Allstate shares sent down 8% after Q3 net income drops 76%

Allstate’s shares were down 8 percent in morning trading on Thursday after it reported Q3 results that included an almost 76 percent drop in adjusted net income to $217mn and a property-liability combined ratio that spiked 13.7 points to 105.3 percent, largely on pre-announced catastrophe losses and higher non-catastrophe auto and homeowners insurance losses.