Insurance service provider The Travelers Companies, Inc. (NYSE: TRV) on Friday reported an increase in revenues and earnings for the fourth quarter of 2023.
- Net income increased to a record high of $1.63 billion in Q4 from $819 million in the prior-year period
- Total revenues increased 13% from last year to $10.93 billion
- Earnings per share nearly doubled to $6.99 per share during the three-month period
- Core income, on a per-share basis, was $7.01, compared to $3.40 per share a year earlier
- Consolidated combined ratio was 85.8%, which is down 8.7 points from last year; underlying combined ratio dropped 5.5 point to 85.9%
- Net written premiums moved up 13% annually to about $10.0 billion; net investment income increased 24% pre-tax over the prior year quarter
- During the quarter, the company’s board of directors declared a regular cash dividend of $1.00 per share
- At $109.19, book value per share was up 18% year-over-year in the fourth quarter