Allstate 1Q Net More Than Quadruples

Allstate Corp. (NYSE: ALL) reported Wednesday that its first-quarter profit more than quadrupled as catastrophe losses decline, revenue rose, and the year-ago quarter was stung by hefty capital losses.

Its shares rose .16 to .10 in after-hours electronic trading after first-quarter earnings beat analysts’ estimates. The shares led an industry rally in New York trading.

In the latest period, the home and auto insurer earned 9 million, or 97 cents per share, compared from 0 million, or 22 cents per share at the same time a year earlier.

Catastrophe losses declined, compared to the year-ago near-record high of 8 million.

This quarter’s results benefited from total capital gains as the company undertook an initiative in 2007 to reduce its riskier holdings. Excluding one-time items, the Northbrook, Ill-based company earned 93 cents per share in the quarter ended March 31, up from analysts’ estimated of 71 cents per share.

Revenue rose to .1 billion, up from .75 billion a year earlier. However, revenue from property-liability insurance premiums fell to .45 billion. In 2009, its total revenue was billion.

Expenses and costs fell to .34 billion. That is down from .64 billion a year ago.

Along with life insurer Lincoln National Corp.

(LNC), Allstate benefits from improve investment results in the first quarter. The company outperformed as claims from costs tied to natural disasters fell.

Allstate is the second-largest personal lines insurer in the United States. The company provides property-liability insurance and other types of insurance in the U.S. and Canada. In addition, it sells private passenger automobile and homeowners insurance, life insurance, annuity, and group pension products.

In January, the company released The Lines, a multi-episode TV drama, which aimed at promoting interest and support in favor of responsible teen driving and road-safety in general.