Exhibit 99.1

 

GRAPHIC

 

NYSE: TRV

 

Travelers Reports Quarterly Records for Net and Operating Income per Diluted Share of $2.70 and $2.68, Respectively, as Compared to $0.78 and $0.72 in the Prior Year Quarter

 

Fourth Quarter Return on Equity and Operating Return on Equity of 15.9% and 16.8%, Respectively

 

Record Full Year Net Income per Diluted Share of $9.74 Generating Return on Equity of 14.6%

 

·             Fourth quarter net and operating income of $988 million and $981 million, respectively.

 

·             Written rate gains continued to exceed expected loss cost trends in all segments.

 

·             Net written premiums of $5.6 billion, up 5% from prior year quarter including the impact of Dominion acquisition.

 

·             Total capital returned to shareholders of $1.2 billion in the quarter, including $1.0 billion in share repurchases. Full year total capital returned to shareholders of $3.1 billion.

 

·             Increases in book value per share of 4% to $70.15 and adjusted book value per share of 12% to $66.41 from year-end 2012.

 

New York, January 21, 2014

— The Travelers Companies, Inc. today reported net income of $988 million, or $2.70 per diluted share, for the quarter ended December 31, 2013, compared to $304 million, or $0.78 per diluted share, in the prior year quarter. Operating income in the current quarter was $981 million, or $2.68 per diluted share, compared to $278 million, or $0.72 per diluted share, in the prior year quarter. The increase in net and operating income compared to the prior year quarter primarily resulted from lower catastrophe losses.

 

Consolidated Highlights

 

($ in millions, except for per share amounts, and after-tax,

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

except for premiums & revenues)

 

2013

 

2012

 

Change

 

2013

 

2012

 

Change

 

Net written premiums

 

$

5,633

 

$

5,385

 

5

%

$

22,767

 

$

22,447

 

1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

6,737

 

$

6,477

 

4

 

$

26,191

 

$

25,740

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

981

 

$

278

 

253

 

$

3,567

 

$

2,441

 

46

 

per diluted share

 

$

2.68

 

$

0.72

 

272

 

$

9.46

 

$

6.21

 

52

 

Net income

 

$

988

 

$

304

 

225

 

$

3,673

 

$

2,473

 

49

 

per diluted share

 

$

2.70

 

$

0.78

 

246

 

$

9.74

 

$

6.30

 

55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

363.4

 

385.3

 

(6

)

374.3

 

389.8

 

(4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP combined ratio

 

87.7

%

105.4

%

(17.7

)pts

89.8

%

97.1

%

(7.3

)pts

Underlying GAAP combined ratio

 

91.2

%

90.7

%

0.5

pts

90.9

%

93.0

%

(2.1

)pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating return on equity

 

16.8

%

5.0

%

11.8

pts

15.5

%

11.0

%

4.5

pts

Return on equity

 

15.9

%

4.7

%

11.2

pts

14.6

%

9.8

%

4.8

pts

 

 

 

 

 

As of December 31,

 

 

 

 

 

 

 

 

 

2013

 

2012

 

Change

 

Book value per share

 

 

 

 

 

 

 

$

70.15

 

$

67.31

 

4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted book value per share

 

 

 

 

 

 

 

$

66.41

 

$

59.09

 

12

 

 

See Glossary of Financial Measures for definitions and the statistical supplement for additional financial data.

 

“Fourth quarter operating income of almost a billion dollars provided a very strong finish to an excellent 2013,” commented Jay Fishman, Chairman and Chief Executive Officer.  “For the full year, we achieved record levels of net and operating income per diluted share of $9.74 and $9.46, respectively.  Full year operating return on equity was 15.5%, driven by

 

1


The following information was filed by Travelers Companies, Inc. (TRV) on Tuesday, January 21, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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