The Travelers Cos. Inc.'s stock rose 4.6% early Wednesday, after the property & casualty insurer's fiscal first-quarter earnings swept past estimates as an underwriting gain and higher investment income weighed against a rise in catastrophe losses.
New York-based Travelers $(TRV)$ had per-share earnings of $1.70 for the quarter, down from $4.80 a year ago. Adjusted for one-time items, it had EPS of $1.91, well ahead of the 79-cent FactSet consensus.
Adjusted income was weighed down by an increase in catastrophe losses stemming mostly from the January California wildfires. Catastrophe losses came to $2.266 billion pre-tax.
Revenue rose 5% to $11.810 billion, while FactSet was expecting $10.841 billion. Net written premiums rose 3% to $10.515 billion.
"We are pleased to report a substantial profit for the quarter despite the devastating January California wildfires," said Alan Schnitzer, Chairman and Chief Executive Officer.
The stock has gained 11.9% in the last 12 months, while the Dow Jones Industrial Average DJIA has gained 6.8%.
(This is a breaking news story. Check back for updates)
-Ciara Linnane
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(END) Dow Jones Newswires
April 16, 2025 07:13 ET (11:13 GMT)
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