Travelers Cos., the sole property-casualty insurer in the Dow Jones Industrial Average, posted its fourth-straight profit decline as weather-related costs climbed and investment income slipped.
Third-quarter net income fell 23 percent to $716 million, or $2.45 a share, from $928 million, or $2.97, a year earlier, New York-based Travelers said Thursday in a statement. Operating profit was $2.40 a share, beating the $2.36 average estimate of 21 analysts surveyed by Bloomberg.
Alan Schnitzer is yet to post a profit increase since taking over in December for Jay Fishman as chief executive officer. Insurers have been pressured this year by low interest rates and elevated costs from North American catastrophes. Travelers' second-quarter profit fell to the lowest since Superstorm Sandy in 2012 as wildfires fueled claims in Canada. Then flooding damaged homes in Louisiana in August, and Hurricane Hermine struck Florida last month.
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.
