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 (NYSE:BX) Inc, a $2.8 billion sale expected to close in the second half of 2021.
Allstate (NYSE:ALL) also completed the purchase of National General Holdings (NASDAQ:NGHC) Corp.