The property-casualty insurance company logged pretax catastrophe losses of $835 million. A year earlier, those were $333 million.
The three-month period was the company’s highest first quarter ever of catastrophe losses, Chairman and Chief Executive Alan Schnitzer said in prepared remarks. The company said those losses were mainly from winter and wind storms in the U.S.
Travelers reported earnings of $733 million, or $2.87 a share. The company’s profit rose from $600 million, or $2.33 a share, a year ago. Core income was $2.73 a share. According to FactSet, analysts were expecting $2.37 a share in core income.
Revenue increased to $8.31 billion, up from $7.91 billion a year ago. Net written premiums at the company rose a little over 2% to $7.51 billion. Analysts were expecting net written premiums of $7.55 billion.
The company also said its board approved $5 billion more in share buybacks.