S&P: Allstate view stable

Standard & Poor's said it revised the outlook to stable from negative on Allstate Corp., Allstate Insurance Co. and its property and casualty affiliates, and Allstate Life Insurance Co. and its life insurance affiliates.

At the same time, S&P affirmed the A+ counterparty credit rating on Allstate and the AA counterparty credit ratings on Allstate Insurance, Allstate Life and their affiliates.

The revised outlook reflects S&P's belief that Allstate has reduced its gross and net catastrophe exposure in the homeowners' book of business while sustaining its competitive and earnings profile, according to the agency.

The ratings on Allstate Insurance are based on the group's very strong competitive position as the second-largest domestic personal lines insurer and its very strong underlying earnings power, liquidity and financial flexibility, S&P said.

Partly offsetting these factors are the company's competitive pressures, earnings and capital volatility, and recurring adverse asbestos reserve development, the agency said.

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