Chubb Ltd. reported after-tax operating income of $1.28 billion, or $2.72 per share, for the fourth quarter of 2016, up from $780 million, or $2.38 per share, in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $2.41.

Chubb saw fourth-quarter 2016 net income of $1.61 billion, or $3.41 per share, compared with $683 million, or $2.08 per share, in the fourth quarter of 2015.

Net and operating income for the most recent quarter included a one-time benefit of $113 million pretax, or $73 million after tax, or 16 cents per share, related to the harmonization of the company's U.S. pension plans. This item is excluded from the combined ratios. During the fourth quarter, Chubb harmonized and amended several U.S. retirement programs to create a unified retirement savings program. In addition to the one-time benefit, the company will see a favorable recurring impact of about $17 million pretax related to this change. On an annualized basis, the company expects to continue to recognize a benefit of $100 million pretax, or $65 million after tax, each year for the next five years.

Total after-tax catastrophe losses were $222 million, up from $67 million in the year-ago quarter.

Chubb's global P&C combined ratio was 87.8%, compared with 87.7% in the fourth quarter of 2015. Book value per share was $103.60 as of Dec. 31, 2016, up from $89.77 as of Dec. 31, 2015.

The company recorded total after-tax favorable prior-period development for the fourth quarter of $208 million, compared with $100 million in the year-ago period.

Chubb reported full-year 2016 after-tax operating income of $4.72 billion, or $10.12 per share, compared with $3.21 billion, or $9.76 per share, in 2015.

The S&P Capital IQ consensus normalized EPS estimate for the year was $9.81.

Full-year net income was $4.14 billion, or $8.87 per share, up from $2.83 billion, or $8.62 per share, in the previous year.