(Adds details, compares with estimates)
May 6 Allstate Corp, the largest listed
U.S. home and auto insurer, reported a better-than-expected
quarterly profit as it earned higher insurance premiums across
Premiums earned at the Allstate's property-liability
division rose 4 percent to $7.1 billion.
The company has been raising insurance rates in its
homeowners business to offset uncertain catastrophe losses and
low interest rates on its investments.
Losses from natural disasters such as tornados, snow storms,
and floods rose 24 percent to $445 million in the first quarter
due to a more severe winter than usual across most of North
The company's net income available to common shareholders
fell 17 percent to $587 million, or $1.30 per share, in the
quarter ended March 31, from $709 million, or $1.47 per share, a
On an operating basis, the company earned $1.30 per share.
Consolidated revenue rose about 3 percent to $8.68 billion.
Analysts on average expected Allstate to earn $1.19 per
share, according to Thomson Reuters I/B/E/S.
Allstate shares, which have risen about 14 percent in the
past quarter, closed at $56.57 on Tuesday on the New York Stock
(Reporting by Aman Shah in Bangalore; Editing by Rodney Joyce)