The Travelers Cos. said first quarter 2024 fell 65% on an underwriting loss of $305 million.
Travelers posted first quarter net income of about $395 million compared to about $1.1 billion during the first quarter of 2024. The u
nderwriting loss for Q1 was compared to a gain of $577 a year ago during the same period.
The insurer paid out about $2.3 billion in Q1 catastrophe losses—more than three time more than the $712 million in c
atastrophe losses from a year ago. Catastrophe losses were mostly from the January wildfires in California as well as wind and hail storm
s in multiple states, Travelers said. California wildfire losses in Q1 were about $1.7 billion.
Favorable prior year reserve development was $378 million for the first three months of 2025. Travelers said favorable developme
nt was in all segments, including $237 million in the personal lines segment driven by better than expected losses experience in auto and home lines.
The New York-based insurer’s combined ratio was 102.5 for Q1 2025 compared to 93.9 for Q1 2024. Catastrophes net of
reinsurance added 21.2 points to the combined ratio. The underlying combined r
atio for Q1 improved to 84.8 from 87.7 for Q1 2024. Underlying underwriting income was $1.6 billion.
The personal insurance segment took a Q1 underwriting loss of $670 million on
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about $1.7 billion in catastrophe losses. The combined ratio here for Q1 was 115.2, more than 18 points higher than a year ago. Strong renew
al premiums drove a 5% increase in net written premiums to $3.8 billion. Homeowners NWP increased 11% in Q1.
In business insurance, underwriting income dropped 41.6% to $195 million. Catastrophe losses were $509 million—$300 million mo
re than Q1 2024. Favorable development in workers compensation insurance primarily drove development of $74 million for the quarter.