By Connor Hart
Allstate posted lower profit in the first quarter, hurt by higher catastrophe losses.
The insurance company on Wednesday posted net income of $566 million, or $2.11 a share, compared with $1.19 billion, or $4.46 a share, a year earlier.
Adjusted per-share earnings of $3.53 topped the $2.52 that analysts polled by FactSet expected.
Revenue increased 7.8% to $16.45 billion but missed the $16.57 billion that analysts modeled.
The company said catastrophe losses increased to $2.2 billion from $731 million a year earlier. Book value per share increased to $74.61 from $62.27.
Allstate's property liability unit reported written premiums of $14.3 billion, up 8.5% from last year, which the company attributed to rate increases. Underwriting income fell to $360 million from $898 million a year earlier, dragged down by higher catastrophe losses.
In the company's auto protection unit, written premiums increased 5.2% to $9.85 billion, also due to rate increases. Underwriting income rose to $816 million from $351 million last year.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
April 30, 2025 17:02 ET (21:02 GMT)
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