By Cara Lombardo and Leslie Scism Carl Icahn holds a roughly $400 million stake in Allstate Corp. and supports the insurer s moves to cut costs and sell more products directly to consumers,.
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By Cara Lombardo and Leslie Scism Carl Icahn holds a roughly $400 million stake in Allstate Corp. and supports the insurer s moves to cut costs and sell more products directly to consumers, according to people familiar with the matter. The stake amounts to about 1% of Northbrook, Ill.-based Allstate, which has a market value of roughly $40.5 billion. The billionaire activist bought the position when Allstate s shares were trading around $90 each last year, the people said. Mr. Icahn s team concluded Allstate s share price was significantly undervalued compared to that of rival Progressive Corp., they said. Mr. Icahn, known for his raucous activist campaigns, has been uncharacteristically quiet at Allstate because the company was already undertaking the changes he had envisioned. It hasn t hurt that the shares closed Tuesday at around $135, buoyed by a cost-cutting plan.
MetLife, Allstate Post Strong Gains in Adjusted Earnings — Update morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.
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By Leslie Scism MetLife Inc. and Allstate Corp. posted strong gains in adjusted earnings as the insurers weathered another quarter of the Covid-19 pandemic. Allstate s car-insurance business had a strong quarter as rush-hour fender-benders were below normal, with many Americans still working from home rather than commuting. MetLife had sharply higher death benefits on life-insurance policies while payouts on pension products and other annuities were reduced. We believe the worst impact of the pandemic on our business performance is behind us, MetLife Chief Executive Michel Khalaf said. The pandemic s impact on the insurance industry hasn t been as bad as was feared when Covid-19 cases started climbing just over a year ago. Car insurers got windfall profits as stay-at-home directives and business shutdowns left vehicles parked for days. While death claims are elevated, U.S. life insurers have paid fewer claims th
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