Travelers Quarterly Net Income Up 17% from Prior Quarter

Travelers Cos. Inc. reported both net and operating income of $1.052 billion for the quarter ended March 31, up 17% and 19% from the prior year quarter.Net income for the prior year quarter was $896 million, and operating income was $887 million.The increases in net and operating income resulted from higher underlying underwriting gains, excluding prior-year reserve development and catastrophe losses. Other factors were higher net investment income and higher net favorable prior year reserve development, partially offset by higher catastrophe losses.Underlying underwriting gains in the current...