Jan 23 (Reuters) - Property and casualty insurer Travelers
Cos Inc reported a 42 percent fall in fourth-quarter
profit on Tuesday, hurt by catastrophe losses stemming from the
California wildfires and a one-time charge due to the new
federal tax law.
The Dow-30 company's pretax catastrophe losses, net of
reinsurance, more than tripled to $499 million from $137 million
a year earlier.
Net income fell to $551 million, or $1.98 per share, for the
quarter ended Dec. 31, from $943 million, or $3.28 per share, a
year earlier. The net income also included a charge of $129
On an adjusted basis, the company earned 2.28 cents per
The insurer's revenue rose 3.6 percent to $7.45 billion.
(Reporting by Nikhil Subba in Bengaluru; Editing by Arun
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