Allstate Corp. first quarter 2025 net income applicable to common shareholders fell more than 52% to $566 million primarily due to a record $3.3 billion of gross catastrophe losses.
The gross loss was partially offset by $1.1 billion of reinsurance recoveries in the quarter for a net of $2.2 billion.
The Northbrook, Illinois-based insurer recorded an increase in its property-liability first quarter combined ratio—97.4 from 93.0 the prior year. Property-liability underwriting income fell nearly 60% compared to Q1 2024 to $360 million.
However, underlying results were favorable. Property-liability premiums written were about $14.3 billion in