Travelers Cos. reported that its net income dropped 11 percent in the first quarter to $967 million, or $1.54 per share, but the results beat analysts’ expectations and the stock rose 2 percent in morning trading to $49.27.
Operating income, which excludes net realized investment gains and losses, was $1.0 billion, or $1.61 per share.
The company also raised its guidance for 2008, projecting income in the range of $5.55 to $5.85 per share, up from an earlier forecast of $5.40 to $5.75 per share.
