The St. Paul Travelers Companies today reported third-quarter net income of $1 billion, compared with $162 million for the same period last year, as this year's storm-free quarter continues to provide dramatic earnings contrasts.

Morgan Stanley analyst William Wilt said the earnings were 16 cents per share ahead of his estimates and 11 cents per share ahead of analysts' consensus.

"The returns look to be high quality, with underwriting accounting for all of the upside from our estimates, and net investment income a slight miss," Mr. Wilt wrote.

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