NORTHBROOK, Ill. (AP) — Allstate Corp.’s profit grew in the second quarter, as the insurer benefited from higher revenue and capital gains, plus lower catastrophe-related losses.
The company said Wednesday that net income rose 2.6 percent to $434 million, or 92 cents per share, in the three months ended June 30. That compares with net income of $423 million, or 86 cents per share, in the prior-year quarter.
Revenue increased 6 percent to $8.8 billion from $8.3 billion, aided by gains in property-liability, life and annuity premiums. Realized capital gains also helped drive revenue, swelling to $362 million from $27 million in the same quarter last year.
Analysts’ consensus forecast called for earnings of 97 cents per share on $7.03 billion in revenue, according to FactSet.
Operating income, which excludes investment gains and losses, grew to $529 million, or $1.12 per share, from $432 million, or 87 cents per share, in the 2012 quarter.