Northbrook, Ill.-based Allstate Corp. reported a rough fourth quarter to end a tough year. During the latter stages of last year, the company’s pretax unrealized loss position grew from $4.1 billion to $8.8 billion, mostly due to significantly widening credit spreads in its fixed income securities. For the year, the insurer lost $3.07 per share, compared to net income of $7.77 per share in 2007.
As a result, the company said it would work on improving efficiency, and would trim 1,000 jobs through a combination of attrition and position elimination over the next two years.
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