Travelers Quarterly Net Up 28 Percent
NU Online News Service, Oct. 17, 10:16 a.m. EDT?Travelers reported third-quarter net income rose 28 percent over last year and 58 percent for the first nine months of 2003.
The Hartford, Conn.-based insurer, for the third quarter ending June 30, saw net income increased by $93.8 million from $332.2 million in 2002 to $426.1 million. Net income per share rose 10 cents, from 33 cents a share to 43 cents.
During the period, revenues rose $181.6 million, or 5 percent, from $3.6 billion to $3.75 billion. The company reported net written premiums of $3.4 billion for the quarter, up $318 million from $3.1 billion in 2002.
For the nine months, net income rose $440.9 million, from $766.4 million to $1.21 billion. Net income per share was up 38 cents, from 82 cents a share in 2002 to $1.20. Revenues rose 10 percent, or $980.8 million, from $10.12 billion to $11.1 billion. Net written premiums rose $933.2 million, going from $8.9 billion in 2002 to $9.8 billion.
Travelers said its results were achieved on "record operating income for commercial lines and strong profitability for personal lines," despite net catastrophe losses of $83 million primarily from Hurricane Isabel.
The company reported an improved combined ratio of 95.4 percent for the third quarter, a decrease of 2.5 percent from 97.9 percent in 2002. For the nine months, the carriers' combined ratio for 2003 was reported at 97.2 percent, a 2.4 percent improvement from 99.6 percent in 2002.
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