Allstate profit falls 57 percent after life insurance sale

Wed Oct 30, 2013 4:18pm EDT

Oct 30 (Reuters) - Home and auto insurer Allstate Corp's quarterly profit more than halved as the company took an estimated $475 million after-tax loss on the sale of one of its life insurance businesses.

Net income fell 57 percent to $310 million, or 66 cents per share, in the third quarter, from $723 million, or $1.48 per share, a year earlier.

On an operating basis, Allstate earned $1.53 per share.

Consolidated revenue rose 4 percent to $8.47 billion.