Travelers reported a nearly three-fold jump in third-quarter profit on Thursday, as higher underwriting gains and investment income more than offset steep catastrophe losses.
Travelers' net written premiums rose 8% in the quarter from a year earlier, as all its units grew, the company said.
Underwriting gains climbed to $685 million compared with a loss of $136 million a year earlier, while net investment income rose nearly 18%, thanks to strong fixed income returns and growth in fixed maturity investments.
The euphoria has also spread to other asset classes, bolstering gains across investment portfolios.
Travelers' underlying combined ratio improved to 85.6%, compared with 90.6% a year earlier.
Persons:
Hurricane, Debby, Francine, Helene, Milton
Organizations:
Travelers, United
Locations:
United States, Florida, Louisiana