Travelers Companies, Inc. has recently released its 10-Q report, providing a detailed insight into the company's financial performance for the second quarter of 2024. The company, founded in 1853 and based in New York, offers a wide range of commercial and personal property and casualty insurance products and services to businesses, government units, associations, and individuals in the United States and internationally. Travelers operates through three segments: Business Insurance, Bond & Specialty Insurance, and Personal Insurance.
According to the 10-Q report, Travelers reported a net income of $534 million, or $2.32 per share basic and $2.29 per share diluted for the second quarter of 2024. The net earned premiums for the same period were $10.24 billion. Despite facing catastrophe losses of $1.51 billion ($1.19 billion after-tax), the company managed to achieve a combined ratio of 100.2% and net investment income of $885 million ($727 million after-tax). Additionally, the company's total investments amounted to $89.51 billion, with total assets reaching $129.32 billion.
The report also details the company's revenue and expenses. In the second quarter of 2024, Travelers reported total revenues of $11.28 billion, with earned premiums amounting to $10.24 billion. The net investment income for the same period was $885 million, and fee income was reported at $115 million. The company also incurred claims and expenses, with claims and claim adjustment expenses totaling $7.37 billion.
Furthermore, Travelers reported an increase in earned premiums across its segments. In the second quarter of 2024, earned premiums in Business Insurance, Bond & Specialty Insurance, and Personal Insurance increased by 11%, 7%, and 12%, respectively, compared to the same period in 2023. The company also experienced a 24% increase in net investment income, amounting to $885 million for the second quarter of 2024.
The 10-Q report provides a comprehensive overview of Travelers' financial performance, highlighting its resilience in the face of significant catastrophe losses and its ability to generate substantial net income. The company's strategic management of investments and premiums across its segments has contributed to its strong financial position in the second quarter of 2024. As a result of these announcements, the company's shares have moved -6.8% on the market, and are now trading at a price of $205.51. For the full picture, make sure to review Travelers's 10-Q report.
