NU Online News Service, Oct. 19, 11:41 a.m. EDT
The Travelers Companies says third-quarter net income dropped 67 percent primarily on weather-related catastrophe claims that have rocked the insurance industry.
Travelers says net income dropped $672 million to $333 million in the third quarter compared to last year, which translated into net income per share of 79 cents, down $1.32 cents a share. Total revenues were down 1 percent, or $75 million, to $6.4 billion. Net premium written for the quarter rose 4 percent, or $210 million, to $5.7 billion.
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