The Travelers Companies reported its first-quarter 2025 earnings with core earnings per share (EPS) of $1.91, surpassing estimates of $0.74 to $0.81. Revenue reached $11.81 billion, slightly below the $12.07 billion estimate but above some forecasts of $10.81 billion, reflecting a 5.2% year-over-year increase. Net premiums written totaled $10.52 billion, close to the estimated $10.75 billion. The company recorded net investment income of $930 million, slightly under the $955.3 million estimate. Travelers faced catastrophe losses of $2.27 billion, primarily due to California wildfires, which contributed to underwriting losses despite an exceptional underlying underwriting income of $1.583 billion pre-tax, a 32% increase. The consolidated combined ratio was 102.5%, with an underlying combined ratio of 84.8%, improving by 2.9 points. Net income stood at $395 million, with core income at $443 million. The board declared a 5% increase in the regular quarterly cash dividend to $1.10 per share from $1.05. The insurer's stock rose by 3% pre-market and approximately 7% year-to-date following the earnings release. Industry research from KBRA highlights that tariffs and trade tensions are exerting inflationary pressures on the insurance sector, increasing claims costs and investment volatility, though tariffs may remain manageable for commercial insurers. Aon reported insured catastrophe losses of $53 billion in Q1, driven by California wildfires. Meanwhile, Marsh McLennan posted profit results exceeding expectations due to robust insurance activity.