The Travelers Companies reported a 25 percent drop in second-quarter net income that management blamed on weather-related issues, lower investment returns and the continuing competitive market.

The insurer reported net income of $942 million for the quarter, compared to $1.25 billion a year ago. Travelers said it realized an underwriting gain of $338 million despite suffering catastrophe losses of $231 million. In the second quarter of 2007, the company experienced $26 million in catastrophe losses and reported an underwriting gain of $449 million.

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