Primary insurance group The Travelers Companies, Inc. has reported net income of $975 million for the first quarter of 2023, which also included an elevated level of catastrophe losses of $535 million pre-tax and a one-time tax benefit of $211 million.
The company’s net income went down 4% this Q1 2023 compared to the $1.018 billion reported in the same period last year.
According to Travelers, this was due to lower core income – $970 million, compared to $1.037 billion in Q1 2022 -, partially offset by net realised investment gains compared to net realised investment losses in the prior year quarter.
