Travelers Chairman and Chief Executive Jay Fishman said, "We are pleased to be starting the year with strong financial results, particularly in light of the more challenging investment environment and the continuation of competitive insurance dynamics."
Travelers, said revenue dropped 3 percent to $6.23 billion while net premiums written saw a scant 1 percent increase, to $5.19 billion.
Property-casualty insurers overall saw a 6 percent decline in profits last year, suffering from reductions in premiums. Travelers’ combined ratio, or the percentage of each dollar collected in premiums and paid out on losses, dropped to 87.6 percent from 89.2 percent.
Travelers raised its 2008 per-share operating income outlook to $5.55 to $5.85 from $5.40 to $5.75, slightly more conservative than analysts’ mean estimate of $5.99.