Travelers' Net Income Down 11% in Q1

The Travelers Cos. on Thursday reported a first quarter net income of $617 million, an 11% decrease from $691 million in the prior-year quarter. Net written premiums for business and international insurance were up 3% in the first quarter, reaching $4 billion. Strong customer retention and increases in renewal premium contributed to the increase. Travelers’ after-tax investment income was up 9%, to $480 million, driven by higher private equity returns that were partially offset by lower fixed income returns, the company said. Catastrophe losses, arising from what the company call...