Shares of Travelers Companies Inc. (TRV) slipped 0.8% in morning trading Thursday, after the insurer swung to loss that matched expectations, while net written premiums topped forecasts. (The company was previously reported to miss expectations, but FactSet adjusted its per-share loss consensus to show results matched.) The net loss was $40 million, or 16 cents a share, after net income of $557 million, or $2.10 a share, in the year ago period. Excluding non-recurring items, the adjusted loss per share was 20 cents after EPS of $2.10 last year, matching the FactSet consensus. The results reflect higher catastrophe losses, lower net investment income and lower net favorable prior-year reserve development. Total revenue fell 6% to $7.40 billion, as net written premiums slipped 1% to $7.35 billion to top expectations of $7.32 billion. "Our second quarter results reflect an improved underlying underwriting gain that was more than offset by a high level of catastrophe losses and, as expected, losses in our non-fixed income investment portfolio," said Chief Executive Alan Schnitzer. The stock has lost 11% year to date, while the Dow Jones Industrial Average has slipped 5.6%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 23, 2020 09:42 ET (13:42 GMT)
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