Allstate delivers large earnings beat in first quarter
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By Alwyn Scott
NEW YORK (Reuters) -Allstate Corp 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, 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 ScottEditing by Chris Reese and Bill Berkrot)
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