Exhibit 99.1

 

 

NYSE: TRV

 

Travelers Reports Second Quarter Net Income and Core Income per Diluted Share of $2.11 and $1.92, Respectively, Including Catastrophe Losses of $0.93 per Diluted Share

 

Return on Equity and Core Return on Equity of 10.0% and 9.5%, Respectively

 

·             Net income of $595 million and core income of $543 million impacted by relatively high levels of catastrophe and non-catastrophe weather-related losses.

 

·             Combined ratio of 96.7%, included 6.4 points of catastrophe losses. Underlying combined ratio of 93.5%.

 

·             Net investment income increased 9% pre-tax (6% after-tax) over prior year quarter due to strong private equity returns.

 

·             Record net written premiums of $6.640 billion up 5% over prior year quarter, with growth in all segments.

 

·             Total capital returned to shareholders of $676 million in the quarter, including $475 million of share repurchases. Year-to-date total capital returned to shareholders of $1.152 billion, including $761 million of share repurchases.

 

·             Book value per share of $86.46 and adjusted book value per share of $82.71, up 4% and 3%, respectively, from year-end 2016.

 

·             Board of Directors declared quarterly dividend per share of $0.72.

 

New York, July 20, 2017

— The Travelers Companies, Inc. today reported net income of $595 million, or $2.11 per diluted share, for the quarter ended June 30, 2017, compared to $664 million, or $2.24 per diluted share, in the prior year quarter due to lower core income, partially offset by higher net realized investment gains. Core income in the current quarter was $543 million, or $1.92 per diluted share, compared to $649 million, or $2.20 per diluted share, in the prior year quarter due to lower net favorable prior year reserve development, higher catastrophe losses and a lower underlying underwriting gain (i.e., excluding net favorable prior year reserve development and catastrophe losses), partially offset by higher net investment income. The underlying underwriting gain declined due to the timing impact of higher loss estimates in personal auto bodily injury liability coverages that were consistent with the higher loss trends recognized in the last half of 2016 and higher non-catastrophe weather-related losses. Net realized investment gains of $80 million pre-tax ($52 million after-tax) in the current quarter, compared to $19 million pre-tax ($15 million after-tax) in the prior year quarter, were primarily driven by gains on the sale of equity securities. Per diluted share amounts benefited from the impact of share repurchases.

 

Consolidated Highlights

 

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

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

except for premiums & revenues)

 

2017

 

2016

 

Change

 

2017

 

2016

 

Change

 

Net written premiums

 

$

6,640

 

$

6,345

 

5

%  

$

13,135

 

$

12,511

 

5

%

Total revenues  

 

$

7,184

 

$

6,785

 

6

 

$

14,126

 

$

13,471

 

5

 

Net income

 

$

595

 

$

664

 

(10

)

$

1,212

 

$

1,355

 

(11

)

per diluted share

 

$

2.11

 

$

2.24

 

(6

)

$

4.28

 

$

4.55

 

(6

)

Core income

 

$

543

 

$

649

 

(16

)

$

1,157

 

$

1,347

 

(14

)

per diluted share

 

$

1.92

 

$

2.20

 

(13

)

$

4.08

 

$

4.52

 

(10

)

Diluted weighted average shares outstanding

 

280.0

 

293.6

 

(5

)

281.2

 

295.6

 

(5

)

Combined ratio

 

96.7

%

93.1

%

3.6

pts

96.4

%

92.7

%

3.7

pts

Underlying combined ratio

 

93.5

%

92.3

%

1.2

pts

92.7

%

91.2

%

1.5

pts

Return on equity

 

10.0

%

10.9

%

(0.9

)pts

10.3

%

11.2

%

(0.9

)pts

Core return on equity

 

9.5

%

11.6

%

(2.1

)pts

10.2

%

12.0

%

(1.8

)pts

 

 

 

 

 

 

 

 

 

Change from

 

 

 

June 30,

 

December 31,

 

June 30,

 

December 31,

 

June 30,

 

 

 

2017

 

2016

 

2016

 

2016

 

2016

 

Book value per share

 

$

86.46

 

$

83.05

 

$

85.73

 

4

%

1

%

Adjusted book value per share

 

82.71

 

80.44

 

77.61

 

3

 

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, July 20, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Travelers Companies, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Travelers Companies, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account