Allstate reports cat losses of $445 million for Q1, net income of $600 million

Allstate Corp. has reported net income of $600 million for the first quarter of 2014, down from $709 million in the first three months of 2013.

Net income available to common shareholders reported for the quarter was $587 million. Operating income for the quarter was $588 million, down from $647 million in the prior year quarter.

Property and liability premiums written reached $6.97 billion in the first quarter, up from $6.63 billion in Q1 2013, while premiums earned were $7.06 billion for Q1 2014, up from $6.77 billion last year.

At $445 million, catastrophe losses for the period were also higher than the first quarter of 2013, which saw saw a $359 million loss.

“The property-liability combined ratio was 94.7 for the first quarter of 2014, 1.5 points worse than the prior year quarter due to higher weather-related losses,” Allstate said in its press release Tuesday.

Net investment income for the corporation reached $959 million in the first quarter, down from $983 million in Q1 last year.