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Travelers profit drops 17% on hedge funds, Texas hail storms

Travelers Cos. said first-quarter profit slipped 17% as catastrophe costs climbed and investment income dropped on lower hedge fund returns.

By Emma Orr, Sonali Basak | Updated on April 21, 2016

(Bloomberg) – Travelers Cos., the lone property-casualty insurer in the Dow Jones Industrial Average, said first-quarter profit slipped 17% as catastrophe costs climbed and investment income dropped on lower hedge fund returns. Shares fell the most since August.

Net income fell to $691 million, or $2.30 a share, from $833 million, or $2.55, a year earlier, New York-based Travelers said Thursday in a statement. Operating profit was $2.33 a share, missing the $2.55 estimate of 25 analysts surveyed by Bloomberg.

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