Travelers Q1 net income falls 65% to $395 million on catastrophe losses
Travelers reported first-quarter 2025 net income of $395 million, or $1.70 per diluted share, down from $1.123 billion, or $4.80, a year earlier. Core income fell to $443 million, or $1.91 per share, mainly because of $2.266 billion in pre-tax catastrophe losses, primarily from the January 2025 California wildfires, even as underlying underwriting income rose 32% and total revenues increased 5%. The Board also raised the quarterly dividend 5% to $1.10 per share.
Key points
- Net income was $395 million, or $1.70 per diluted share, versus $1.123 billion, or $4.80, in the first quarter of 2024.
- Catastrophe losses were $2.266 billion pre-tax, pushing the consolidated combined ratio to 102.5%, compared with 93.9% a year earlier.
- The underlying combined ratio improved 2.9 points to 84.8%, and total revenues rose 5% to $11.81 billion.
- The quarterly dividend rose 5% to $1.10 per share, payable June 30, 2025; the company repurchased $358 million of shares in the quarter.
The filing
Written by AI on Nov 8, 2026, 1:21 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 16, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.