US-based insurer The Travelers Companies has reported a net income of $806m, or $2.02 diluted earnings per share, for the first quarter of 2012, down 4%, compared to $839m, or $1.92 diluted earnings per share, for the same period in 2011.
The total revenues for the first quarter of 2012 increased 2% to $6.39bn, compared to $6.27bn for the same period a year ago.
Operating income decreased 3% to $801m, compared to $826m for the same period prior year.
Net written premiums increased 1% to $5.49bn, compared to $5.43bn in the prior year quarter.
Travelers chairman and CEO Jay Fishman said that the company’s underwriting performance reflected a GAAP combined ratio of 92.2%, an improvement of 2.5 points from the prior year quarter and 3.7 points from fourth quarter 2011.
"Net investment income, while down modestly from the prior year quarter as a result of continuing low fixed reinvestment yields, remained strong,"Fishman said.