11:24 AM EDT, 04/17/2024 (MT Newswires) -- Shares of Travelers (TRV) tumbled on Wednesday after the property and casualty insurer reported weaker-than-expected results for the first quarter amid higher catastrophe losses.

Earned premium rose to $10.13 billion from $8.85 billion a year ago but missed the average analyst estimate of $10.21 billion in a Capital IQ poll. Shares of Travelers fell 8% in Wednesday trade.

Net written premiums climbed to $10.18 billion for the three months ended March 31 from $9.4 billion a year ago. In business insurance, Travelers grew net written premiums by 9% to $5.6 billion, while personal insurance premiums rose 9% to $3.64 billion. Bond and specialty insurance advanced by 6% to $943 million.

"The year is off to a terrific start with strong profitability and production in all three segments, as well as higher investment income," Chief Executive Alan Schnitzer said in a statement. "In short, we're firing on all cylinders."

Adjusted earnings per share advanced to $4.69 from $4.11 year over year and missed the Street's view of $4.86. The increase in core EPS reflected higher net investment income and underlying underwriting gains, partially offset by higher catastrophe losses.

Catastrophe losses jumped to $712 million from $535 million amid severe wind and hail storms in the central and eastern US, Travelers said.

After-tax net investment income increased 28% to $698 million, which Schnitzer said was driven by returns from the company's fixed income and non-fixed income portfolios.

Renewal premium change is expected to moderate through 2024 in Travelers' personal insurance business, the division's president, Michael Klein, told analysts on a conference call, according to a Capital IQ transcript.