Travelers Cos’s share of pre-conference trading strengthened by 1.1%, as the insurance company announced better-than-expected quarterly results, as lower losses from natural disasters and other positive developments offset lower investment returns.
The US company reported a net profit of $ 1.018 billion or $ 4.15 per share for the quarter, higher than $ 733 million or $ 2.87 per share a year ago.
Adjusted earnings per share stood at $ 4.22, compared to estimates for $ 3.61.
Revenue rose 6% to $ 8.809 billion from $ 8.313 billion a year ago and also higher than estimated at $ 8.029 billion.
Net premiums rose 11 percent to $ 8.367 billion, while net profit premiums stood at $ 637 million, down from $ 701 million a year ago.
Net investment losses amounted to $ 23 million before taxes, compared to profits of $ 44 million before taxes.
Source: Capital
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