Travelers reports Q1 core EPS $1.91 vs. $4.69 last year

Reports Q1 revenue $11.81B vs. $11.23B last year. “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. “We earned core income of $443 million, or $1.91 per diluted share, as outstanding underlying results, strong net favorable prior year reserve development and higher investment income more than offset catastrophe losses. Underlying underwriting income of $1.6 billion pre-tax was up more than 30% over the prior year quarter, driven by strong net earned premiums of $10.7 billion and a consolidated underlying combined ratio that improved 2.9 points to an excellent 84.8%. All three segments contributed to these terrific underlying results with strong and higher net earned premiums and excellent underlying profitability. All three segments also contributed meaningful levels of net favorable prior year reserve development. In addition, our high-quality investment portfolio continued to perform well, generating after-tax net investment income of $763 million, driven by strong and reliable returns from our growing fixed income portfolio and positive returns from our thoughtfully managed alternative portfolio.