Operating income of $2.68 per share compares to $0.72 a year ago thanks to lower catastrophe losses ($53M during Q vs. $1.054B last year). $1B of share repurchases during Q - float is lower by 6% from last year. ROE of 15.9% is up more than 1K basis points from a year ago. Net investment income of $702M gains from $689M last year.
Net written premiums of $5.633B up 5% Y/Y. Underlying GAAP (strips out catastrophes) combined ratio of 91.2% vs. 90.7% a year ago.
Adjusted book value per share of $66.41 compares to $59.09 at the end of 2012.
CC at 9 ET
TRV +2.2% premarket