(Reuters) – U.S. insurer Travelers Cos Inc posted a record operating profit that breezed past Wall Street estimates and said it expects to keep raising premiums to counter low interest rates and potential losses from natural disasters.
Travelers, which also announced a $5 billion share buyback plan on Tuesday, took the lead in raising prices as the industry struggled with low interest rates that squeezed interest incomes.
“We intend to stay the course on this strategy as our expectations of more volatile weather patterns and continued low interest rates have not changed,” Chief Executive Jay Fishman said in a statement.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
