Travelers Companies Inc. (NYSE:TRV) reported better-than-expected second-quarter results on Friday, as lower catastrophe losses, stronger underwriting performance and higher investment income boosted earnings.
Following the announcement, the stock jumped over 8%.
Adjusted earnings came in at $10.04 per share, well above the analyst consensus estimate of $5.38. Revenue rose to $12.15 billion, topping expectations of $11.35 billion, according to Benzinga Pro.
Lower Catastrophe Losses Drive Profit Growth
Core income increased 44% year over year to $2.16 billion, driven by lower catastrophe losses, stronger favorable prior-year reserve development, higher net investment income and improved underlying underwriting performance.
