NEW YORK (AP) _ The Travelers Cos. (TRV) on Thursday reported first-quarter profit of $617 million.
On a per-share basis, the New York-based company said it had net income of $2.17. Earnings, adjusted for investment gains, were $2.16 per share.
The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $2.40 per share.
The insurer posted revenue of $6.94 billion in the period, topping Street forecasts. Four analysts surveyed by Zacks expected $6.82 billion.
Travelers shares have declined nearly 2 percent since the beginning of the year, while the Standard & Poor's 500 index has increased slightly more than 4 percent. The stock has increased roughly 4 percent in the last 12 months.
Keywords: Travelers, Earnings Report