Allstate says could take charges on investments

NEW YORK, Sept 23 (Reuters) - Allstate Corp (ALL.N) said on Tuesday it may have to take charges and write-downs of at least $152 million on investments in financial services companies hit by the credit crisis

Allstate, in a disclosure on its website, said that, as of Sept. 19, the fair value of fixed-income securities of American International Group Inc (AIG.N) was $49 million compared with an amortized cost of $89 million.

The fair value of Lehman Bros Holdings Inc (LEHMQ.PK) fixed-income securities was $65 million, compared with an amortized cost of $124 million.

AIG was bailed out by an emergency loan from the U.S. Federal Reserve last week, while Lehman, parent of the storied investment bank, sought bankruptcy protection.

Allstate could also take a charge on its holding of Fannie Mae (FNM.N) and Freddie Mac (FRE.N) equity, the value of which was basically wiped out when the home-funding giants were taken over by the government.

Fannie Mae equity had a fair value of $3 million as of Sept, 19, according to Allstate. The amortized cost was $36 million. Allstate's holding of Freddie Mac equity had a fair value of nil and an amortized cost of $20 million.

Allstate may also have to record market-value losses on its investments in Merrill Lynch & Co Inc MER.N, Bank of America Corp (BAC.N), Goldman Sachs Group Inc (GS.N), Morgan Stanley (MS.N), JPMorgan Chase & Co (JPM.N), Countrywide Financial Corp and Bear Stearns Corp, according to the disclosure.

Based on a table of investment holdings, Allstate appears to have sold additional securities since the the second quarter, ended June 30, but it was not clear if it will recognize gains or losses as a result.

The company said its exposure to these financial services firms totaled about 2 percent of Allstate's investments and was not material. (Reporting by Lilla Zuill; Editing by Andre Grenon)