Travelers Cos. says no new catastrophe costs and a rebound for its investment portfolios boosted fourth-quarter profit by 60 percent.

The New York-based commercial and property insurer said Tuesday that net income rose to $1.29 billion, or $2.36 per share, from $801 million, or $1.35 per share, a year ago.

Excluding items, operating profit totaled $2.12 cents per share — beating analysts' average estimate of $1.49 per share, according to Thomson Reuters.

The higher profit reflected a 49 percent rise in investment income to $653 million, and a lack of disasters like hurricanes or earthquakes.