The Allstate Corporation ALL delivered first-quarter 2021 adjusted earnings of $6.11 per share, which surpassed the Zacks Consensus Estimate by 58.7%. Moreover, the bottom line surged 63.8% on a year-over-year basis.The company’s results reflect growing revenues and robust underwriting results, partly offset by elevated costs.Revenues improved 14.1% year over year to $12 billion in the quarter attributable to improved earned premiums stemming from Protection Services segment, the buyout of National General and higher performance-based investment income. Further, the top line beat the Zacks Consensus Estimate by 10.5%.Total costs and expenses of $9.4 billion increased 6.6% year over year primarily due to higher property and casualty (P&C) insurance claims and claims expense, accident and health insurance policy benefits, operating costs and expenses, and restructuring and related charges.As of Mar 31, 2021, total policies in force totaled 182.9 million, up 20.6% year over year.Net investment income amounted to $708 million, which increased to nearly three-fold from the prior-year quarter’s figure, courtesy of improved performance-based income.The company incurred $590 million of catastrophe losses in the first quarter, which rose to nearly three-fold on a year-over-year basis.The Allstate Corporation Price, Consensus and EPS Surprise The Allstate Corporation price-consensus-eps-surprise-chart | The Allstate Corporation QuoteSegmental UpdateProperty-Liability insurance premiums written improved 13.7% year over year to $9.8 billion mainly driven by National General buyout and rise in premiums written across Allstate brand. The segment recorded an underwriting income of $1.7 billion, which rose 22.9% year over year attributable to reduced auto insurance losses in the Allstate brand, partly offset by elevated catastrophe losses.Protection Service Business revenues of $552 million climbed 21.6% year over year in the quarter under review, courtesy of strong performance at Allstate Protection Plans.Allstate Health and Benefits’ total premium and contract charges amounted to $455 million, which surged 61.3% year over year. The upside can be attributed to addition of group health and individual accident and health businesses following the buyout of National General.Financial UpdateThe company exited the first quarter with cash balance of $709 million, which more than doubled from the 2020-end level. As of Mar 31, 2021, total assets were $129.8 billion, up 3% from the level as on Dec 31, 2020.Long-term debt during the quarter amounted to $8 billion, which increased 2.2% from the level at 2020 end. As of Mar 31, 2021, total shareholders’ equity of $26.8 billion declined 11.2% from 2020- end level.Capital Position (as of Mar 31, 2021)Adjusted net income return on equity came in at 23.2%, up 570 basis points (bps) year over year. Book value per share rose 16.4% year over year to $81.08 in the first quarter.Debt-to-capital ratio of 23x in the quarter under review reflects 150 bps deterioration from the prior-year quarter’s figure.Prudent Capital DeploymentDuring the quarter, the company rewarded shareholders to the tune of $601 million via share buybacks and $164 million through dividends.Zacks RankAllstate currently has a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other P&C InsurersOf the P&C insurance industry players that have reported first-quarter results so far, the bottom line of W.R. Berkley Corporation WRB, American Financial Group, Inc. AFG and Cincinnati FinanciaI Corporation CINF beat the Zacks Consensus Estimate.Zacks Top 10 Stocks for 2021In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.Access Zacks Top 10 Stocks for 2021 today >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report W.R. Berkley Corporation (WRB): Free Stock Analysis Report The Allstate Corporation (ALL): Free Stock Analysis Report Cincinnati Financial Corporation (CINF): Free Stock Analysis Report American Financial Group, Inc. (AFG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research