Allstate Corp.'s first-quarter underwriting profits grew 26 percent, compared with the same period in 2005, as earnings grew by a similar amount.
The Northbrook, Ill.-based insurer reported net income of $1.4 billion, up from $1.1 billion a year earlier, to beat analysts' expectations by a wide margin.
While underwriting premiums in property and liability grew 2.2 percent from the first quarter of last year, underwriting income increased $261 million to $1.24 billion for a 26.6 increase from $981 million in the same 2005 period.
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