July 30 (Reuters) - Allstate ( ALL ) reported a jump in

second-quarter profit on Wednesday, driven by strong

underwriting performance and increased investment returns.

Property and casualty insurers benefited during the quarter

as individuals and businesses continued spending on insurance

policies amid macroeconomic uncertainty and concerns over severe

weather-related catastrophes.

Underwriting income in Allstate's ( ALL ) property-liability segment

jumped to $1.28 billion in the second quarter, up from a loss of

$145 million in the year-ago period.

The segment reported an underlying combined ratio of 79.5%,

compared to 85.3% a year earlier. A ratio below 100% indicates

the insurer earned more in premiums than it paid out in claims.

Insurance bellwether Travelers beat Wall Street

estimates earlier in the month, while Chubb also reported

higher profits due to effective underwriting and strong

portfolio management.

Allstate's ( ALL ) net investment income increased to $754 million

from $712 million in the same period last year.

The Northbrook, Illinois-based insurer reported adjusted net

income of $1.59 billion, or $5.94 per share, for the quarter

ended June 30, compared with $429 million, or $1.61 per share, a

year earlier.