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Travelers 2Q profit down on premiums, catastrophes
Wednesday, July 23, 2008
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SAINT PAUL, Minn. — Property casualty insurer The Travelers Cos. says its second-quarter profit declined as it wrote fewer premiums, took higher catastrophe losses and recorded fewer investment gains.
The Travelers Cos. Inc. says it earned $942 million, or $1.54 per share, compared with a year-earlier profit of $1.25 billion, or $1.86 per share. On an operating basis Saint Paul, Minn.-based Travelers says it earned $1.50 per share.
Thomson Financial says analysts expected earnings per share of $1.45 in the quarter.
Net written premiums have fallen 1 percent to $5.63 billion. Catastrophe losses are up to $231 million from $26 million a year earlier. Travelers also says net investment income fell to $624 million from $758 million a year ago.
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