“We are excited to announce excellent underwriting and investment results, with core income of $ 879 million, or $ 3.45 per diluted share and a core return of 13.7% for the second quarter,” said Alan Schnitzer, Chairman and CEO of Travelers. “Higher underlying underwriting income and a positive net development in reserves in the previous year as well as lower catastrophe claims all contributed to a higher core result compared to the same quarter of the previous year.”
The company’s strong results enabled Travelers to return $ 625 million of excess capital to shareholders in the second quarter, including $ 401 million in share buybacks, Schnitzer said.
Next read: Travelers cancels investment in Fidelis. at
The company’s total net written premiums increased 11% (8% adjusted for auto premium refunds in the year-ago quarter). In the company’s business insurance, net written premiums increased 5%, with the change in renewal premiums almost an all-time high of 9.5%. The retention was higher and the segment increased new business by 9%. In annuity and specialty insurance, the newly booked premiums rose by 16%. In personal insurance, net written premiums rose in the same quarter of the previous year by 16% or 8% adjusted for the reimbursements of motor vehicle premiums.
“Our excellent sales and earnings results in this quarter and in the first half of the year demonstrate the continued successful implementation of our strategy of increasing sales at attractive returns,” said Schnitzer, “as well as the effectiveness of our well-defined and consistent investment philosophy,
“Our focused innovation agenda has made an important contribution to the growth and profitability we have achieved, and we will continue to tirelessly pursue our priorities of building our lead in risk literacy, delivering great experiences to our customers, distributors and employees, and improving . “Productivity and Efficiency. With our dynamism and the best talents in the industry, we are well positioned to continue to create significant shareholder value over time. “