Allstate’s Net Income Increases by 43%
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First-quarter earnings at Allstate Corp. rose 43%, with strong underwriting results and help from a mild winter that generated fewer catastrophe losses.
The Northbrook, Ill.-based company reported net income of $949 million, or $1.34 a share, up from $665 million, or 94 cents, a year earlier. Revenue increased 6% to $8.31 billion.
Excluding certain items, operating earnings were $1.44 a share, beating by 3 cents the estimate of analysts surveyed by Thomson First Call.
Allstate shares fell 80 cents to $46.24 on the NYSE before earnings were released.
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