Travelers to Swing 2Q Loss
July 14 2020 - 7:59AM
Dow Jones News
By Dave Sebastian
Travelers Cos. said it expects to swing to a second-quarter loss
as it booked catastrophe losses from severe storms and events
related to civil unrest.
The insurance company on Tuesday posted a preliminary loss of 16
cents a share, compared with a profit of $2.10 a share in the
comparable quarter last year. It reported preliminary adjusted
losses of 20 cents a share.
Travelers said its preliminary catastrophe losses were $854
million, or $673 million after taxes, net of reinsurance.
The company said it took a modest hit from the Covid-19
pandemic, with preliminary insurance losses directly attributed to
the health crisis of $114 million before taxes.
The company also reported preliminary net investment income of
$268 million, or $251 million after taxes, and losses in its
non-fixed income portfolio of $234 million, or $180 million after
taxes.
For the third quarter, the company said it will recognize about
$400 million from prior-year reserve development related to claims
against PG&E Corp., which emerged from bankruptcy on July
1.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
July 14, 2020 07:44 ET (11:44 GMT)
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