Allstate post 1Q profit even as catastrophes climb

CHARLOTTE, N.C. -- Allstate was profitable in the first-quarter, reversing a yaer-ago loss, even as costs rose for insuring against damage caused by catastrophes including severe winter weather in the eastern U.S.

Those catastrophes were "near record" losses during the first three months for Allstate, totaling $648 million in the January-March period.

The property and casualty insurer based in Northbrook said its net income totaled $120 million compared to a loss of $274 million a year ago. Net earnings per share were 22 cents versus a loss of 51 cents last year.

Excluding items, it says operating profit totaled 69 cents per share -- missing analysts' average estimate of 79 cents per share.