The Travelers Companies (TRV) Reported Q3 Delivered Core Income of $253M & Core ROE of 4.5%
Alan Schnitzer, Chairman and Chief Executive Officer of Dow 30 component The Travelers Companies, Inc. (NYSE: TRV) stated post reporting Q3 2017 results, “In a quarter of unprecedented hurricane activity, our strength in underwriting and our investment expertise enabled us to deliver core income of $253 million and core return on equity of 4.5%. Our disciplined coastal underwriting stood up to the storms, and we also delivered a consolidated underlying combined ratio of 92.8%, with all three segments contributing to the solid result. The results in Business Insurance benefited from higher earned premiums and lower general and administrative expenses, while Bond & Specialty Insurance delivered another quarter of impressive profitability. Within Personal Insurance, the underlying combined ratio in auto improved, reflecting the continued successful execution of pricing and underwriting actions we began implementing a year ago. Our high-quality investment portfolio continued to perform well, benefiting from strong private equity returns. Additionally, we were able to return $528 million to shareholders in the quarter, including $328 million in share repurchases. We also continue to be pleased with the execution of our marketplace strategies, which resulted in record net written premiums of $6.7 billion this quarter, a 4% increase over the prior-year quarter. In our commercial businesses, retention remained at historic highs, renewal premium change remained positive and consistent with recent periods and the level of new business increased. In Personal auto, renewal premium change reached double digits in September, consistent with our plans to improve profitability, and we maintained the positive momentum in our homeowners business with 5% growth in policies in force quarter-over-quarter. In the wake of the many devastating events this quarter, our thoughts and prayers are with all who have been impacted. We also extend our deep gratitude to our claim professionals, who tirelessly demonstrate to our customers and agents the value of the Travelers promise.”
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