Travelers Companies, Inc. (TRV) reported first-quarter net income of $896 million, or $2.33 per share, up from $806 million, or $2.02 per share, in the prior year quarter.
Operating income for the quarter was $887 million, or $2.31 per share, compared to $801 million, or $2.01 per share, in the prior year quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $2.02 per share for the quarter. Analysts' estimates typically exclude special items.
The increase in net and operating income in the latest-quarter compared to the prior year quarter resulted from higher underlying underwriting margins , i.e., excluding net favorable prior year reserve development and catastrophe losses, and lower catastrophe losses, which more than offset lower net investment income and lower net favorable prior year reserve development.
Net written premiums for the quarter increased to $5.597 billion from $5.497 billion in the year ago quarter. Twelve analysts had consensus revenue estimate of $5.61 billion for the quarter.
Total revenues for the quarter were $6.328 billion, compared to $6.392 billion last year.
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