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July 21, 2015

Travelers' 2Q earnings jump on underwriting gain

Matt Pilon The Travelers Tower in downtown Hartford.

The Travelers Cos. grew its profits 19 percent in the second quarter, thanks to calmer weather that chopped in half the property and casualty insurer’s catastrophe expenses.

Travelers, which is headquartered in Minnesota and employs approximately 6,000 people at its Hartford campus, booked $812 million in profits, or $2.53 per diluted share, for the quarter ended June 30. That was up from $683 million, or $1.95, in the same quarter last year.

The higher profits came on an underwriting gain (net earned premiums and fee income after claims and adjustment expenses) of $511 million, up from $257 million a year ago.

That included $221 million in catastrophe expenses, net of reinsurance, down from $436 million in the second quarter last year, when wind and hail storms drove up those expenses.

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