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.
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