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July 21, 2022

Despite higher revenues, catastrophe losses take bite out of Travelers’ 2Q profits

Travelers cos. insurance HBJ File Photo The Travelers Cos. office in Hartford.

Travelers Cos. said Thursday its second quarter profits shrunk by 41% due to higher catastrophe losses and lower investment gains. 

Still, the New York-based property and casualty insurer with major operations in Hartford, said it saw growth across its business, reporting a double-digit net premium increase and a 5% increase in overall revenues. 

Travelers said its second quarter profits totaled $551 million, or $2.27 per diluted share, vs. $934 million, or $3.66 per share, in the year-ago period. 

The results, Reuters reported, beat the expectations of analysts, who, on average, expected a profit of $1.97 per share, according to Refinitiv IBES data.

Revenues totaled $9.1 billion vs. $8.7 billion in the year-ago period. Total net written premiums, or how much money the insurer took in from policyholders, reached $9 billion vs. $8.1 billion a year earlier. 

Travelers said it saw double-digit percentage growth in all three of its major business lines (business insurance up 10%, bond and specialty insurance up 13% and personal insurance up 12%).

Catastrophe losses nearly doubled in the quarter to $746 million.

Travelers Cos. Chairman and CEO Alan Schnitzer said the company also returned $725 million to shareholders during the quarter, including $500 million of share repurchases.

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