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Travelers beat profit expectations for the second quarter



(Reuters) – Property / Non-life Insurance Provider Travelers Cos. Inc. exceeded earnings expectations in the second quarter on Tuesday, helped by higher premiums, lower disaster losses and an increased return on investment.

The New York-based company, is considered a watchdog for the US insurance industry, which it usually reports to its peers, said net written premiums, a measure of revenue, 11% to $ 8.14 billion.

Its adjusted, or core revenue, was $ 879 million or $ 3.45. per share, in the three months ending June 30, much more than the $ 2.39 analysts had expected, according to Refinitive IBES data.

Last year, the insurer reported a loss of $ 50 million, or 20 cents per share. , due to severe storms and allegations related to civil unrest.

The reopening of economies with the expansion of COVID-1

9 vaccinations has given insurers a certain break and helped travelers retain customers and expand their car and homeowner-focused businesses. [19659002] C ompany posted insurance gains of $ 324 million for the quarter, compared to a loss of $ 280 million a year earlier.

Disaster losses fell to $ 475 million in the last quarter from $ 854 million the year before.

Travelers' tax before tax more than tripled their investment income to $ 818 million, as higher returns on their non-interest-bearing investments offset the weakness of the basic interest-bearing assets that have struggled due to record-low interest rates.

The company reported a combined share of 95.3% compared to 103.7% a year earlier. A ratio below 100% means that the insurer earned more in premiums than it paid out in receivables.

Total revenue increased 17% to $ 8.69 billion and the company said it repurchased $ 401 million in shares during the quarter.


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