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July 20, 2021, 7:17 a.m. EDT

Travelers reports big profit beat as investment income triples

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By Tomi Kilgore

Travelers Companies Inc. /zigman2/quotes/206313935/composite TRV -1.88% reported Tuesday that it swung to a second-quarter profit that was well above expectations, amid strong growth in investment income and a drop in catastrophe losses. The insurer's stock was still inactive in premarket trading. Net income for the quarter was $934 million, or $3.66 a share, after a loss of $40 million, or 16 cents a share, in the year-ago period. Excluding nonrecurring items, core earnings per share came to $3.45, beating the FactSet consensus of $2.39. Total revenue grew 17% to $8.69 billion, above the FactSet consensus of $8.22 billion, as net written premiums increased 11% to $8.14 billion to beat expectations of $7.76 billion. Net investment income tripled, to $818 million from $268 million, while catastrophe losses declined 44% to $475 million. The stock has gained 7.8% year to date through Monday, while the SPDR S&P Insurance ETF /zigman2/quotes/205505650/composite KIE -0.67% has advanced 9.5% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.11% has advanced 11.0%.

/zigman2/quotes/206313935/composite
US : U.S.: NYSE
$ 181.75
-3.48 -1.88%
Volume: 2.38M
Feb. 2, 2023 4:00p
P/E Ratio
15.41
Dividend Yield
2.05%
Market Cap
$43.41 billion
Rev. per Employee
$1.20M
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/zigman2/quotes/205505650/composite
US : U.S.: NYSE Arca
$ 43.02
-0.29 -0.67%
Volume: 906,422
Feb. 2, 2023 4:00p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,053.94
-39.02 -0.11%
Volume: 0.00
Feb. 2, 2023 5:04p
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