Operating income of $374M or $1.50 per share compares to $566M and $2.14 one year ago. Severe winter weather is to blame, with catastrophe losses of $0.52 per share (after-tax). In 2013, the Q1 catastrophe loss was $0.04.
Excluding catastrophes the combined ratio deteriorates to 86.6% from 84.0%.
Net written premiums of $3.1B are flat Y/Y. P&C investment income after taxes of $277M fell 4%.
About 4.7M shares repurchased during quarter at average price of $86.73 each for total cost of $409M. $1.2B remains in authorization as of the end of the quarter.
Book value per share of $66.36 is up from $64.83 at 2013's end and $61.79 a year ago.
CB -0.5% AH