New York, NY, United States (4E) – Travelers Companies Inc. reported its net income in the first quarter stood at $1.052bn or $2.95 a share, compared with $896mn or $2.33 a share in the year-earlier period.
In the latest period, quarterly operating income climbed to $1.052bn, or $2.95 a share, from $887mn or $2.31 a share in the same quarter last year, according to the property casualty insurance provider. Analysts projected per-share earnings of $2.16 for the quarter, and their estimates typically exclude some items.
Despite the higher catastrophe losses, operating income still rose from the previous year because of higher underlying underwriting gains, stronger net investment income and improved net favorable prior year reserve development.
In the latest-quarter, underlying underwriting gains included an after-tax benefit of $49mn due to a reduction in the estimated liability for state assessments that companies pay linked to compensation premiums of workers.
For the quarter, net written premiums were up to $5.873bn from $5.597bn last year. Total revenues rose to $6.708bn from $6.328bn in the earlier year. Analysts predicted revenues to be at $5.91bn.