(Reuters) – Property and casualty insurer Travelers Cos Inc reported a 19 percent rise in quarterly profit on Thursday, due to lower catastrophe losses and improved underwriting.

The company’s net income rose to $796 million, or $2.99 per share, in the first quarter ended March 31, from $669 million, or $2.42 per share, a year earlier.

Analysts on average had expected a profit of $2.72 per share, according to IBES data from Refinitiv. It was not immediately clear if the numbers were comparable.

Reporting By Aparajita Saxena in Bengaluru; Editing by Maju Samuel

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