Travelers Edges Out Profit Forecast, Remains Mum Over Mergers

Net income at the Travelers Cos. sank 31 percent in the first quarter on lower investment returns, but operating profits modestly exceeded Wall Street's expectations even though the recession has forced businesses and consumers to pull back on buying insurance.

Travelers has been mentioned as a potential bidder for The Hartford's property-casualty business, but Travelers Chairman and Chief Executive Jay Fishman told analysts on a conference call that the company would not comment on merger speculation.

Travelers Edges Out Profit Forecast, Remains Mum Over Mergers
Source: Hartford Courant