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Allstate tops profit estimates on higher premiums, investment returns

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Allstate News

Investment Returns,Economic Conditions

Insurers usually see stable product demand irrespective of economic conditions, mainly due to the widespread adoption of employer-sponsored and government...

- Insurer Allstate posted an upbeat first-quarter profit on Wednesday, helped by higher premiums and stronger investment returns.

Allstate's adjusted first-quarter swung to a profit of $5.13 per share in the three months ended March 31 from a loss of $1.30 per share in the year ago quarter. Analysts on an average estimated the company to post a profit of $3.94 per share, according to LSEG data.Allstate's investment income, on the other hand, rose to $764 million in the quarter from $575 million in 2023, mostly on the back of higher market-based and performance-based income.

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