Allstate Corp. reported fourth-quarter 2016 operating income of $807 million, or $2.17 per share, up from $625 million, or $1.60 per share, in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.61.

Fourth-quarter 2016 net income applicable to common shareholders was $811 million, or $2.18 per share, compared with $460 million, or $1.18 per share, in the fourth quarter of 2015.

Catastrophe losses were $303 million, down from $358 million in the prior-year period.

The property-liability combined ratio fell 2.1 percentage points year over year to 89.9%. The underlying combined ratio, which excludes catastrophes, prior-year reserve re-estimates and amortization of purchased intangibles, was 87.7%, up 0.3 percentage point year over year. Property-liability premiums rose to $7.90 billion in the fourth quarter of 2016 from $7.68 billion in the year-ago period.

Net investment income for the fourth quarter of 2016 increased to $801 million from $710 million year over year, reflecting strong performance-based results that were partly offset by lower interest income from market-based investments, which were impacted by reinvestment and portfolio repositioning. Book value per common share was $50.77 as of Dec. 31, 2016, up from $47.34 as of Dec. 31, 2015.

Allstate reported full-year 2016 operating income of $1.84 billion, or $4.87 per share, compared with $2.11 billion, or $5.19 per share, in 2015.

The S&P Capital IQ consensus normalized EPS estimate for the year was $4.33.

Net income applicable to common shareholders for the year was $1.76 billion, or $4.67 per share, down from $2.06 billion, or $5.05 per share, in the previous year.