Shares of property casualty insurance provider The Travelers Companies, Inc. (TRV) are rising more than 5% Wednesday morning after reporting better-than-expected first-quarter results.
The company also said it will buyback $5 billion of shares, in addition to the $1.605 billion that remained from previous authorizations as of March 31, 2023.
Net income was $975 million, or $4.13 per share, for the first quarter, lower than $1.018 billion, or $4.15 per share, in the prior year quarter.
Excluding one-time items, Core income in the current quarter was $970 million, or $4.11 per share, compared with $1.037 billion, or $4.22 per share last year, due to higher catastrophe losses and lower net favorable prior year reserve development.
On average, 20 analysts polled by Thomson-Reuters were expecting earnings of $3.55 per share.
Revenue for the quarter increased to $9.704 billion from $8.809 billion last year. The consensus estimate was for $9.19 billion.
The company’s Board declared a dividend of $1.00 per share, 8% up from last year.
TRV is at $181.00 currently. It has traded in the range of $149.65-$194.51 in the last 52 weeks.
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