Allstate has 2Q profit despite catastrophe losses

CHARLOTTE, N.C. -- Allstate Corp. is reporting a profit for the second quarter, despite a 17 percent surge in catastrophe losses.

The results also reflect falling investment income.

The Northbrook-based company earned $389 million, or 72 cents per share, for the three months ended June 30. That compares with profit of $25 million, or 5 cents per share, last year.

Operating income, which excludes investment gains and losses, fell 56 percent to $297 million, or 55 cents per share.

Analysts polled by Thomson Reuters, on average, expected a profit of $1.12 per share. Analysts typically exclude investment gains and losses from their estimates.