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Travelers Insurance reported first-quarter net income increased 8 percent to $1.09 billion, or $1.56 per share, compared with $1.01 billion, or $1.41 per share in the same period last year.

Net earned premiums for the quarter for the St. Paul, Minn.-based company, formerly known as St. Paul Travelers, rose 6 percent to $5.3 billion, primarily driven by strong retention rates, lower ceded premiums and growth in new business volume, the company said in an earnings statement.

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