Q3 2024 Travelers Companies Inc Earnings Call Transcript
Key Points
- The Travelers Companies Inc (TRV) reported core income of over $1.2 billion, or $5.24 per diluted share, with a core return on equity of 16.6%.
- The company achieved record net earned premiums of $10.7 billion, up 10% from the previous year.
- The underlying combined ratio improved by 5 points to 85.6%, indicating strong underwriting performance across all segments.
- Net investment income increased by 16% to $742 million, driven by strong returns from both fixed and non-fixed income portfolios.
- The company returned $496 million of excess capital to shareholders through share repurchases and dividends, demonstrating strong capital management.
- The company faced $939 million in pretax catastrophe losses, with significant impact from Hurricane Helene.
- The asbestos review in Business Insurance resulted in a charge of $242 million.
- The expense ratio for the third quarter was 28.4%, reflecting ongoing challenges in managing operational costs.
- Despite strong results, there is uncertainty in the market due to inflation, political, and regulatory environments, which could impact future pricing strategies.
- The company is still assessing the financial impact of Hurricane Milton, with preliminary loss estimates ranging from $75 million to $175 million pretax.
Good morning, ladies and gentlemen. Welcome to the third quarter results teleconference for Travelers. (Operator Instructions) As a reminder, this conference is being recorded on October 17, 2024.
At this time, I would like to turn the conference over to Ms. Abbe Goldstein, Senior Vice President of Investor Relations. Ms,Goldstein. You may begin.
Thank you. Good morning and welcome to travelers' discussion of our third quarter 2024 results. We released our press release, financial supplement and webcast presentation earlier this morning. All of these materials can be found on our website at travelers.com under the Investors section.
Speaking today will be Alan Schnitzer, Chairman and CEO; Dan Frey, Chief Financial Officer; and our three segment Presidents, Greg Toczydlowski of Business Insurance; Jeff Klenk of Bond & Specialty Insurance; and Michael Klein of Personal Insurance.
They will discuss the financial results of our business and the
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
