(Bloomberg) -- Travelers Cos., the lone property-casualty insurer in the Dow Jones Industrial Average, said first-quarter profit fell 21% as investment income slipped on energy-related bets.
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 company said Tuesday in a statement. Operating profit, which excludes some investment results, was $2.53 a share, compared with the $2.52 average estimate of 24 analysts surveyed by Bloomberg. The company announced a $5 billion stock buyback plan and lifted its dividend 11% to 61 cents a share.
Chief Executive Officer Jay Fishman’s company and its peers have been coping with low bond yields. A slump in energy prices has also burdened portfolios.
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