US-based insurer The Travelers Companies has reported a net income of $618m, or $1.51 per diluted share, for the fourth quarter of 2011, compared to $894m, or $1.95 per diluted share, for the same period in 2010.

The total revenues for the fourth quarter of 2011 were $6.37bn, up 1%, compared to $6.33bn for the same period a year ago.

Operating income was $609m, down 30%, compared to $864m for the same period in the previous year.

Net written premiums increased 1% $5.26bn from the prior year quarter.

Travelers Companies chairman and CEO Jay Fishman said that across Business Insurance pricing improved in the quarter, where renewal price gains exceeded 6% overall, compared to 3% in the third quarter.

"In particular, renewal price gains in our commercial accounts business unit reached 8%, the highest level since the end of 2003, compared to 4% in the third quarter," added Fishman.