By Allison Prang

Property-casualty insurance company Travelers Cos. reported lower profit in the first quarter.

Travelers' profit in the period fell to $600 million, down 25%. Earnings were $2.33 a share, down from $2.99 a share.

Travelers' core operating earnings were $676 million, down from $755 million. Those core earnings fell to $2.62 a share, down from $2.83 a share a year ago. According to FactSet, analysts were expecting $2.85 a share.

Core earnings don't include investment-portfolio losses, nonrecurring items or realized capital gains and are therefore followed closely.

Pretax catastrophe losses, net of reinsurance, were $333 million. They rose from $193 million a year earlier.

The company said it had $86 million in pretax net charges from Covid-19 and related economic conditions but that its underlying underwriting gain rose.

Revenue at Travelers rose more than 3% to $7.91 billion. Net premiums written rose over 4% to $7.35 billion.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

April 21, 2020 07:53 ET (11:53 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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