Insurance service provider The Travelers Companies, Inc. (NYSE: TRV) Friday reported an increase in revenues and core earnings for the second quarter of 2024.
- Second quarter net income was $534 million and core income was $585 million, vs. a net loss of $14 million and core profit of $15 million respectively in the year-ago quarter
- Total revenue grew 12% annually to $11.28 billion during the three months
- In Q2, the consolidated combined ratio improved 6.3 points from the prior year’s quarter to 100.2%
- Catastrophe losses were $1.509 billion pre-tax, compared to $1.481 billion pre-tax in the prior year quarter
- During the three months, the underlying combined ratio improved 3.4 points from Q2 2023 to 87.7%
- Q2 net written premiums rose 8% to a record of $11.115 billion, with growth across all three segments
- Net investment income increased 24% pre-tax year-over-year to $885 million, primarily due to strong fixed income returns and growth in fixed maturity investments