Property and casualty insurer Travelers Companies, Inc. (TRV) released quarterly earnings reporting a nearly 29% fall in quarterly profits. {robots reportedly suffered due to higher catastrophe-related claims and lower returns on its investments. The company’s core income reduced to $625 million, or $2.57 per share, in the second quarter ended June 30, from $879 million, or $3.45 per share, a year earlier. Net written premiums rose 11% to $9.02 billion in the quarter.
Currently, while pandemic-caused claims have dropped, the insurance industry has faced heavy claims from the Ukraine crisis and major uncertainty caused by inflation this year.
Travelers reported a catastrophe loss net of reinsurance of $746 million in the quarter, compared with $475 million a year earlier, due to severe wind and hail storms in several regions of the United States. Underwriting gains dropped to $113 million from $324 million a year earlier, while pretax net investment income dropped to $707 million from $818 million a year earlier.
The company reported a combined ratio of 98.3%, compared with 95.3% a year earlier. A ratio below 100% means the insurer earned more in premiums than it paid out in claims.
Dow 30 component, The Travelers Companies, Inc. (TRV) is an insurance provider of property-casualty insurance for home, auto, and business. To learn more about The Travelers Companies, Inc. (TRV) and to continue to track its progress please visit the Vista Partners Travelers Companies, Inc. Coverage Page.
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