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.
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