Oct. 20, 2015, 7:52 AM
- Q3 operating income of $918M or $2.93 per share vs. $893M and $2.61 one year ago. Share float of 311M vs. $338.9M.
- Underlying combined ratio of 88.8% improves from 90.5%.
- Operating ROE of 16.2% up 100 basis points.
- Adjusted book value per share of $74.35 up from $70.98 at start of year. Last night's close was $106.32.
- Net written premiums in Business and International Insurance of $3.59B up 1% Y/Y; in Bond & Specialty Insurance of $565M up 2%; in Personal Insurance of $2.036B up 6%. In total, net written premiums up 3% from last year.
- Net investment income of $614M pretax slipped from $719M a year ago thanks to lower return in non-fixed-income and fixed-income portfolios.
- Conference call at 9 ET
- Previously: The Travelers Companies beats by $0.70, beats on revenue (Oct. 20)
- TRV +3.1% in thin premarket action.
Jul. 21, 2015, 7:46 AM
- Q2 operating income of $806M or $2.52 per share vs. $673M and $1.93 one year ago, primarily thanks to lower catastrophe losses and a $32M benefit from prior-year tax matters.
- Net written premiums of $6.169B basically flat Y/Y. Underlying combined ratio of 90.6% improves 30 basis points.
- Operating ROE of 14.2% up 280 basis points. Adjusted book value per share of $73.09 vs. $69.38 one year ago. 7.9M shares repurchased during quarter and 14.2M YTD. Another $5B of repurchase authority remains as of the end of Q2.
- Conference call at 9 ET
- Previously: The Travelers Companies beats by $0.39, misses on revenue (July 21)
- TRV +2.4% premarket
Jul. 1, 2015, 9:39 AM
- ACE's (ACE +7.7%) purchase of Chubb (CB +34.8%) for $28.3B in stock and cash has the property & casualty names higher in early action.
- Travelers (TRV +3.9%), Allstate (ALL +2.4%), Cincinnati Financial (CINF +2.2%), W.R. Berkley (WRB +3.1%), Progressive (PGR +2.3%), United Insurance (UIHC +2.2%), Hartford FInancial (HIG +3.3%).
- Previously: ACE buying Chubb in cash and stock deal for $28.3B (July 1)
Apr. 21, 2015, 7:22 AM
- Q1 operating income of $827M or $2.53 per share vs. $1.052B and $2.95 one year ago. Net written premiums of $5.897B flat. Operating ROE of 14.5% falls 330 basis points.
- Quarterly dividend is boosted by 11% to $0.61 per share, and another $5B of buybacks is authorized.
- Adjusted book value per share of $71.45 up 5% Y/Y.
- Underlying combined ratio of 90.3% deteriorates from 88.2% a year ago.
- Underwriting gain of $620M vs. $791M a year ago. Net investment income of $592M vs. $736M.
- Conference call at 9 ET
- Previously: The Travelers Companies misses by $0.01, misses on revenue (April 21)
- TRV -2% premarket
Apr. 17, 2015, 9:44 AM
Jul. 22, 2014, 12:41 PM
- Travelers (TRV -4.1%) is sharply lower after Q2 earnings fell short of estimates as claims from hail and wind storms in the U.S. increased catastrophe losses.
- The pretax impact of catastrophes grew to $436M in Q2, from $340M in the year-ago period; TRV's combined ratio was 95.1%, up from 94.3% a year earlier.
- Net written premiums rose 5.8% to $6.16B, driven partly by the inclusion of Canadian insurer Dominion, which TRV acquired in Nov. 2013; overall, total revenues increased 1.6% to $6.79B.
- Separately, a federal appeals court rules TRV should pay more than $500M to satisfy asbestos-related claims stemming from its coverage of policyholder Johns-Manville, reversing a lower court ruling.
Apr. 28, 2014, 10:52 AM
- Property & casualty insurers are bouncing from a tough Friday session which was led by declines in Chubb and Cincinnati Financial after tough Q1 results. Today's biggest gainer is United Insurance Holdings (UIHC +4.8%) - continuing a big run after being initiated with an Outperform rating at Wells Fargo.
- Aren't insurers supposed to be bought after a tough quarter for catastrophes as it means they can raise rates?
- Others: HCI Group (HCI +3.1%), Universal Insurance (UVE +3.5%), W.R. Berkley (WRB +1.2%), Travelers (TRV +1.6%), Allstate (ALL +1.3%), Chubb (CB +1.3%), and Cincinnati Financial (CINF +0.9%).
- ETFs: KIE, IAK, KBWP, KBWI
Sep. 18, 2013, 12:12 PM
- ACE, AmTrust Financial (AFSI), AllState (ALL), AON, Meadowbrook (MIG), Marsh & McLennan (MMC) are all started at Buy, while Argo Group (AGII), AIG, Maiden Holdings (MHLD), Travelers (TRV), Tower Group (TWGP), and XL Group (XL) are initiated at Hold.
- Tower Group plummets 27% after further delaying the release of financial statements until the week of October 7, and FBR speculates the reserve charge could be as high as $125M.
Apr. 23, 2013, 7:47 AM
More on Travelers (TRV) Q1 earnings: Combined ratio falls (a good thing) to 88.5 from 92.2 thanks to better rates (up 3.8%) and lower catastrophe losses (off 1.3%). Book value/share of $68, up 7% Y/Y. Repurchased $300M worth of stock during quarter. Quarterly dividend hiked 9% to $0.50. Shares +4.2% premarket. (PR)| Apr. 23, 2013, 7:47 AM
Apr. 19, 2012, 7:28 AM
More on Travelers' (TRV) Q1: Net written premiums increased 11% Y/Y to $235M in National Accounts segment and 5% to $861M in Commercial Accounts. Saw prices increases contribute across all segments, while maintaining stable retention rates. Reports book value of $63.81 a share. Increases quarterly dividend to $0.46/share from $0.41/share. Shares +3.1% premarket. (PR)| Apr. 19, 2012, 7:28 AM | 1 Comment
Dec. 7, 2011, 1:46 PM
Oct. 25, 2011, 10:25 AM
The financial sector (XLF -2%) is the day's worst early performer amid see-saw headlines from Europe. Regional banks (KRE -2.1%) such as Regions (RF -7.2%) and Zions (ZION -7.2%), plus asset managers like T. Rowe Price (TROW -7.5%), swoon after stressed quarterly results. Among Dow financials: BAC -1.6%, JPM -2.1%, TRV -2%, AXP -0.3%.| Oct. 25, 2011, 10:25 AM
Oct. 21, 2011, 10:15 AM
U.S. bank stocks (XLF +2%) surge in early trading, responding to rising sentiment that Europe is moving forward with talks. Among financials in the Dow: BAC +2.3%, JPM +1.9%, AXP +2.9%, TRV +2.6%. Also: AIG +3.4%, MET +2.9%, MS +2.5%. A noticeable outlier is SunTrust (STI -5.3%), the S&P's worst performer following its earnings release.| Oct. 21, 2011, 10:15 AM
Oct. 19, 2011, 3:37 PM
Investors prefer to focus on Travelers' (TRV +5.9%) plan to pursue targeted pricing and changes in terms and conditions rather than its 67% Y/Y profit drop, boosting shares. A multiyear streak of outsized losses from severe weather is the top factor in providing an impetus to raise rates across all its operating segments. Insurance peers: CB +2.1%, ACE +3.4%, WRB +2.6%.| Oct. 19, 2011, 3:37 PM | 1 Comment
Oct. 10, 2011, 9:50 AM
Financial stocks (XLF +3.3%) surge out of the gate, with Bank of America (BAC +4.4%) and Morgan Stanley (MS +4.8%) each up more than 4%, after weekend news that Germany and France have agreed to help strengthen European banks. C +4.5%, JPM +3.8%, WFC +3.5%, AXP +3.1%, TRV +3%.| Oct. 10, 2011, 9:50 AM | 1 Comment
Sep. 20, 2011, 8:32 AM