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Jay S. Fishman

Travelers profit falls on low rates, but still beats

Travelers reported a 17 percent drop in fourth-quarter profit because of falling energy prices and record-low interest rates, but the insurer still beat most expectations and revenue was better than most had projected.

Adverse weather and damage from rains, wind and snow pushed the pretax impact of catastrophes up more than 12 percent to $46 million.

The New York company posted a net income of $866 million, or $2.83 per share, in the quarter ending Dec. 31, compared with $1.04 billion, or $3.11 per share, in the same quarter a year ago. That's 44 cents better than was expected by industry analysts, according to a survey by Zacks Investment Research was for earnings of $2.67...