Register now for FREE unlimited access to Reuters.com
Register
Jan 20 (Reuters) – Property and casualty insurer Travelers Cos Inc reported a record quarterly profit on Thursday as higher returns from its investments cushioned the hit from a rise in catastrophe-related claims.
The New York-based company, a component of the Dow Jones Industrial Average Index (.DJI), is seen as a bellwether for the insurance sector as it typically reports before its peers.
The insurer said it earned a core income of $1.29 billion, or $5.20 per share, in the fourth quarter ended Dec. 31, compared with $1.26 billion, or $4.91 per share, a year earlier.
Register
Analysts on average had expected a profit of $3.86 per share, according to Refinitiv IBES data.
Travelers’ pre-tax net investment income jumped 10% to $743 million, driven by higher returns on its private equity and real estate partnership.
Its net written premiums rose 10% to $7.9 billion.
Travelers said the catastrophe losses it incurred in the quarter mainly stemmed from tornado activity in Kentucky, windstorms in multiple U.S. states and a wildfire in Colorado.
Devastation from tornadoes that slammed parts of the United States in December are expected to push the insurance industry’s 2021 bill for weather-related claims well above the predicted $105 billion, industry experts have said. read more
Travelers reported a combined ratio of 88%, compared with 86.7% a year earlier. A ratio below 100% means the insurer earned more in premiums than it paid out in claims.
Register
Reporting by Noor Zainab Hussain in Bengaluru; Editing by Aditya Soni
Our Standards: The Thomson Reuters Trust Principles.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Armstrong scores, surging Vancouver Whitecaps beat slumping San Jose Earthquakes 2-0
As plant-based milk becomes more popular, brands look for new ways to compete
Labour Minister praises Air Canada, pilots union for avoiding disruptive strike
Nova Scotia premier repeats calls for Ottawa to pay for protecting Chignecto Isthmus
Emir of Qatar to visit Ottawa on what will be his first official trip to Canada
TIFF audience prizes for ‘Life of Chuck,’ Hip doc; Rankin among Canadian winners
Looking for the next mystery bestseller? This crime bookstore can solve the case
Inflation expected to ease to 2.1%, lowest level since March 2021: economists