Catastrophe losses in Allstate's property-liability unit fell to $1.72 billion in the second quarter, compared with $1.99 billion a year earlier.
Underwriting income in the same unit rose to $2.01 billion in the three months ended June 30 from $1.28 billion a year ago.
Quarterly net income applicable to common shareholders was $3.24 billion, or $12.51 per share, compared with $2.1 billion, or $7.76 per share, a year earlier.
Net investment income jumped to $1.01 billion in the second quarter from $754 million a year earlier, underpinned by strong gains in the company's market-driven investment portfolio.
The property-liability unit's combined ratio was 86.6% in the second quarter, compared with 91.1% a year earlier. A ratio below 100% indicates an insurer earned more in premiums than what it paid out in claims.
Insurance bellwethers Travelers and Chubb also reported higher profits in July on the back of stronger underwriting performance.
Aug. 5 (Reuters) - Property and casualty insurer Allstate reported a jump in its second-quarter profit on Wednesday, driven by strong underwriting performance and increased investment income.
Demand for insurance has been resilient despite broader economic uncertainty, as households and businesses prioritize coverage against weather-related losses, liability claims and other financial risks.
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