Insurer St. Paul Travelers today posted a first-quarter net income of $212m (£110m) compared with...

Insurer St. Paul Travelers today posted a first-quarter net income of $212m (£110m) compared with net income of $587m (£306m) a year earlier, a 64% drop.

The company said revenue from premiums rose by 53% to $5.1bn (£2.7bn), with total revenue of $6.1bn (£3.2bn), up from $4.1bn (£2.1bn) in the same quarter the previous year.

Net income was weighed down by a tax charge of $687m (£358) linked to the sale of its 78% stake in Chicago-based Nuveen, which was partially offset by its share of Nuveen net income for the quarter, the company said.

Topics