(Bloomberg) -- Allstate Corp., the largest U.S. publicly tradedseller of auto and home insurance, said first-quarter profit rose13% as margins improved at the property-liability business andcatastrophe losses fell.
Net income climbed to $677 million, or $1.53 a share, from $600million, or $1.30, a year earlier, the Northbrook, Illinois-basedcompany said Tuesday in a statement. Operating income was $1.46 ashare, beating the $1.44 average estimate of 22 analysts surveyedby Bloomberg.
Chief Executive Officer Tom Wilson has been investing intechnology that can track driver behavior to improve underwriting.Allstate said it spent 93.7 cents for every premium dollar in itsproperty-and-liability unit in the first quarter, compared with94.7 cents a year earlier. Catastrophe costs fell to $294 millionfrom $445 million.
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