Travelerson Tuesday reported fourth-quarter earnings slightly below analysts' forecasts.

"In light of the fact that 2011 was the costliest catastrophe year on record for the insurance industry on a global basis, we are pleased that the strength of our businesses enabled us to generate net income of $1.4 billion and to grow book value per share by 7 percent," Jay Fishman, Chairman and Chief Executive Officer for Travelers , said in a statement.