Allstate Corp. reported fourth-quarter 2017 adjusted net income of $762 million, or $2.09 per share, down from $807 million, or $2.17 per share, in the year-ago period.
The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.53.
Fourth-quarter 2017 net income applicable to common shareholders was $1.22 billion, or $3.35 per share, compared with $811 million, or $2.18 per share, in the fourth quarter of 2016.
Catastrophe losses were $599 million, up from $303 million in the prior-year period.
The property-liability combined ratio rose 1.3 percentage points year over year to 91.0%. The underlying combined ratio, which excludes catastrophes, prior-year reserve re-estimates and amortization of purchased intangibles, was 85.7%, down 1.7 percentage points year over year. Property-liability premiums rose to $8.20 billion in the fourth quarter of 2017 from $7.90 billion in the year-ago period.
Recently enacted tax reform resulted in a $506 million increase to net income. Fourth-quarter adjusted net income excludes the impact of tax reform and goodwill impairment related to changes in reportable segments.
Book value per common share was $57.58 as of Dec. 31, 2017, up from $50.77 as of Dec. 31, 2016.
Allstate reported full-year 2017 adjusted net income of $2.47 billion, or $6.71 per share, compared with $1.84 billion, or $4.87 per share in 2016.
The S&P Capital IQ consensus normalized EPS estimate for the year was $6.13.
Net income applicable to common shareholders for the year was $3.07 billion, or $8.36 per share, up from $1.76 billion, or $4.67 per share, in the previous year.
The company is raising its quarterly dividend 24% to 46 cents per share, CFO Mario Rizzo said in a statement. The payout will be made April 2 to shareholders of record as of March 5.
