Travelers 1Q Profit Declines as California Wildfires Weigh Down Results

Dow Jones

Apr 16

By Denny Jacob

Travelers posted a sharply lower profit in its latest quarter as catastrophe losses including those from wildfires in California weighed on core earnings.

The property-and-casualty insurer reported first-quarter net income of $395 million, or $1.70 a share, a sharp decline from $1.12 billion, or $4.80 a share, in the prior-year period.

Travelers said the decline in net income was driven by lower core income and net realized investment losses compared with net realized investment gains a year earlier.

Excluding nonrecurring items, core earnings came in at $1.91 a share compared to $4.69 a share in the year-ago period. Analysts polled by FactSet expected 79 cents a share.

Travelers said core income decreased primarily due to higher catastrophe losses, though the figure was partially offset by a higher underlying underwriting gain, among other factors.

Revenue rose to $11.81 billion from $11.23 billion.

Chief Executive Alan Schnitzer said strong net favorable prior-year reserve development and higher investment income more than offset losses from catastrophes including California wildfires in January.

Travelers said first-quarter overall net written premiums rose 3% to $10.52 billion. Analysts expected $10.84 billion.

The New York company on Wednesday also announced a 5% increase to its dividend, bringing the payout up to $1.10 a share.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

April 16, 2025 07:31 ET (11:31 GMT)

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Analysts expected $10.84 billion. \n</p>\n<p>\n  The New York company on Wednesday also announced a 5% increase to its dividend, bringing the payout up to $1.10 a share. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Denny Jacob at denny.jacob@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  April 16, 2025 07:31 ET (11:31 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"TRV","symbol_name":"旅行者财产险集团","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2527970902","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2527970902","pubTimestamp":1744803060,"columns":[{"name":"Data Report","id":30,"label_key":"dataReport"}],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Travelers posted a sharply lower profit in its latest quarter as catastrophe losses including those from wildfires in California weighed on core earnings.The property-and-casualty insurer reported first-quarter net income of $395 million, or $1.70 a share, a sharp decline from $1.12 billion, or $4.80 a share, in the prior-year period.Travelers said the decline in net income was driven by lower core income and net realized investment losses compared with net realized investment gains a year earlier.Excluding nonrecurring items, core earnings came in at $1.91 a share compared to $4.69 a share in the year-ago period. 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Analysts polled by FactSet expected 79 cents a share. \n\n\n  Travelers said core income decreased primarily due to higher catastrophe losses, though the figure was partially offset by a higher underlying underwriting gain, among other factors. \n\n\n  Revenue rose to $11.81 billion from $11.23 billion. \n\n\n  Chief Executive Alan Schnitzer said strong net favorable prior-year reserve development and higher investment income more than offset losses from catastrophes including California wildfires in January. \n\n\n  Travelers said first-quarter overall net written premiums rose 3% to $10.52 billion. 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