(Bloomberg) -- Travelers Cos., the only property-casualty insurer in the Dow Jones Industrial Average, said fourth-quarter profit advanced 5.1% as policy sales increased and margins improved.
Net income climbed to $1.04 billion, or $3.11 a share, from $988 million, or $2.70, a year earlier, the New York-based company said today in a statement. Operating profit, which excludes some investment results, was $3.07 a share, beating the $2.54 average estimate of 25 analysts surveyed by Bloomberg.
Chief Executive Officer Jay Fishman has been targeting the company’s less profitable commercial clients for price increases. The goal is to improve margins, either by boosting premium revenue or exiting accounts that were responsible for a disproportionate amount of claims costs.
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