(Bloomberg) -- Allstate Corp., the largest U.S. publicly traded seller of auto and home insurance, said first-quarter profit rose 13% as margins improved at the property-liability business and catastrophe losses fell.
Net income climbed to $677 million, or $1.53 a share, from $600 million, or $1.30, a year earlier, the Northbrook, Illinois-based company said Tuesday in a statement. Operating income was $1.46 a share, beating the $1.44 average estimate of 22 analysts surveyed by Bloomberg.
Chief Executive Officer Tom Wilson has been investing in technology that can track driver behavior to improve underwriting. Allstate said it spent 93.7 cents for every premium dollar in its property-and-liability unit in the first quarter, compared with 94.7 cents a year earlier. Catastrophe costs fell to $294 million from $445 million.
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