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.
For the year, Travelers reported net income dropped 36 percent, or $1.7 billion, to $2.92 billion. Earnings per share dropped from $6.86 a share in 2007 to $4.82. Revenues were off 6 percent, or $1.54 billion, to $24.5 billion.
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