Record premiums and a 10% rise in investment income helped Travelers Cos. post higher profits for the fourth quarter, beating analysts’ expectations.
The New York-based insurer, which has major operations in Hartford, reported net income for the three months ending in December of $1.3 billion, compared to $873 million for the same period in 2019, a 50% increase. Earnings were $5.10 per diluted share, up from $3.35 in the year-ago period.
Travelers CEO Alan Schnitzer credited strong underlying underwriting income, driven by record net earned premiums of $7.5 billion.
Insurance Broker Aon Drops Trump Organization
Insurance broker Aon has ended its business relationship with the Trump Organization, Insurance Journal has learned.
The Trump Organization is the hotel, luxury residence and golf course business of the Trump family that is run by President Donald Trump’s sons, Eric and Donald.
Details of the insurance broker’s divorce from the Trump family business are not known but it comes at a time when various backers and businesses are distancing themselves from President Trump, who is facing impeachment proceedings by the House of Representatives related to his role in the riot at the Capitol last week. Protesters damaged the federal property and interrupted legislative proceedings on the certification of the Electoral College results making Joe Biden as the next president.