ALLSTATE POSTS FIRST QUARTER LOSS OF $1.4BN

US insurer Allstate swung to a first-quarter net loss of $1.41bn from income of $513m after posting a $4bn charge in connection with the pending sales of its life assurance operations. Excluding that charge and other items, adjusted income per share rose to $6.11 from $3.73 and beat analysts’ forecast of $3.85. The Illinois-based group’s combined ratio improved by 1.5 points to 83.3% as property/casualty underwriting income grew 23% to $1.66bn. Catastrophe losses nearly tripled to $590m, net of $1.08bn of reinsurance and subrogation recoveries. Written premiums grew 13.7% to $9.77bn. Results also reflected a $462m increase in investment income and a positive $588m swing in realised gains.