Allstate Q1 Revenue Soars 26% on National General, Premium Gains May 6, 2021 Allstate reported an overall $1.4 billion net loss in the first quarter due to the sales of its life and annuity businesses, compared to net income of $513 million in the first quarter of 2020. However, net income adjusted to exclude the subsidiary transactions was $1.9 billion, up 55% from the $1.2 billion in the first quarter in 2020, reflecting increased underwriting income and higher net investment income. Total revenues reached $12.5 billion in the first quarter, an increase of 26.2% compared to the prior year quarter, primarily reflecting the $4 billion acquisition of National General that closed in early January. Higher earned premiums from Protection Services and net realized capital gains also contributed to revenue growth in the quarter.