Travelers Companies (NYSE:TRV) delivered a strong first-quarter performance, with earnings and revenue exceeding expectations despite hefty catastrophe losses from January’s California wildfires. Shares climbed more than 4% intra-day today following the announcement.

The insurer reported core earnings of $1.91 per share, more than doubling Wall Street’s estimate of $0.81. Revenue rose 5% year-over-year to $11.81 billion, topping forecasts of $10.94 billion.

Although the company faced $2.27 billion in pre-tax catastrophe losses—primarily tied to California wildfires—it was buoyed by a 32% surge in underlying underwriting income, which reached $1.58 billion. Strong net investment income further supported profitability.

Net written premiums grew 3% to $10.52 billion, with broad-based growth across its business lines. While the total combined ratio worsened to 102.5% from 93.9% a year earlier due to the catastrophe impact, the underlying combined ratio improved by nearly three points to 84.8%, reflecting improved operational performance.

Despite natural disaster headwinds, Travelers showcased the resilience of its core insurance business, reinforcing confidence in its long-term strategy.