Travelers reports profit jump in first quarter
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Corrected: An earlier version of this story contained information related to a previous financial report.
Travelers Cos. Inc. saw growth across its business sectors during the first quarter despite the uncertain geopolitical outlook, the insurer’s senior executive said Tuesday.
Travelers, which derives most of its business from North America, will benefit if the U.S. economy continues to expand, said Alan Schnitzer, chairman and CEO of Travelers, announcing the insurer’s first-quarter results.
“If we head into a recession, we’re very well positioned, having made significant progress in improving productivity and efficiency in recent years,” he said.
Travelers’ business insurance segment saw revenue increase as rates rose and exposures grew, said Greg Toczydlowski, executive vice president and president, business insurance.
“Renewal premium change of 9.1% included renewal rate change of 4.4% and an all-time high for exposure growth of 4.9%, reflecting continued improvement in our customers’ outlook for their businesses,” he said.
Travelers reported a first-quarter profit of $1.02 billion, a 39% increase over the same period last year. It reported a combined ratio of 91.3%, a significant improvement from the 96.6% reported in the catastrophe-hit 2021 first quarter.
The insurer reported $8.81 billion in revenue for the quarter, a 6% increase over last year’s first quarter.
Net investment income fell to $637 million from $701 million in the same period last year.
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