Lower catastrophe losses helped send The Travelers Companies, Inc.'s 2013 fourth-quarter net income soaring 225% to $988 million, compared to 2012 fourth-quarter net income of $304 million.
Catastrophe losses, net of reinsurance, were $53 million in the quarter, compared to $1.05 billion in 2012's fourth quarter. The sharp drop drove a reversal in underwriting results for Travelers—a gain of $689 million in 2013's fourth quarter compared to an underwriting loss of $338 million for the same period the year before. The combined ratio dropped in the quarter to 87.7 compared to 105.4 in 2012's fourth quarter.
Travelers' fourth-quarter results also benefitted from a $37 million gain in favorable prior-year reserve development—$259 million in 2013's fourth quarter compared to $222 million the year before. For the year, though, favorable reserve development was down to $840 million compared to $940 million in 2012.
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