Exhibit 99.1

 

 

 

NYSE: TRV

 

Travelers Reports Third Quarter Net Income and Core Income per Diluted Share of $1.05 and $0.91, Respectively, Including Catastrophe Losses of $1.63 per Diluted Share

 

Return on Equity and Core Return on Equity of 4.9% and 4.5%, Respectively

 

·             Net income of $293 million and core income of $253 million impacted by $700 million pre-tax ($455 million after-tax) of catastrophe losses.

·             Combined ratio of 103.2% (including 10.7 points of catastrophe losses) and underlying combined ratio of 92.8%.

·             Net investment income of $588 million pre-tax ($457 million after-tax) benefited from strong private equity returns.

·             Record net written premiums of $6.660 billion up 4% over prior year quarter, with growth in all segments.

·             Total capital returned to shareholders of $528 million in the quarter, including $328 million of share repurchases. Year-to-date total capital returned to shareholders of $1.680 billion, including $1.089 billion of share repurchases.

·             Book value per share of $86.73 and adjusted book value per share of $83.06, up 4% and 3%, respectively, from year-end 2016.

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

 

New York, October 19, 2017

— The Travelers Companies, Inc. today reported net income of $293 million, or $1.05 per diluted share, for the quarter ended September 30, 2017, compared to $716 million, or $2.45 per diluted share, in the prior year quarter. Core income in the current quarter was $253 million, or $0.91 per diluted share, compared to $701 million, or $2.40 per diluted share, in the prior year quarter. The decrease in net income and core income was primarily due to significantly higher catastrophe losses. In addition, net income benefited from an increase in net realized investment gains of $61 million pre-tax ($40 million after-tax) in the current quarter, primarily driven by gains on the sale of equity securities, compared to $23 million pre-tax ($15 million after-tax) in the prior year quarter. 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 September 30,

 

Nine Months Ended September 30,

 

except for premiums & revenues)

 

2017

 

2016

 

Change

 

2017

 

2016

 

Change

 

Net written premiums

 

$

6,660

 

$

6,389

 

4

%

$

19,795

 

$

18,900

 

5

%

Total revenues

 

$

7,325

 

$

6,961

 

5

 

$

21,451

 

$

20,432

 

5

 

Net income

 

$

293

 

$

716

 

(59

)

$

1,505

 

$

2,071

 

(27

)

per diluted share

 

$

1.05

 

$

2.45

 

(57

)

$

5.34

 

$

7.00

 

(24

)

Core income

 

$

253

 

$

701

 

(64

)

$

1,410

 

$

2,048

 

(31

)

per diluted share

 

$

0.91

 

$

2.40

 

(62

)

$

5.01

 

$

6.92

 

(28

)

Diluted weighted average shares outstanding

 

276.6

 

289.8

 

(5

)

279.6

 

293.6

 

(5

)

Combined ratio

 

103.2

%

92.9

%

10.3

pts

98.7

%

92.8

%

5.9

pts

Underlying combined ratio

 

92.8

%

92.1

%

0.7

pts

92.7

%

91.5

%

1.2

pts

Return on equity

 

4.9

%

11.6

%

(6.7

)pts

8.5

%

11.4

%

(2.9

)pts

Core return on equity

 

4.5

%

12.5

%

(8.0

)pts

8.3

%

12.2

%

(3.9

)pts

 

 

 

 

 

 

 

 

 

Change from

 

 

 

September 30,

 

December 31,

 

September 30,

 

December 31,

 

September 30,

 

 

 

2017

 

2016

 

2016

 

2016

 

2016

 

Book value per share

 

$

86.73

 

$

83.05

 

$

86.04

 

4

%

1

%

Adjusted book value per share

 

83.06

 

80.44

 

78.82

 

3

 

5

 

 

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, October 19, 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.

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