Travelers Reports 2Q Loss, Catastrophe Losses Climb

By Allison Prang

Travelers Cos. reported a second-quarter loss in line with Wall Street expectations as net investment income fell almost 59% from a year earlier and catastrophe losses rose.

The property-casualty insurance company reported a loss of $40 million, or 16 cents a share. Profit for the second quarter last year was $557 million, or $2.10 a share.

The company's core loss was 20 cents a share. Core results leave out nonrecurring items, investment portfolio losses and realized capital gains.

Net investment income before tax, was $268 million, down from $648 million a year ago, Travelers said.

Net written premiums were $7.35 billion, which according to FactSet was in line with Wall Street's consensus. They fell more than 1%, while total revenue declined over 5% to $7.4 billion.

The company reported pretax catastrophe losses of $854 million, up from $367 million a year ago.

Travelers said the net impact of COVID-19 and related economic conditions on underwriting results was modest.

Write to Allison Prang at [e-mail]

(END) Dow Jones Newswires

July 23, 2020 07:39 ET (11:39 GMT)

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