ST. PAUL (dpa-AFX) - The Travelers Companies, Inc. (TRV) reported fourth-quarter profit of $618 million or $1.51 per share, lower than last year's $894 million or $1.95 per share. Operating income was $609 million or $1.48 per share versus $864 million or $1.89 per share a year ago. On average, 22 analysts polled by Thomson Reuters expected the company to report earnings of $1.53 per share. Analysts' estimates typically exclude special items. Total revenues were up to $6.37 billion from $6.33 billion last year. Analysts estimated revenues of $5.47 billion. 'We posted solid results in the quarter, generating net income of $618 million and a return on equity of 10%,' commented Jay Fishman, Chairman and Chief Executive Officer. 'Since the second half of 2010, in response to what we then perceived as the potential for continued severe weather in the United States as well as the outlook for a persistent low interest rate environment, our strategy has been to selectively but actively increase prices. Results this quarter continue to demonstrate success...' 'We had solid underlying underwriting performance in Business Insurance in the quarter, and we are particularly pleased that we are beginning to see the impact of recent price increases in our results,' commented Brian MacLean, President and Chief Operating Officer. Further, the Board of Directors declared a quarterly dividend of $0.41 per common share. This dividend is payable March 30, 2012 to shareholders of record as of the close of business March 9, 2012.
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