Allstate reports second quarter profit on stronger premiums, investment income

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Allstate Corp News

Quarter Profit,Catastrophe Losses,Premiums

Insurers usually escape an erratic product demand that other financial companies face due to changes in the economic landscape, mainly due to the widespread ...

- Allstate Corp reported a second quarter profit on Wednesday, driven by higher premiums, better returns from investments, and lower catastrophe losses.

Hopes of a soft landing for the economy have also boosted markets, which have hit record highs in 2024, increasing insurers' income from investments.Allstate's net investment income in the second quarter jumped to $712 million from $610 million a year earlier.Allstate reported a net profit of $301 million or $1.13 per share, in the three months ended June 30, compared to a loss of $1.39 billion or $5.29 per share last year.

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