Travelers Insurance reported first-quarter net income increased 8 percent to $1.09 billion, or $1.56 per share, compared with $1.01 billion, or $1.41 per share in the same period last year.
Net earned premiums for the quarter for the St. Paul, Minn.-based company, formerly known as St. Paul Travelers, rose 6 percent to $5.3 billion, primarily driven by strong retention rates, lower ceded premiums and growth in new business volume, the company said in an earnings statement.
Bear Stearns analyst David Small said the company beat his estimate by 6 cents and consensus by 10 cents per share.
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