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Share Name | Share Symbol | Market | Type |
---|---|---|---|
The Travelers Companies Inc | NYSE:TRV | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 213.15 | 0 | 09:00:00 |
By Chelsey Dulaney
Travelers Cos. on Tuesday posted a 19% increase in profit in its second quarter, as lower catastrophe losses helped to offset a decline in net investment income for the casualty insurer.
New York-based Travelers said net income grew to $812 million from $683 million in the year-earlier period.
Operating profit, a closely watched metric that excludes realized capital gains or losses in an investment portfolio, grew 20% to $806 million, or $2.52 a share, from $673 million, or $1.93 a share, a year ago.
Revenue edged down 1.2% to $6.71 billion.
Analysts polled by Thomson Reuters forecast per-share earnings of $2.12 and revenue of $6.26 billion.
Net written premiums were essentially flat at $6.17 billion.
Travelers sells an array of policies to companies of all sizes and is a well-known name in car and home insurance sold to individuals. One of the country's largest property-casualty insurers, Travelers often sets the tone for industry earnings that will be announced by peers in the coming weeks.
Insurers' big investment portfolios have been pressured by competitive pricing and low interest rates.
Travelers said its net investment income fell to $632 million from $695 million amid a tough comparison for private-equity returns in the prior year quarter and lower valuations for energy investments.
The company's combined ratio improved to 90.8%--meaning it spent 90.8 cents on claims and expenses for every dollar it collected in premiums--from 95.1% a year earlier.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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