Travelers Is ‘Off to a Terrific Start’ in 2021 with Q1 Results April 20, 2021
The Travelers Companies reported net income of $733 million for the first quarter of 2021, compared to $600 million in the prior year quarter.
Core income in the current quarter was $699 million compared to $676 million in the prior year quarter. Core income increased primarily due to higher net favorable prior year reserve development, a higher underlying underwriting gain and higher net investment income, partially offset by higher catastrophe losses.
“The strength of our underwriting and investment expertise enabled us to deliver strong profitability, notwithstanding the severe winter weather. As a result, we are off to a terrific start to the year,” Alan Schnitzer, chairman and chief executive officer, said.
Property and casualty insurer Travelers Cos. today reported a 23% rise in first-quarter profits despite facing its highest-ever level of first-quarter catastrophe-related losses.
The company, which has major operations in Hartford, turned in earnings of $733 million, or $2.87 per diluted share, up from $600 million, or $2.33 per diluted share, in the year-ago period. Core income rose from $676 million, or $2.62 per diluted share, in the first quarter of 2020 to $699 million, or $2.73 per diluted share, in the first quarter of 2021.
Revenues reached $8.3 billion, compared to $7.9 billion, and net written premiums grew from $7.3 billion to $7.5 billion.
During a conference call with analysts this morning, Travelers Chairman and CEO Alan Schnitzer attributed the upswing to strong underlying underwriting income, as well as higher levels of favorable prior-year reserve development and net investment income.
Travelers announced Monday it is extending its title sponsorship of Connecticut’s PGA Tour tournament through 2030. Travelers Chairman and CEO Alan Schnitzer made the announcement during a virtual news conference. The partnership had originally been cemented through 2024. “So many historic and exciting moments in golf have happened at the Travelers Championship over the years, but it’s the amazing moments…
Workers Compensation Remained Outlier as Commercial Prices Continued Rising in Q4 insurancejournal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insurancejournal.com Daily Mail and Mail on Sunday newspapers.
Fox News Flash top headlines are here. Check out what s clicking on Foxnews.com.
Paul Newman s Hole in the Wall Gang Camp successfully raised the projected funds needed to rebuild after a devastating fire tore through the Ashford, Conn., site.
The four buildings on the camp, which has offered an emotional escape for tens of thousands of children with severe and life-threatening illnesses and their families since 1988, were left in ruin after the Feb. 12 blaze. No one was hurt in the significant fire.
The camp store, arts and crafts, woodshop and cooking programs, located in an area on camp known as Downtown, were completely destroyed, the camp s chief executive, Jimmy Canton, said in an Instagram post.