Allstate Posts $620 Million Loss on Claims From U.S. Storms

Allstate Corp., the second-largest U.S. home and auto insurer, posted its first quarterly loss in more than two years as tornadoes led to a surge in claims costs. The second-quarter net loss of $620 million, or $1.19 a share, compares with profit of $145 million, or 27 cents, a year earlier, the Northbrook, Illinois-based insurer said today in a statement. The operating loss, which excludes some investment results, was $1.23 a share, beating by 35 cents the average estimate of 21 analysts surveyed by Bloomberg.