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updated: 11/5/2021 2:55 PM

Allstate reports third-quarter profit

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NORTHBROOK -- Allstate Corp. this week reported third-quarter profit of $538 million.

The Northbrook-based insurer said it had net income of $1.71 per share. Earnings, adjusted to account for discontinued operations, were 73 cents per share.

The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.62 per share.

The insurer posted revenue of $12.48 billion in the period. Its adjusted revenue was $12.38 billion.

Allstate shares have climbed 15% since the beginning of the year, while the S&P's 500 index has increased 24%.

"Auto insurance had an underwriting loss in the quarter as supply chain disruptions drove rapid price increases for used cars and original equipment parts," said Tom Wilson, chair, president and CEO of Allstate. "Auto insurance did generate attractive margins for the first nine months of the year, and we are filing for rate increases to maintain historical profitability levels."