Catastrophe-related losses and lower investment income forced fourth-quarter profits for property-casualty insurer The Travelers Cos. to fall 28 percent, The Associated Press reports.
The New York-based company with a major Hartford presence said its net income for the quarter ending Dec. 31 totaled $618 million, or $1.51 per share, compared with $864 million, or $1.89 per share in the prior-year period.
For the full year, Travelers reported a profit of $1.43 billion, or $3.36 per share, down from $3.22 billion, or $6.62 per share for all of 2010. Total revenue rose 1 percent to $25.45 billion.
Analysts, on average, were expecting profit of $1.54 per share, on total revenue $6.33 billion, according to data provided by FactSet.
CEO Jay Fishman said in a statement that the company selectively increases prices to offset the costliest catastrophe year on record for the industry.
