Allstate reported a 16.5 percent rise in net income for the fourth quarter of last year compared to the same period in 2005.

The Northbrook, Ill.-based carrier reported fourth-quarter income of $1.2 billion compared with $1 billion in 2005.

Bear Stearns analyst David Small said the carrier missed the consensus estimate by six cents per share due to higher than anticipated catastrophe losses and a higher accident-year loss ratio for auto excluding catastrophe.

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