annuity business.
But Esurance, Allstate's direct-to-consumer auto insurance business, continues to grow rapidly. The company said policies rose 32 percent and premiums written increased 27 percent.
NUMBERS: Net income was $310 million, or 66 cents per share. That is down from $723 million, or $1.48 per share, in the same period a year ago.
