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July 20, 2017

Travelers' 2Q net drops 10%

HBJ File Photo The Travelers Cos.

The Travelers Cos. posted a 10 percent decline in profits in a second quarter marked by higher catastrophe losses from hail and tornado activity and a lower underlying underwriting gain.

For the three months ended June 30, Travelers’ net income dropped to $595 million, or $2.11 a diluted share, from $664 million, or $2.24 per diluted share in the year ago period.

Revenues totaled $7.2 billion in the second quarter, an increase of 6 percent compared to $6.8 billion in the year ago period.

The underlying underwriting gain declined because of the timing of higher loss estimates affecting personal auto bodily injury liability coverages. Higher catastrophe and non-catastrophe weather-related losses also played a role, said CEO Alan Schnitzer.

“The storm activity had the greatest impact on personal insurance, affecting results in both home and auto,” he said.

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