The Travelers Companies reported declines in both its fourth-quarter and full-year profits for 2015. The drops come from record fourth quarter and annual net operating income in 2014.
Annual net income dropped 6.8 percent while fourth-quarter income declined 16.5 percent year over year. The company reported a record earnings per share of $10.88, up from $10.70 in 2014.
Travelers reported profits of $3.43 billion for 2015, down from $3.69 billion in 2014. Its fourth-quarter net income of $866 million was down from $1.04 billion for the same quarter in 2014.
Travelers said its annual profits were down due to lower operating income and lower after-tax net realized investment gains.
The fourth-quarter drop was primarily due to the impact of low interest rates and non-fixed income returns on net investment income and a higher level of net favorable prior year reserve development in the prior year quarter.
