The Travelers Cos. says first-quarter net income increased 11percent due to higher underwriting margins and lower catastrophelosses.
|First-quarter net income was $896 million compared to $806million a year ago during the same time.
|Travelers says rate increases outpaced loss-cost trends in allmajor segments, with 8 percent increases at renewal in BusinessInsurance, which includes a rate increases of nearly 10 percent inCommercial accounts.
|Additionally, in Personal insurance, CEO Jay Fishman saysTravelers continues to “achieve the improvements in pricing andterms and conditions needed to improve profitability.” Personalinsurance turned in an underwriting gain of $176 million comparedto $21 million during the first quarter 2012.
|Net premiums written increased 2 percent to about $5.6 billionduring the first quarter. The Business insurance segment reports arecord level of net written premiums of $3.26billion, according to Brian MacLean, COO. He adds rateincreases of between 6 percent and 10 percent were led by WorkersCompensation and Commercial Auto.
|Travelers booked a first-quarter pretax underwriting gain of$602 million compared to $393 a year ago. Net of reinsurance,catastrophe losses during the first three months of the year were$99 million compared to $168 million in 2012.
|The insurer's consolidated combined ratio during the firstquarter improved to 88.5 from 92.2 last year.
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