* Q3 oper EPS $1.46 vs consensus $1.13
* Margins up, disaster losses down
* CEO says Sandy not material this quarter
Oct 31 Home and auto insurer Allstate Corp
reported a larger profit for the third quarter on a
decline in disaster losses and improving margins, as its chief
executive said storm Sandy would not materially affect results
Allstate, one of the biggest insurers in the northeastern
United States, is considered one of the most exposed companies
to insured losses from Sandy, which some estimate to be as much
as $15 billion.
The impact of Sandy should be "significant but not material"
this quarter, CEO Tom Wilson said in a CNBC interview. He
estimated that Sandy should end up among the five-worst U.S.
hurricanes of all time by losses but said it "will not be
meaningful in terms of our stability".
Analysts expect that most insurers will be easily able to
handle claims from Sandy because disaster losses are down
sharply this year, leaving them extra capacity.
Allstate reported a net profit of $723 million, or $1.48 per
share, compared with a year-earlier profit of $175 million or 34
cents per share.
On an operating basis, Allstate earned $1.46 per share.
Analysts polled by Thomson Reuters I/B/E/S on average expected
earnings per share of $1.13.
Disaster losses were down more than $800 million from a year
earlier, when the company faced claims for Hurricane Irene.