Travelers shares rise after Q2 profit beats estimates
TRV•Analyst reaction and stock performance
Analysts at J.P. Morgan said the earnings beat was across the board, but especially strong in personal lines and business insurance.
Up to the previous close, the shares were up about 16% year to date.
Shares rise after quarterly profit beat
Shares of property and casualty insurer Travelers Companies were up 7.8% at $364.2 after the company reported second-quarter core profit that beat estimates.
The company’s Q2 core profit jumped on lower catastrophe losses and strong investment income. Quarterly core income per share rose 44% to $10.04, compared with analysts’ estimates of $5.42, according to data compiled by LSEG.
Catastrophe losses and investment income
Travelers reported catastrophe losses of $518 million on a pre-tax basis, compared with $927 million a year earlier.
Net investment income came in at $1.07 billion, up 13.6% from the year-earlier period.
