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Allstate soon to face up to Mark-to-Market value of its investments
ALL
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+42.02%
in
533 days
Allstate has BV equity of around $22bn vs a higher market cap of around $28bn. This equity is geared to support $159bn of assets of which $121bn are investments and excluding short term assets, investments total around $115bn. <> Although Allstate had a conservative investment portfolio recent events plus the recent downgrade of the monolines means significant writedowns in investment values can be expected. Below is tabled the writedowns forecast assuming a number of the AAA wrapped munis are downgraded, corporates are downgraded to reflect the increasing defaults (...
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Allstate Dodges Subprime Question
ALL
+49.67%
in
857 days
Allstate (NYSE:ALL) recently announced their quarterly earnings. In the conference call they of course took a question on the sub-prime exposure. Their response is that they feel very comfortable and feel that they took the necessary steps several years ago. They also claim to hold approximately $4.8 billion in subprime mortage securities and $164 million in ABS CDO's.
If you listen very carefully to the response they do admit to experiencing valuation declines. ie they are losing money. They claim to have not been bothered by the ratings declines. Who cares when you are losing money...
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From the Blogosphere
A.M. Best Affirms Allstate Ratings – Analyst Blog
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On Nov 20, 2009, A.M. Best Company affirmed the ratings of Allstate Corporation (ALL) and its subsidiaries. The rating agency cited that the rating actions primarily reflect Allstate’s solid risk-adjusted capitalization, favorable operating performance and significant market presence. However, the agency remains concerned about Allstate’s exposure to frequent weather-related events, significant dividend payments to its parent and above average underwriting and investment leverage.
For Allstate Insurance Group and its members, the agency has affirmed the financial strength rating (FSR) ...
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Zacks Analyst Blog Highlights: Progressive Corporation, Allstate Corp., Infinity Property and Casualty Corp., State Auto Financial Corp. and Monsanto Company – Press Releases
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For Immediate Release Chicago, IL – November 12, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Progressive Corporation (PGR), Allstate Corp. (ALL), Infinity Property and Casualty Corp. (IPCC), State Auto Financial Corp. (STFC) and Monsanto Company (MON). Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=5513 <><>Here are h...
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Progressive’s Income Falls – Analyst Blog
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Auto insurer Progressive Corporation’s (PGR) income for October fell to 16 cents per share compared with 22 cents in the year-ago period. Though the company has posted a growth in premium writings, realized gains were lower in the quarter compared to the year-ago quarter.
The company, which reports earnings on a monthly basis, disclosed an income of $106.7 million, down from $145.0 million in the prior-year period.
Progressive’s net premiums written increased 3% year-over-year to $1.3 billion. The company recorded a pre-tax investment gain of $20.0 million, compared with $88.4 million in th< />< />< />< />< />< />< />< />< />< /><><><><><><>< />< />< /><>< /><>< /><>< /><>< /><>< /><><>< /><>< /><>< />< />...
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Zacks Analyst Blog Highlights: Enzon, Merck, OSI Pharmaceuticals, Pfizer and Bank of America Corporation – Press Releases
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For Immediate Release Chicago, IL – November 11, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Enzon (ENZN), Merck (MRK), OSI Pharmaceuticals (OSIP), Pfizer (PFE) and Bank of America Corporation (BAC). Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=5513 Here are highlights from Tuesday’s Analyst Blog: <><>Enzon Beats,...
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Enzon Beats, Announces Sell-off – Analyst Blog
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Enzon (ENZN) achieved break-even earnings during the third quarter of 2009, better than the Zacks Consensus Estimate of loss of 7 cents but below the year-ago earnings of 1 cent. The company reported revenues of $44.6 million, a decline of 9% compared to $48.8 million reported in the third quarter of 2008.
Enzon records revenues from three sources -- products, royalties and contract manufacturing. The three segments recorded a decline of 1%, 6% and 56%, respectively, compared to the year-ago period.
Enzon has four marketed products -- Oncaspar for the treatment of acute lymphoblastic leukemia...
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