(Bloomberg) — Travelers Cos., the lone property-casualty insurer in the Dow Jones Industrial Average, said third-quarter profit advanced 1 percent as sales growth accelerated, and improved underwriting margins helped cushion lower investment income.
Net income climbed to $928 million, or $2.97 a share, from $919 million, or $2.69, a year earlier, the New York-based company said in a statement Tuesday. Operating profit, which excludes some investment results, was $2.93 a share, beating the $2.26 average estimate of 25 analysts surveyed by Bloomberg.
Jay Fishman, 62, is stepping down in December after leading the company as chief executive officer since its formation in 2004, turning over responsibility to Alan Schnitzer, who runs the segment that serves business and international clients. Fishman, who is fighting amyotrophic lateral sclerosis, or ALS, will stay on as chairman, helping Schnitzer at a time when low interest rates pressure investment returns and more companies push into insurance.
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