Core income increased to $1.04 billion, or $4.22 per share, in the first quarter ended March 31, up from $699 million, or $2.73 per share, the previous year.
According to Refinitiv IBES data, analysts expected a profit of $3.57 per share on average.
Travelers, based in New York, is often regarded as a bellwether for the insurance industry because it typically reports ahead of its peers. The company's net written premiums increased 11% to $8.37 billion in the third quarter.
Over the last two years, the insurance industry has faced claims from businesses that have lost revenue due to the coronavirus-led crisis, as well as canceled events, among other things, despite the fact that many have been protected by virus exclusions in their contracts.
While pandemic-related claims have slowed, the insurance industry is now facing large claims from the Ukraine crisis as sanctions increase and the war continues.
S&P Global estimated earlier this month that insurance losses from the Ukraine conflict could total $35 billion, with cyber being one of the most vulnerable classes of insurance.
Travelers' underwriting gains increased to $659 million from $217 million the previous year, while pretax net investment income fell 9 percent to $637 million, dragged down by a drop in income from the insurer's non-fixed income investment portfolio.
The company reported a combined ratio of 91.3 percent, down from 96.6 percent the previous year. A ratio less than 100% indicates that the insurer earned more in premiums than it paid out in claims.