Travelers Companies Q2 Core Profit Declines; Net Written Premiums Up 14%

(RTTNews) - The Travelers Companies, Inc. (TRV) reported second quarter core income of $15 million, or $0.06 per share, compared to $625 million, or $2.57 per share, a year ago. Core income decreased primarily due to higher catastrophe losses. Catastrophe losses resulted from numerous severe wind and hail storms in multiple states, the company noted.

On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $2.08, for the quarter. Analysts' estimates typically exclude special items.

The company reported a net loss of $14 million, or $0.07 per share, for the quarter compared to net income of $551 million, or $2.27 per share, in the prior year quarter. Catastrophe losses were $1.481 billion pre-tax compared to $746 million pre-tax in the prior year quarter.

Total revenues were $10.10 billion, up 11% from last year. Net written premiums was $10.32 billion, up 14%. Analysts on average had estimated $10.02 billion in revenue.

The Board declared a regular quarterly dividend of $1.00 per share. The dividend is payable September 29, 2023, to shareholders of record at the close of business on September 8, 2023.

Shares of Travelers Companies are up 1% in pre-market trade on Thursday.

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