Allstate Corp. fourth-quarter 2023 net income attributable to common shareholders was about $1.5 billion, reversing a loss of $303 million during the same time the prior year.

Allstate CEO Tom Wilson said “improved auto profitability and mild weather” drove the fourth-quarter turnaround. Allstate’s Property Liability recorded Q4 2023 underwriting income of $1.3 billion versus a loss of about $1 billion a year ago.

An underwriting loss of about $2.2 billion was recorded for full-year 2023 versus a loss of $2.9 billion for all of 2022.

During the last three months of 2023, Allstate continued with its plan to increase auto insurance rates. Increases of an average of 13.5 percent were implemented in 33 locations during the fourth quarter, the Northbrook, Ill.-based insurer reported Wednesday after the market closed. Earned and written premiums for Allstate auto was up 10.7 percent and 10.2 percent in Q4 compared to Q4 2022.

“Rate increases will continue to be implemented to keep pace with loss trends and improve margins in states where we have not yet achieved rate adequacy,” Allstate said.

The combined ratio for Allstate’s auto line fell below 100 (98.9) in Q4, compared to 112.6 for Q4 2022. For the year, auto’s combined ratio was 103.4—a 6.7 improvement versus 2022’s result.

Consolidated catastrophe loss for the last quarter 2023 totaled $68 million, down significantly from the $779 million tag on the same quarter the prior year. In Allstate’s quarterly results for its homeowners business included $21 million in catastrophe losses compared to $603 million in Q4 2022.

The combined ratio for homeowners insurance during Q4 was down 30.8 points to 62. For all of 2023, the combined ratio was 106.8, up 13.2 points from 2022.

Allstate recorded a net income loss of $313 million for the year. The loss was about $1.4 billion for 2022.