Allstate posts $1.1bn fourth quarter loss; says to cut 1,000 jobs
Allstate,US insurance giant reported a net loss of over $1.1bn in the fourth quarter of the year, thanks to investment writedowns and catastrophe losses.
Heavy investment losses took their toll in the second quarter, driving net loss to $1.13bn, down from a $760m gain in the fourth quarter of 2007.The result drove the net loss for the year to
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