Tax Cut Helps Boost Travelers' Profit by 8% in Q1

The Travelers Cos. has reported net income of $669 million for the first quarter, an 8% increase from $617 million in the same quarter last year. Core income before income taxes increased due to higher net favorable prior-year reserve development as well as a strong underwriting gain, the company said in a news release. Core income also benefited from a decrease in income tax expense, primarily driven by the lower U.S. corporate income tax rate. In the business insurance segment, net written premiums increased 4% in the first quarter, to $3.99 billion. Net favorable prior-year reserve deve...