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.
Our Standards: The Thomson Reuters Trust Principles.