Travelers Cos. this morning reported fourth quarter net income of $819 million, a decrease of about 39% from $1.3 billion a year ago during the same time.

The insurer’s Q4 combined ratio increased 6.5 points to 94.5 as catastrophe losses during the last three months of 2022 were $459 million, net of reinsurance. Catastrophe losses for Q4 2021 were $36 million.

“We are pleased to report solid fourth quarter 2022 results, particularly in light of the significant winter storm that swept across the U.S. and Canada in the last week of the year,” said CEO Alan Schnitzer in a statement. “Results in our commercial businesses were exceptional, with another quarter of strong growth at very attractive margins. Underlying results in Personal Insurance remain challenged by elevated industrywide loss costs. We recorded another quarter of progress with strong pricing and other actions to address these challenges.”

Net written premiums in Q4 increased 11% compared to Q4 2021 to about $4.4 billion for business insurance, and went up 13% to about $3.5 billion in personal insurance.

The personal insurance segment recorded a Q4 loss of $61 million and a combined ratio of 105.3. Last year for the final three months, income was $327 million. The segment took a loss of $140 million for the year, compared to income of $760 million in 2021.

Net investment income dropped $118 million in Q4 to $625 million.

For the year, Travelers booked a drop in net income of about 22% to $2.8 billion. The combined ratio for all of 2022 went up slightly more than a point to 95.6. Net written premiums across all lines increased 11% for all of 2022.