Property and casualty insurer Travelers reported a 16.6 percent fall in quarterly net profit as its net investment income was hurt due to low interest rates and a slump in oil prices.
The company's net income fell to $866 million, or $2.83 per share, in the fourth quarter ended Dec. 31 from $1.04 billion, or $3.11 per share, a year earlier. The company posted adjusted earnings per share of $2.90.
Travelers is the first big U.S. insurer to report quarterly results.
Revenue for the quarter came in at $6.67 billion, against the comparable year-ago figure of $5.84 billion.
Analysts had expected Travelers to report adjusted earnings of about $2.65 a share on $5.94 billion in revenue, according to a consensus estimate from Thomson Reuters.