Allstate Corporation’s (ALL) second-quarter 2017 operating earnings per share of $1.38 beat the Zacks Consensus Estimate of 90 cents. Earnings also soared 122.6% year over year on higher revenues.Allstate generated total revenue of $9.6 billion in the second quarter. The top line surpassed the Zacks Consensus Estimate by 13.9% and also improved 4.6% year over year. The upside was driven by premium growth as well as an increase in net investment income. The customer base rose to 75 million policies in force in the quarter.The company aims to achieve profitability for shareholders, customers, employees, financial specialists and agency owners in the long term.In the second quarter, operating expenses increased 4% year over year to $1 billion.The quarter recorded sturdy underwriting income of $227 million despite catastrophe losses of $993 million. Allstate Corporation (The) Price, Consensus and EPS Surprise Allstate Corporation (The) Price, Consensus and EPS Surprise | Allstate Corporation (The) QuoteBehind the HeadlinesProperty-liabilityInsurance premiums earned amounted to $8.0 billion in the second quarter, up 2.6% year over year. Net income of $484 million surged 144% year over year due to higher premiums earned. The combined ratio of 97.2% improved 360 basis points (bps) from the prior-year quarter due to lower expenses ratio. The segment incurred losses of $993 million, up 3.33% year over year.Premiums written by Allstate brand rose 2.7% in the quarter. Combined ratio of 96.0% improved 410 bps from the prior-year quarter.The Esurance brand recorded net written premium growth of 3% from the prior-year quarter due to an increase in auto and homeowners premiums. Combined ratio of 106.1% improved 280 bps year over year on the back of lower expense ratio.The Encompass brand’s net written premiums declined 10% year over year.Combined ratio of 104.4% improved 50 bps from the prior-year quarter.Allstate FinancialPremium and contract charges of $591 million grew 4.7% year over year. Operating income of $153 million was 28% higher than the prior-year quarter due to better investment results at Allstate Annuities.Corporate and OthersRevenues generated primarily from net investment income totaled $10 million, down 9% year over year. Operating loss of $80 million widened from the prior-year quarter figure of $71 million.Capital PositionAs of Jun 30, 2017, total shareholders’ equity was $21.5 billion, up 5% from year-end 2016. Total assets increased to $110.8 billion, up 2% from the end of 2016. Long-term debt remained flat year over year at $6.34 billionCash in-flow from operating activities totaled $491 million, down 24% year over year.Stock Repurchase and Dividend UpdateAllstate paid $257 million in dividends and spent $646 million in share buybacks in the first half of 2017.The board of directors approved a $2 billion worth share repurchase program.Zacks RankAllstate currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other InsurersAmong other players from the insurance industry that have reported their second-quarter earnings so far, the bottom line at Brown & Brown, Inc. BRO and Fidelity National Financial, Inc. FNF have topped their respective Zacks Consensus Estimates, while The Progressive Corporation PGR lagged the same.More Stock News: Tech Opportunity Worth $386 Billion in 2017From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future. Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential. See these stocks now>>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 Brown & Brown, Inc. (BRO): Free Stock Analysis Report Allstate Corporation (The) (ALL): Free Stock Analysis Report Progressive Corporation (The) (PGR): Free Stock Analysis Report Fidelity National Financial, Inc. (FNF): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research