Travelers' stock gains after bit profit beat offsets revenue miss

Dow Jones07-19

MW Travelers' stock gains after bit profit beat offsets revenue miss

Shares of Travelers Companies Inc. $(TRV)$ gained 0.6% in premarket trading Friday after the insurer reported a big second-quarter profit beat, even as revenue and net written premiums came up short. The company swung to net income of $585 million, or $2.29 a share, from a loss of $14 million, or 7 cents a share, in the same period a year ago. Excluding nonrecurring items, such as investment losses, core earnings per share rose to $2.51 from 6 cents to beat the FactSet consensus of $2.01. Total revenue grew 11.7% to $11.28 billion, below the FactSet consensus of $11.43 billion, as net written premiums were up 7.7% to $11.12 billion but missed expectations of $11.33 billion. The combined ratio, a measure of profitability for insurers - lower is better - improved to 100.2% from 106.5%, and was better than the FactSet consensus of 101.2%. The stock has advanced 15.8% year to date through Thursday. In comparison, the SPDR S&P Insurance ETF $(KIE.UK)$ has climbed 16.2% this year and the Dow Jones Industrial Average , of which Travelers' stock is a component, has gained 7.9%.

-Tomi Kilgore

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July 19, 2024 07:09 ET (11:09 GMT)

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