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Travelers Cos. posted a 39% jump in first-quarter net income, with premium-rate increases and new business fueling revenue gains. Sharply lower catastrophe costs compared with the year before also boosted profits.
The property-casualty insurer reported net income of $1.02 billion, with catastrophe costs dropping to a pretax $160 million, down from $835 million. Industrywide, U.S.-focused carriers are expected to enjoy favorable comparisons with their year-earlier results due to the lower level of catastrophes. In the first quarter of 2021, winter and wind storms slammed the U.S. to make it a particularly costly three months.