Travelers Cos (TRV) Tops Q3 EPS by 35c

Travelers Cos (NYSE: TRV) reported Q3 EPS of $2.61, $0.35 better than the analyst estimate of $2.26. Revenue for the quarter came in at $6.89 billion versus the consensus estimate of $6 billion.

“We are very pleased with our results this quarter,” commented Jay Fishman, Chairman and Chief Executive Officer. “Our results were driven by strong underwriting performance across all of our business segments, as reflected in our consolidated combined ratio of 90.0%, and higher investment returns driven by private equity performance. Our return on equity and per share results continue to benefit meaningfully from our ongoing strategy of returning excess capital to shareholders. Year-to-date, total capital returned to shareholders was almost $2.9 billion, including over $2.3 billion in share repurchases and $553 million in dividends.

“In addition to these strong financial results, we were also very pleased with our production metrics this quarter. Within Business and International Insurance, once again, we improved retention in our domestic businesses from already strong levels in recent quarters, while continuing to achieve meaningful rate and exposure increases. Bond & Specialty Insurance improved profitability from already high levels, and continued to achieve positive renewal premium change while maintaining strong retention. In Personal Insurance, Auto net written premiums were up 3% from the prior year quarter and policies in force were up 1% from the most recent quarter as a result of the very successful introduction of Quantum 2.0 beginning last fall.

“As we continue to face persistently low interest rates and uncertain weather patterns, we remain focused on delivering superior profitability and returns on equity. Consequently, we remain committed to our highly segmented pricing and underwriting strategies, executing on an account by account or class by class basis.”

For earnings history and earnings-related data on Travelers Cos (TRV) click here.

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