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Travelers Companies Q1 Profit Down, Misses View

Travelers Companies Inc. (TRV) reported that its first-quarter net income declined to $600 million or $2.33 per share, from $796 million or $2.99 per share, in the prior year quarter.

Core income in the quarter was $676 million or $2.62 per share, compared to $755 million, or $2.83 per share, in the prior year quarter. Core income decreased primarily due to higher catastrophe losses, partially offset by a higher underlying underwriting gain. Analysts polled by Thomson Reuters expected the company to report earnings of $2.85 per share for the quarter. Analysts' estimates typically exclude special items.

Net written premiums for the quarter rose to $7.35 billion from $7.06 billion in the prior year. Analysts expected revenues of $7.42 billion for the quarter.

Total revenues for the quarter were $7.91 billion, compared to $7.67 billion last year.

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