Travelers: back to black, despite storms
(CercleFinance.com) - On Friday, US insurer Travelers reported a return to profit in Q2, despite many storms that have blown across the US in recent months.
The group reports net profit of $534m for Q2, compared with a loss of $14m in Q2 2023.
EPS came was $2.29, while financial analysts forecast EPS of $2 per share.
Travelers - one of the 30 components of the Dow Jones index - explains in a press release that earnings from its investments more than offset losses linked to the record number of "convective storms" that swept the country recently.
Catastrophe losses reached $1.51bn over the quarter, compared with $1.48bn over the same period last year.
Net premiums rose by 8% over the quarter to a record $11.1bn, and new business was up 9% at $732m.
The underlying combined ratio, which measures the difference between claims paid and premiums collected, improved to 87.7% from 91.1% a year earlier, as a figure of less than 100% indicates profitable business.
Travelers shares were up 1.5% in PMT on Friday in the wake of these figures.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The group reports net profit of $534m for Q2, compared with a loss of $14m in Q2 2023.
EPS came was $2.29, while financial analysts forecast EPS of $2 per share.
Travelers - one of the 30 components of the Dow Jones index - explains in a press release that earnings from its investments more than offset losses linked to the record number of "convective storms" that swept the country recently.
Catastrophe losses reached $1.51bn over the quarter, compared with $1.48bn over the same period last year.
Net premiums rose by 8% over the quarter to a record $11.1bn, and new business was up 9% at $732m.
The underlying combined ratio, which measures the difference between claims paid and premiums collected, improved to 87.7% from 91.1% a year earlier, as a figure of less than 100% indicates profitable business.
Travelers shares were up 1.5% in PMT on Friday in the wake of these figures.
Copyright (c) 2024 CercleFinance.com. All rights reserved.