(Bloomberg) — Travelers Cos., the only property and casualty insurer in the Dow Jones Industrial Average, said second-quarter profit fell 26%, missing estimates, on catastrophe costs.
Net income declined to $683 million, or $1.95 a share, from $925 million, or $2.41, a year earlier, the New York-based insurer said today in a statement. Operating profit, which excludes some investment results, was $1.93 a share, 14 cents below the average estimate of 26 analysts surveyed by Bloomberg.
Chief Executive Officer Jay Fishman, 61, has sought to maintain profitability by charging some customers more for coverage as severe weather increased claims. Shareholders sometimes look past quarterly jumps in such costs, because insurers can boost rates as a result, according to Cathy Seifert, an analyst at Standard & Poor's Capital IQ.
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