(Bloomberg) -- Travelers Cos., the lone property-casualtyinsurer in the Dow Jones Industrial Average, said first-quarterprofit fell 21% as investment income slipped on energy-relatedbets.
Net income declined to $833 million, or $2.55 a share, from$1.05 billion, or $2.95, a year earlier, the New York-based companysaid Tuesday in a statement. Operating profit, which excludes someinvestment results, was $2.53 a share, compared with the $2.52average estimate of 24 analysts surveyed by Bloomberg. The companyannounced a $5 billion stock buyback plan and lifted its dividend11% to 61 cents a share.
Chief Executive Officer Jay Fishman’s company and its peers havebeen coping with low bond yields. A slump in energy prices has alsoburdened portfolios.
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