Insurer Travelers posts better-than-expected Q3 earnings

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 97%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Travelers shares climb in premarket trade on earnings beat

Insurer Travelers Cos. Inc. TRV, -1.30% posted stronger-than-expected profit and revenue for the third quarter Tuesday, despite the impact of high catastrophe losses. The company posted net income of $827 million, or $3.23 a share, for the quarter, up from $396 million, or $1.50 a share, in the year-earlier period. Adjusted per-share earnings came to $3.12, ahead of the $3.03 FactSet consensus. Revenue rose to $8.275 billion from $8.013 billion, also ahead of the FactSet consensus of $7.

"Our earnings this quarter reflect strong underlying underwriting income, resulting from record quarterly net earned premiums and an underlying combined ratio which improved 2.6 points to 91.5%. The company's investment portfolio generated net investment income of $566 million after-tax, up 8% from a year ago, he said. The company benefited from a $403 million subrogation benefit from utility Pacific Gas & Electric Co. PCG, +2.75% stemming from 2017 and 2018 California wildfires.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Media Earnings Q3 2020: Investors Search for Signs of Recovery, Strategies on StreamingMedia barons have long acknowledged that the future will be streamed. Over the coming weeks, as the world’s largest media and tech conglomerates report earnings for the July-September quarter…
Source: Variety - 🏆 108. / 63 Read more »