Travelers Reports Net Income Growth for Third Quarter, Up 23% from Prior Year
The Travelers Companies, Inc. today reported net income of $1.198 billion, or $1.85 per basic share and $1.81 per diluted share, for the quarter ended September 30, 2007, compared to $1.043 billion, or $1.52 per basic share and $1.47 per diluted share, for the quarter ended September 30, 2006. Operating income in the current quarter was $1.198 billion, or $1.85 per basic share and $1.81 per diluted share, compared to $1.037 billion, or $1.51 per basic share and $1.46 per diluted share, in the prior year quarter.
"Travelers produced another outstanding quarter with a 24 percent increase in operating income per diluted share and an operating return on equity of 18.6 percent," noted Jay Fishman, Chairman and Chief Executive Officer. "The quarter was driven by strong underwriting results in each of our business segments along with solid investment income performance, despite current market conditions.
"Notwithstanding a somewhat more competitive environment, our premiums grew by 3 percent during the quarter, after adjusting for the sale of Mendota and Afianzadora Insurgentes earlier this year. Our enhanced small commercial platform, TravelersExpress(SM), is being well received by our agents and is generating significant new business flow. In the middle market, recent product introductions and the selling of additional products to existing customers have resulted in increased business volumes. In Personal Insurance, QuantumAuto(SM) continues to exceed our expectations and now provides estimated annualized written premiums of over $1 billion. We are also encouraged by the early results and prospects for QuantumHome(SM). Overall, we are pleased with the results of the many initiatives we have underway and continue to make business investments that enhance our competitive advantages," concluded Mr. Fishman.
Source: Travelers Press Release | Published on October 25, 2007
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