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Finance

Allstate delivers large earnings beat in first quarter

1 minute read

NEW YORK, May 5 (Reuters) - Allstate Corp (ALL.N) on Wednesday posted a first-quarter profit that beat analysts' estimates by nearly 60%, driven largely by investment income and its core insurance businesses.

The company said adjusted earnings rose to $6.11 per share, well above average analysts' estimates of $3.88, according to IBES data from Refinitiv.

Revenue rose 26% to $12.45 billion and catastrophe losses nearly tripled to $590 million in the quarter.

The first three months of 2021 marked a busy period for the Northbrook, Illinois-based insurer. It booked a $4 billion loss on the sale of its life and retirement to private equity company Blackstone Group Inc (BX.N), a $2.8 billion sale expected to close in the second half of 2021.

Allstate also completed the purchase of National General Holdings Corp.

Reporting by Alwyn Scott Editing by Chris Reese

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