UPDATE: Travelers Posts Upbeat Q1 Profit

The Travelers Companies Inc

reported a drop in its first-quarter earnings. Travelers' quarterly earnings fell to $806 million, or $2.02 per share, from $839 million, or $1.92 per share, in the year-ago period. Its revenue rose to $5.50 billion, from $5.44 billion. Number of shares outstanding fell to 389.8 million, from 420.3 million. Analysts were expecting earnings of $1.53 per share. Travelers shares gained 2.91% to $61.20 in pre-market trading.