Allstate revenue grows 26% in quarter

NORTHBROOK - Allstate Corp. Thursday reported revenues of $12.5 billion in the first quarter, an increase of 26.2% compared to the prior year quarter, primarily reflecting the acquisition of National General Insurance.

Adjusted net income in the quarter of $1.9 billion, or $6.11 per diluted share, increased $669 million compared to the prior year quarter, reflecting increased underwriting income and higher net investment income, the insurer said.

Our long-term approach to investing, reinsurance and building a digital insurer is creating shareholder value and positively impacted results this quarter," said Tom Wilson, Allstate chair, president and CEO.

In the first quarter, Allstate returned $765 million to shareholders through a combination of $601 million in share repurchases and $164 million in common share dividends," the company said.