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Morgan Stanley said the underlying growth expectations for Allstate Corporation are low for 2021 as the company balances its top-line goals with a softening personal auto rate environment, a declining Encompass business, and building out its Independent Agent channel with the integration of National General.
Northfield Township, Illinois-based insurance company reported better-than-expected earnings in the fourth quarter of 2020 with profit soaring 87.5% to $5.87 per share from $3.13 per share in the same period a year ago.
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The company’s net investment income surged more than 70% to $1.19 billion as performance-based investment income offset a decline in market-based investment income.