July 31 (Reuters) - Allstate Corp ( ALL ) reported a

second quarter profit on Wednesday, driven by higher premiums,

better returns from investments, and lower catastrophe losses.

Insurers usually escape an erratic product demand that other

financial companies face due to changes in the economic

landscape, mainly due to the widespread adoption of

employer-sponsored and government-mandated policies.

The company's consolidated premiums written for the quarter

were at $15.43 billion, a 12.4% jump compared to last year.

Hopes of a soft landing for the economy have also boosted

markets, which have hit record highs in 2024, increasing

insurers' income from investments.

Allstate's ( ALL ) net investment income in the second quarter

jumped to $712 million from $610 million a year earlier.

Meanwhile, the company's catastrophe losses fell to $2.12

billion from $2.70 billion a year earlier.

Allstate ( ALL ) reported a net profit of $301 million or $1.13 per

share, in the three months ended June 30, compared to a loss of

$1.39 billion or $5.29 per share last year.

The Northbrook, Illinois-based company posted an underlying

combined ratio of 85.3%, compared to 92.9% a year earlier. A

ratio below 100% means the insurer earned more in premiums than

it paid out in claims.