Travelers' Misses Sales Estimaets, But Increases Dividend And Stock Buybacks

Travelers Inc.'s stock fell 2% in light premarket trade Tuesday, after the insurer reported a first-quarter profit that matched expectations, but sales that missed. The insurer also announced an 11% increase to its quarterly dividend to 61 cents a share, and added $5 billion to its share repurchase program. For the quarter ended March 31, the company said net earnings fell to $833 million, or $2.55 a share, from $1.05 billion, or $2.95 a share, in the same period a year ago. Operating earnings per share were $2.53, in line with the FactSet consensus. Revenue fell 1% to $6.63 billion, as net premiums written were flat at $5.9 billion, below the FactSet consensus of $6.78 billion and $6.04 billion, respectively. The stock, a component of the Dow Jones Industrial Average , has edged up 0.3% year to date through Monday, while the Dow has gained 1.2%.