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Travelers Earnings Fall 20% In 2nd Quarter

31 Jul, 2009 WorkersCompensation.com

                               
New York, NY (CompNewsNetwork) - The Travelers Companies, Inc. reported net income of $740 million for the quarter ended June 30, 2009, compared to $942 million for the quarter ended June 30, 2008. Operating income in the current quarter was $732 million, compared to $918 million, in the prior year quarter.

Travelers reported net written premiums of $5.605 billion compared to $5.629 billion in the prior year quarter. The insurer also recorded combined ratios in Business Insurance of 89.8 percent; Financial, Professional & International Insurance of 90.9 percent; and Personal Insurance of 99.6 percent. The consolidated GAAP combined ratio was 93.2 percent.

"Our performance for the quarter reflects solid underwriting and fixed income investment results, as well as the continued impact of very low short-term investment yields and a small loss on our alternative investment portfolio," commented Jay Fishman, Chairman and Chief Executive Officer. 

"All of our operating dynamics were strong for the quarter. Retention generally remained at or near historic highs, and we were successful at continuing to achieve rate gains. Rate change was positive in the quarter across each of our three business segments, offsetting lower coverage demands from existing policyholders due to the economic downturn. New business volumes were strong, particularly in Business Insurance," concluded Mr. Fishman 

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