Raise a Glass to Malbec! Malbec World Day, April 17 | SaltWire #reels #shorts #wine #food - Travelers Companies' first-quarter profit rose 13%, driven by higher investment income and strong underwriting that offset a hit from a jump in catastrophe losses, the insurance bellwether said on Wednesday.
Renewal premium - the estimated average premium on renewing policies - was 10.6% higher in the reported quarter from a year earlier in the business insurance unit, Travelers' biggest, while growth in personal insurance was driven by higher prices, the company said. Catastrophe losses, net of reinsurance, were up at $712 million from $535 million a year earlier, due to severe wind and hail storms in the central and eastern regions of the United States.
The company's core income rose to $1.1 billion, or $4.69 per share, for the three months ended March 31, compared with $970 million, or $4.11 per share, a year earlier.