Allstate Corp.'s 2011 first-quarter profit soared on half as much catastrophe-related losses compared to this time a year ago—and capital gains instead of losses.
Net income during the first quarter was $519 million compared with $120 million for the 2010 first quarter when catastrophe losses were $648 million. Weather-related losses for the first three months of this year were $333 million.
New auto-insurance business increased 12 percent as “marketing programs continue to be successful,” says Thomas J. Wilson, chairman, president and CEO, in a statement. But policies in force declined slightly as the company says it continues to balance profitability and growth. Lower customer renewals offset the increase in new applications issued. Standard auto premiums declined 1 percent.
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