Travelers Reports 2Q Loss, Catastrophe Losses Climb
July 23 2020 - 7:54AM
Dow Jones News
By Allison Prang
Travelers Cos. reported a second-quarter loss in line with Wall
Street expectations as net investment income fell almost 59% from a
year earlier and catastrophe losses rose.
The property-casualty insurance company reported a loss of $40
million, or 16 cents a share. Profit for the second quarter last
year was $557 million, or $2.10 a share.
The company's core loss was 20 cents a share. Core results leave
out nonrecurring items, investment portfolio losses and realized
capital gains.
Net investment income before tax, was $268 million, down from
$648 million a year ago, Travelers said.
Net written premiums were $7.35 billion, which according to
FactSet was in line with Wall Street's consensus. They fell more
than 1%, while total revenue declined over 5% to $7.4 billion.
The company reported pretax catastrophe losses of $854 million,
up from $367 million a year ago.
Travelers said the net impact of COVID-19 and related economic
conditions on underwriting results was modest.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
July 23, 2020 07:39 ET (11:39 GMT)
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