The Travelers Companies, a US based insurance firm, has reported total revenues of $6119m for the first quarter of 2010, up 6% compared to $5735m for the same period last year.
The Travelers posted an operating income of $631m for the first quarter of 2010, a decrease of 21% compared to $799m for the same quarter of previous year.
Net premiums written for the first quarter ended March 31, 2010 were $5251m, an increase of 1% compared to $5203m for the same period last year.
For the first quarter of 2010, the company reported a net income of $647m, or $1.25 per diluted share compared to $662m, or $1.11 per diluted share for the same quarter in 2009.
Jay Fishman, chairman and CEO of The Travelers Companies, said: In what was an unusually significant catastrophe quarter for Travelers as well as for the entire industry, we were pleased to report net income per diluted share of $1.25, return on equity of nearly 10% and growth in book value per share of 2% from year-end 2009.
The impact of the catastrophes in the quarter was largely offset by favorable prior year reserve development and other favorable items, and as a consequence, our operating income of $1.22 per diluted share was consistent with our expectation going into the quarter as well as our full year guidance.