Exhibit 99.1

 

 

NYSE: TRV

 

Travelers Reports Record Fourth Quarter and Full Year Net and Operating Income per Diluted Share

 

Quarterly Net and Operating Income per Diluted Share of $3.11 and $3.07, Both up 15% from Prior Year Quarter, Generated Return on Equity of 16.6% and Operating Return on Equity of 17.7%

 

Full Year Net and Operating Income per Diluted Share of $10.70 and $10.55, up 10% and 12%, Respectively, from Prior Year, Generated Return on Equity of 14.6% and Operating Return on Equity of 15.5%

 

·             Net income and operating income of $1.038 billion and $1.023 billion increased 5% and 4%, respectively, from prior year quarter.

 

·             Net written premiums of $5.836 billion increased 4% from prior year quarter primarily due to growth in domestic business insurance and the acquisition of Dominion of Canada in November 2013.

 

·             Total capital returned to shareholders of $1.183 billion in the quarter, including $1.001 billion in share repurchases. Full year total capital returned to shareholders of $4.068 billion.

 

·             Increases in book value per share of 10% to $77.08 and adjusted book value per share of 7% to $70.98 from year-end 2013.

 

·             Board of Directors approves quarterly dividend per share of $0.55.

 

New York, January 22, 2015

— The Travelers Companies, Inc. today reported net income of $1.038 billion, or $3.11 per diluted share, for the quarter ended December 31, 2014, compared to net income of $988 million, or $2.70 per diluted share, in the prior year quarter. Operating income in the current quarter was $1.023 billion, or $3.07 per diluted share, compared to $981 million, or $2.68 per diluted share, in the prior year quarter. The increase in net and operating income primarily resulted from higher net favorable prior year reserve development and higher underlying underwriting gain (i.e., excluding net favorable prior year reserve development and catastrophe losses), partially offset by lower net investment income and an increase in other expense. Per diluted share amounts also benefited from the impact of share repurchases.

 

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)

 

2014

 

2013

 

Change

 

2014

 

2013

 

Change

 

Net written premiums

 

$

5,836

 

$

5,633

 

4

%

$

23,904

 

$

22,767

 

5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

6,783

 

$

6,737

 

1

 

$

27,162

 

$

26,191

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

1,023

 

$

981

 

4

 

$

3,641

 

$

3,567

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

per diluted share

 

$

3.07

 

$

2.68

 

15

 

$

10.55

 

$

9.46

 

12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

1,038

 

$

988

 

5

 

$

3,692

 

$

3,673

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

per diluted share

 

$

3.11

 

$

2.70

 

15

 

$

10.70

 

$

9.74

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

331.0

 

363.4

 

(9

)

342.5

 

374.3

 

(8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined ratio

 

85.0

%

87.7

%

(2.7

)pts

89.0

%

89.8

%

(0.8

)pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underlying combined ratio

 

90.2

%

91.2

%

(1.0

)pts

89.9

%

90.9

%

(1.0

)pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating return on equity

 

17.7

%

16.8

%

0.9

pts

15.5

%

15.5

%

pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on equity

 

16.6

%

15.9

%

0.7

pts

14.6

%

14.6

%

pts

 

 

 

As of December 31,

 

 

 

2014

 

2013

 

Change

 

Book value per share

 

$

77.08

 

$

70.15

 

10

%

Adjusted book value per share

 

70.98

 

66.41

 

7

 

 

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

 

1


The following information was filed by Travelers Companies, Inc. (TRV) on Thursday, January 22, 2015 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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