(Bloomberg) — Travelers Cos., the only property-casualty insurer in the Dow Jones Industrial Average, said fourth-quarter profit fell 17% as investment income declined on low bond yields and valuations for energy-related holdings.

Net income dropped to $866 million, or $2.83 a share, from $1.04 billion, or $3.11, a year earlier, when the company had a greater benefit tied to reserves, the New York-based insurer said Thursday in a statement. Operating profit, which excludes some investment results, was $2.90 a share, beating the $2.66 average estimate of 26 analysts surveyed by Bloomberg.

Alan Schnitzer is reporting earnings for the first time since taking over as chief executive officer for Jay Fishman, who steered the company through the financial crisis and then stepped down early last month while fighting amyotrophic lateral sclerosis. Fishman had confronted a decline in investment income in recent quarters amid near-record-low bond yields. The slump in oil prices added another challenge for Schnitzer, pressuring junk bond holdings and limiting insurance demand from energy clients.

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