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Allstate shares to open up on earnings beat and doubled buyback plan

6 February 2013

Allstate shares were up more than 3 percent in after-hours trading after the US insurance giant unveiled a solid beat on earnings and doubled its share repurchase programme to $2bn.

The company reported fourth quarter operating profits of $289mn, or $0.59 a share. These were well down on the $735mn or $1.45 a share earned in the prior-year period, but strongly outperformed Wall Street consensus expectations of a $0.05 a share loss.

Naturally, fourth quarter numbers were dented by Sandy,...

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