May 1(Reuters) -

Insurer Allstate ( ALL ) posted an upbeat first-quarter

profit on Wednesday, helped by higher premiums and stronger

investment returns.

Insurers usually see stable product demand irrespective of

economic conditions, mainly due to the widespread adoption of

employer-sponsored and government-mandated policies.

Allstate's ( ALL ) adjusted first-quarter swung to a profit of $5.13

per share in the three months ended March 31 from a loss of

$1.30 per share in the year ago quarter. Analysts on an average

estimated the company to post a profit of $3.94 per share,

according to LSEG data.

The company's consolidated premiums written for the quarter

were at $14.29 billion, up 11.1% from the year-ago quarter.

Allstate's ( ALL ) investment income, on the other hand, rose

to $764 million in the quarter from $575 million in 2023, mostly

on the back of higher market-based and performance-based income.

The Northbrook, Illinois-based company posted an underlying

combined ratio of 86.9%, compared to 93.3% a year earlier. A

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

it paid out in claims.

The insurer's catastrophe losses in the quarter fell 56.8%

to $731 million.