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Allstate Corp. (NYSE: ALL) has selected former American International Group (NYSE: AIG) executive Matthew Winter to head its struggling life insurance and retirement unit, Allstate Financial.
Allstate Financial returned to profitability in the three months ended June 30 after losing money each quarter since September 2007. The unit has been run by an interim president since January. The ongoing delays had prompted some Wall Street analysts to call on Allstate to sell its small life unit, which was largely responsible for investment losses that led Allstate to post a big loss last year.
Winter most recently was a vice-chairman at AIG and ran the insurance giant's life insurance unit. He becomes president and CEO of Allstate Financial as of Oct. 26.
Allstate is scheduled to report third quarter results on November 4. Analysts surveyed by Thomson Reuters are looking for earnings of $0.92 per share on revenue of 8.5 billion. Shares have risen about 50% in the past six months, but are still about 26% lower than a year ago.
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Reader Comments (Page 1 of 1)
11-11-2009 @ 3:06AM
Mike said...
Well, at least some of the big companies are able to form some kind of bond, sharing employees anyway. i do tend to stick to the smaller companies.
Mike-http://www.onedollarglobeinsurance.com