Travelers reported 2008 fourth-quarter net income dropped 25 percent primarily due to losses in investment income, but solid underwriting produced an improvement in the combined ratio of 2.5 points.

The company reported fourth-quarter net income of $801 million, down $262 million from the same period in 2007 when it reported net income of $1.06 billion. This translated into earnings per share of $1.35 down from $1.64 for the same period in 2007. Revenues in the quarter were down 11 percent, or $686 million, to $5.8 billion.

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