Deutsche Bank Reports 1Q11 Results On Travelers

According to Deutsche Bank, Travelers TRV reported $1.89 including a one-time tax gain of $100MM. Deutsche Bank said that excluding this amount (unlikely in the Street consensus of $1.53), normalized op. EPS was $1.66. “Normalizing for a one-time tax item and higher hedge fund returns, TRV's result was in-line. TRV is experiencing massive growth in workers' compensation, while margins appear to be deteriorating. Growth investors are likely to be pleased, while value investors may be concerned.” Travelers closed yesterday at $59.13.