Q3 operating income of $701M or $2.40 per share vs. $918M and $2.93 a year ago, with the decline driven by lower net favorable prior year reserve development and higher non-cat weather-related losses. Buybacks helped ease the per share decline.
Net written premiums of $6.389B up 2% Y/Y.
Combined ratio of 92.9% up (worse) from 86.9% a year ago. Underlying combined ratio of 92.1% up from 88.8%.
Operating ROE of 12.5% down from 16.2%.
Adjusted book value per share of $78.82 vs. $74.35 a year ago. $562M of buybacks during quarter, bringing YTD total to over $1.7B.
Previously: The Travelers Companies beats by $0.09, beats on net written premiums (Oct. 20)
TRV +0.25% premarket to $116.50.
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