Allstate Energy Bond Losses Widen Amid Decline in Oil Prices
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Allstate Corp., the largest publicly traded U.S. seller of auto and home insurance, said gross unrealized losses widened on energy bonds in the fourth quarter as crude prices plunged.
Losses climbed to $75 million as of Dec. 31 from $18 million three months earlier, Northbrook, Illinois-based Allstate said in an annual filing to regulators Thursday. Unrealized gains narrowed to $178 million from $234 million. The fluctuations are tracked by investors and ratings firms evaluating insurers’ financial strength and don’t count toward earnings.